The value of the neurostimulation devices market was $2.3 billion in 2011, but by 2018 this amount has been estimated to almost double in value with the market set to be worth $4.4 billion, increasing at a compound annual growth rate (CAGR) of 10%.
Neurostimulation devices used to treat conditions such as Parkinson's disease and chronic back pain are becoming more common as the world's elderly population increases.
Growth within the neurostimulation devices market can be largely attributed to the expanding patient pools for ailments typically associated with the elderly: Parkinson's disease, overactive bladder, chronic pain, essential tremor and dystonia.
Successful treatment outcomes for people with these disorders have led to extensive further research. As a result, the market pipeline consists of traditional applications for neurostimulation therapy, as well as new and innovative ones.
According to 2011 figures, Medtronic dominates the global neurostimulation devices market, with a huge 62% share and revenue of $1.4 billion. The firm holds such a strong position due to a number of factors, including 37 manufacturing sites around the world and a presence in the market for over 30 years.
St. Jude Medical held the second largest portion with 15% of the market, with Boston Scientific not far behind with a 13% share.
For more information on the neurostimulation devices market, see the latest research: Neurostimulation Devices Market Report
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