The neurostimulation devices market has been forecast to grow at a compound annual growth rate (CAGR) of 14.1% through to 2018, with the industry set to reach a market value of $5,305.5 million.
These impressive gains expected to be seen by the industry can be predominantly blamed on the number of individuals with neurological conditions continuing to rise.
The number of people around the world with disorders including depression, chronic pain, dystonia and Parkinson's disorder is on the increase, and as a result the popularity of neurostimulation treatment is expected to rise.
The predominant market share is taken by the spinal cord stimulation devices sector, which is expected to be worth a total of $3,211.5 million by 2018.
Key players within the neurostimulation devices market include; Medtronic, the world's largest medical technology company that develops and manufactures pacemakers, defibrillators, stents, catheters, shunts, and surgical tools. St. Jude Medical, a global medical device company that develops medical technology and services, and Boston Scientific Corporation, a worldwide developer, manufacturer and marketer of medical devices whose products are used in a range of interventional medical specialties.
Medtronic is the biggest global player in the neurostimulation devices industry, with a market share of 61% in 2010. St. Jude Medical and Boston Scientific Corporation followed with 15.1% and 12.8% respectively.
Showing these three major manufacturers managed to claw in a massive 89% of the overall market by consistently launching advanced technological products and overshadowing the competition.
For more information on the neurostimulation devices market, see the latest research: Neurostimulation Devices Market Report
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