Medtronic, Stryker Lead Competitive Billion Dollar U.S. Neurological Device Market
October 04, 2016 (PRLEAP.COM) Health NewsOctober 4, 2016 - Vancouver, BC – According to a new series of reports on the U.S. neurological device market by iData Research (www.idataresearch.com), new competitors have entered the neuromodulation market which will drive competitive pressure in technological advancement and pricing. This will have the greatest impact on the spinal cord stimulator and deep brain stimulator markets.
Demand for minimally invasive procedures is driving the growth in interventional neuroradiology and neuroendoscopy. This has led to procedural growth in endovascular embolization treatments, a decline in aneurysm clipping treatments and the growth of mechanical thrombectomy devices for ischemic stroke. Access devices are becoming increasingly technologically advanced and various embolization devices have been released in recent years, improving overall clinical outcomes.
"The neuromodulation market is the largest overall neurological device segment in the United States," explains Dr. Kamran Zamanian, CEO of iData. "These devices command a high premium and there are many varieties which are growing in popularity."
The fastest growing segment within neuromodulation is deep brain stimulation, which has been monopolized by Medtronic in recent years. However, St. Jude Medical entered this market in 2015. Boston Scientific is also expected to enter the market, increasing competition. As a result, improvements in navigation and imaging and new indications for the device will continue to drive growth in this market.
Spinal cord stimulators and vagus nerve stimulators are also experiencing double digit growth. There is still low market penetration for spinal cord stimulators in the U.S. where chronic pain is a significant health issue and an opioid crisis is underway, encouraging physicians to consider other pain treatments. Technological advancements in these devices will also drive growth. Vagus nerve stimulators have recently been approved to treat obesity, which contributes to the large patient population in the United States. The market continues to grow, despite the refusal by the Center for Medicare and Medicaid Services (CMS) to grant reimbursement for vagus nerve stimulation to treat depression.
Medtronic is the leading competitor in the total U.S. market for neurological devices. They report strong growth opportunities in stroke treatment and their neurovascular division has seen a double digit percentage rise over the last year. They are also leaders in the cerebrospinal fluid management, liquid embolic, neurovascular stent, neuromodulation, intrathecal pump and mechanical thrombectomy markets. Stryker is the second leading competitor in the neurovascular market, offering products used for the minimally invasive treatment of hemorrhagic and ischemic stroke. With the acquisition of Boston Scientific's neurovascular division, Stryker holds leading market shares in detachable coils, neurovascular catheters and guidewires. Additional competitors in the U.S. neurological device market include Terumo Microvention, Codman & Shurtleff Inc., Boston Scientific, St. Jude Medical and LivaNova among others.
For Further Information
More on the neurological device market in the U.S. can be found in a series of reports published by iData Research entitled the US Market Report Suite for Neuromodulation, Neurovascular, Neurosurgical and Monitoring Devices 2017 – MedSuite. The suite covers reports on the following markets: Cerebrospinal fluid shunts, cerebrospinal fluid external drainage systems, intracranial pressure monitoring devices, detachable coils, liquid embolics, catheters, guidewires, balloon occlusion devices, neurovascular stents and flow diversion stents, spinal cord stimulators, vagus nerve stimulators, sacral nerve stimulators, deep brain stimulators, gastric electric stimulators, neuroendoscopes, stereotactic frames, stereotactic frameless systems, ultrasonic aspirators, aneurysm clips, neurosurgical microscopes, intrathecal pumps and mechanical thrombectomy devices.
The iData report series on neurological devices covers the U.S., India, Japan, China and 15 countries in Europe including Germany, France, the United Kingdom (U.K.), Italy, Spain, Benelux (Belgium, Netherlands and Luxemburg), Scandinavia (Finland, Denmark, Sweden and Norway), Portugal, Austria and Switzerland. Reports provide a comprehensive analysis including units sold, procedure numbers, market value, forecasts, as well as detailed competitive market shares and analysis of major players' success strategies in each market and segment. To find out more about neurological device market data or procedure data, register online or email us at firstname.lastname@example.org for a US Market Report Suite for Neuromodulation, Neurovascular, Neurosurgical and Monitoring Devices 2017 – MedSuite brochure and synopsis.
About iData Research
iData Research (www.idataresearch.com) is an international market research and consulting group focused on providing market intelligence for medical device and pharmaceutical companies. iData covers research in: Vascular Access, Interventional Cardiology, Cardiac Surgery, Cardiac Rhythm Management, Electrophysiology, Peripheral Vascular, Dialysis, Infusion Therapy, Operating Room Equipment, Surgical Microscopes, Robotics and Surgical Navigation, Laparoscopy, Urology, Gynecology, Endoscopy, Ultrasound, X-Ray Imaging, Diagnostic Imaging, Oncology, Spinal Implants and VCF, Spinal MIS, Orthopedic Soft Tissue Repair and Regeneration, Orthopedic Trauma, Large & Small Joints, Anesthesiology, Wound Management, Orthopedics, Ophthalmics, Dental Operatory Equipment and more.