"The presence of high unmet medical needs with limited treatment options in disease segments such as epilepsy, Parkinson’s disease and migraine is one of the highest impact rendering driver of the market," according to Grand View analytsts. "Other key drivers for this market include growing global base of geriatric population, growing use of neuromodulation as an add on therapy and the introduction of technological advancements such as the transdermal neuromodulation technology by Neurowave Medical Technologies and MRI safety enabled devices by Medtronic Inc."
Neuromodulation/neurostimulation, which includes deep brain stimulation and spinal cord stimulation among other treatments, alters or moderates nerve activity in the body using electrical stimulation to targeted sites.
The global neurostimulation devices market is expected to grow at a compound annual growth rate (CAGR) of 14.3 percent from 2013 to 2020 due to future growth opportunities such as the presence of untapped markets in rapidly growing Asian and Latin American economies and the growing number of externally funded clinical programs working towards the development of new products, analysts said.
The global neurostimulation devices market was dominated by the spinal cord stimulation product segment in 2012. Its market accounted for more than 55 percent of the total revenue in 2012 owing to factors such as the presence of relatively larger number of high efficacy exhibiting U.S. Food and Drug Administration approved products in this segment and the high global prevalence of chronic pain.
North America generated the maximum revenue for the market in 2012. Its contribution to the market in terms of revenue was calculated at approximately 65 percent in 2012. However, the Asia-Pacific market is expected to grow at the fastest rate (at a CAGR of more than 17 percent from 2013 to 2020, Grand View analysts predict) during the forecast period on account of the presence of high future growth opportunities in countries with rapidly growing economies such as India and China.