The Future of the Neurology Devices Market to 2016 - Market Forecasts, Competitive Landscape and Pipeline Analysis

The Global Neurology Devices Market to Exceed $5 billion by 2016

Online PR News – 24-February-2010 – – The global neurology devices market is forecast to exceed $5 billion by 2016 with a Compound Annual Growth Rate (CAGR) of 12.5% from 2009-2016. The market is expected to be driven by patient demographics, increasing physician adoption, patient demand and the availability of reimbursement for the procedures. Globally million people suffer from epilepsy at any given time and in the US, about three million individuals have some form of epilepsy. The huge patient population which is being affected with various neurological disorders presents huge growth opportunities for the market in the future. Neurological disorders such as epilepsy and chronic migraines do not respond well to drugs mean that neurological devices will move further up the continuum of care.

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Neurostimulation devices is the fastest growing category within the neurology devices market. It is forecast to grow at a CAGR of 15% for the next seven years to exceed $3.5 billion by 2016. Historically the market grew at a rate of 11.7% in the last seven years. The market is expected to be driven by it use in post cancer therapy pain, lower back pain, Parkinson’s disease, epilepsy, migraines and chronic pain. Clinical data supporting the use of neurology devices to treat various neurological disorders is expected to increase the physician adoption. Steady increase in the incidence rate of spinal disease and the increase in average life expectancy are expected to boost growth in the market.

The US is the biggest market for neurology devices contributing 64% towards the global market in 2009. The US neurology device market valued at $1.6 billion in 2009 is forecast to grow at a CAGR of 12% to reach $3.5 billion in 2016. The market is expected to be driven by increasing physician adoption and possible FDA approval for new indications. Growth in neurostimulation devices, safety and efficacy of existing neurology devices and increasing investments by both existing players and new companies who are trying to enter the neurology devices are expected to further drive the growth in the market.

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In 2008, Medtronic with a 45% market share dominated the global neurology devices market. The company’s dominance can be attributed to its huge presence in neurostimulation devices and cerebrospinal fluid management market categories. However, the competition is expected to intensify in the future as companies attempt to secure and grow their positions in the market. About 50 new products are expected to hit the market in the next few years. This may result in a shift in the prevailing competitive landscape. A strong pipeline of products and consolidation are expected to intensify the competition further.

GBI Research’s new report, “The Future of the Neurology Devices Market to 2016 - Market Forecasts, Competitive Landscape and Pipeline Analysis” provides key data, information and analysis on the global neurology devices market. The report provides market landscape, competitive landscape and market trends information on five neurology devices market categories - CSF Management, Neurosurgical Products, Neurostimulation Devices, Interventional Neurology and Radiosurgery. The report provides comprehensive information on the key trends affecting these categories, and key analytical content on the market dynamics. The report also reviews the competitive landscape, key pipeline products and technology offerings. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research’s team of industry experts.

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