The market for neurostimulation products in the US was valued at approximately $1.3 billion in 2009 and it hasn't even scratched the surface of its potential. According to "US Markets for Neurostimulation Products," a report published in March by the Medtech Insight division of Elsevier Business Intelligence, this market is projected to grow at a healthy compound annual rate of almost 16%, reaching more than $2.7 billion five years from now.
US Markets for Neurostimulation Devices
Article preview from Start Up - April, 2010
The market for neurostimulation products in the US was valued at approximately $1.3 billion in 2009 and it hasn't even scratched the surface of its potential. According to "US Markets for Neurostimulation Products," a report published in March by the Medtech Insight division of Elsevier Business Intelligence, this market is projected to grow at a healthy compound annual rate of almost 16%, reaching more than $2.7 billion five years from now.
The market for neurostimulation products in the US was valued at approximately $1.3 billion in 2009 and it hasn't even scratched the surface of its potential. According to "US Markets for Neurostimulation Products," a report published in March by the Medtech Insight division of Elsevier Business Intelligence, this market is projected to grow at a healthy compound annual rate of almost 16%, reaching more than $2.7 billion five years from now.
Neurostimulation devices hold the promise of treating a number of prevalent chronic conditions that defy drugs or any other treatments. The FDA has already cleared implantable neurostim systems for the treatment of chronic pain, epilepsy, hearing loss, treatment-resistant depression, obsessive-compulsive disorder and other chronic conditions. Device companies are also working in emerging areas of neurostimulation to treat other diseases that affect large numbers of patients, including Alzheimer's disease, morbid obesity, obstructive sleep apnea and stroke, and new applications are continually emerging.
Neurostimulation products are pacemaker-like devices that incorporate implantable pulse generators. These are implanted under the skin and are connected to electrodes that are inserted into regions such as the brain or central nervous system. The pulse generator delivers a precise pattern of electrical pulses via specific nerve pathways to influence the targeted organ. The beauty of neurostimulation is that it can be designed to elicit a physiologic effect, to instigate targeted tissues to send help at the molecular level, without the unforeseen side effects that new chemical entities sometimes bring.
Currently, the market for implantable neurostimulation products is under-penetrated, according to the Medtech Insight report, and is expected to experience significant growth through 2014. In 2009, the greatest share of the US neurostimulation products market was represented by sales of spinal cord stimulation systems (40%), which have several applications in pain. Cochlear implants for hearing loss, with almost 22% of the market, are responsible for the second largest category, and one that's seen some consolidation recently. Deep brain stimulation devices, which treat Parkinson's disease, essential tremor, dystonia, and obsessive-compulsive disorder, make up the third largest category with 15.2% of the market, and vagal stimulation devices, with applications in epilepsy, depression and obsessive-compulsive disorder, follow closely behind with a 14.6% market share.
Factors driving growth of the neurostimulation devices include the introduction of products for new applications, greater awareness and acceptance by the public and medical communities of neurostimulation as a treatment alternative, and the need for safe and effective therapies for untreatable medical conditions. The increasing attention to pain management without the drawbacks of current drugs is one such example.
-Mary Stuart
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Companies mentioned in this article:
Boston Scientific Corp.
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