The global neuromodulation devices market is expected to reach $7.07 billion by 2018, according to a Transparency Market Research report.
Here are seven highlights:
1. The global neuromodulation devices market was worth nearly $2.76 billion in 2011.
2. The market will experience a compound annual growth rate of 14.4 percent between 2012 and 2018.
3. An increasing number of chronic disease and a growing geriatric population will drive market growth. Additionally, technology advancements and demand for minimally invasive surgeries will contribute to market growth.
4. Complex regulatory requirements, the evolving technological environment, availability of alternative treatments and device risks will hinder market growth.
5. In 2011, North America held a dominant 65 percent market share, totaling $1.79 billion.
6. The Asia Pacific market is positioned to significantly grow, experiencing a CAGR of 15 percent between 2012 and 2018.
7. Key market players include Medtronic, Uroplasty, Nevro, Cyberonics, Neuronetics, Boston Scientific, St. Jude Medical, Codman and Shurtleff, IntraPace, Cervel Neurotech and Integra LifeSciences.