|01-11-2019 08:49 PM CET - Business, Economy, Finances, Banking & Insurance||
Comprehensive Analysis on Neurostimulation devices Market with Key Players: Boston Scientific Corporation, Cyberonics, Abbott (St. Jude Medical) and Medtronic
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Rapid technological advancements along rising adoption of minimally invasive therapies will substantially influence neurostimulation devices market. Favorable reimbursement scenario for neurostimulators in developed countries is another factor accelerating industry growth.
Neurostimulation devices market growth will be hindered by unavailability of skilled doctors and healthcare professionals to treat patient pool suffering from neurological diseases. Complications associated with neurostimulators is further anticipated to impede business growth.
Spinal cord stimulators held the largest revenue share in 2016 due to its increasing awareness and adoption by patients suffering from failed back surgery syndrome. Increasing focus of industry players to develop technologically advanced spinal cord stimulators will further stimulate its demand over the forecast period. Deep brain stimulators will witness considerable growth owing to increasing incidences of Parkinson's disease along with favorable reimbursement scenario in developed economies.
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Increasing prevalence of chronic pain disorders will fuel demand for pain management devices over the coming years. New product launch by industry players for reducing pain will further augment segment growth.
U.S. neurostimulation devices market was dominating the industry due to rising prevalence of neurological disorders along with presence of geriatric patient pool. According to the American Neurological Association, stroke prevalence in the country is nearly 6.8 million and chronic low back pain affects nearly 32 million people. This leads to increase in demand for neurostimulators to treat such chronic disorders.
Germany will drive Europe neurostimulation devices market due to growing prevalence of neurological disorders coupled with increasing baby boomers in the country. Increasing annual mortality rate associated with neurological diseases will further fuel development of new products and increase demand for neurostimulators in the future.
Increasing burden of neurological disorders including dementia, epilepsy, Parkinson disease coupled with increasing R&D expenditure will drive China neurostimulation devices market growth. Surging elderly patient pool suffering from such disorders is another major factor propelling demand for neurostimulators in the country.
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Major industry players operating in neurostimulation devices are Boston Scientific Corporation, Cyberonics, Abbott (St. Jude Medical) and Medtronic. New product launch and emphasis on acquisition, merger and partnerships are major growth strategies adopted by market players to strengthen their product portfolio.
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