With an increasing aging population and dissatisfaction with current therapies, the demand for alternative treatments represents the greatest driver for the growth of neurostimulation. Ultimately, manufacturers that pay top dollar for compelling research and quality development will reap the rewards of a market poised to become a multi-billion dollar market by 2013.
New analysis from Frost & Sullivan (medicaldevices.frost.com), U.S. Neurostimulation Devices Market, finds that the market earned revenues of $1.1 billion in 2006 and estimates this to reach $3.3 billion by 2013.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the U.S. Neurostimulation Devices Market, then send an email to Melina Trevino, Corporate Communications, at mtrevino_pr[.]frost.com, with your full name, company name, title, telephone number, city, state, country and e-mail address. Upon receipt of the above information, an overview will be sent to you by email.
"A multitude of clinical indications and a highly under penetrated patient population will drive growth in the neurostimulation market," notes Frost & Sullivan Research Analyst Brandon Fukuda. "By 2011, several companies in different segments expect to be ready for product release and market entry, which will have a dramatic impact upon the overall industry."
Neurostimulation has grown from an emerging technology to a billion-dollar industry within the last decade. As an increasing number of patients become displeased with the ineffective aid and harmful side effects of pharmaceuticals and surgical procedures, neurostimulation offers therapy that supports, and may eventually replace, current modes of treatment.
A limited end-user base as well as significant patent protection on neurostimulation technology makes market penetration difficult. In addition, extensive research and substantial capital required to complete product development have made the market highly underdeveloped.
"Regulatory approval and adequate insurance reimbursement remain the most significant challenges for this industry," explains Fukuda. "The high costs of the implantable device and prerequisite surgery may limit the potential of neurostimulators to sustain a business."
In order to ensure a successful entry into this market, manufacturers have taken an acute awareness of the device's platform and potential. Providing a unique technology supported by compelling research and requirements such as food and drug administration (FDA) approval and insurance reimbursement will eventually assure physician adoption.
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U.S. Neurostimulation Devices Market - F848