Since the past decade significant efforts have been taken by researchers to decipher the neurological system and its processes. Substantial funding is being made available in various marketsto treat neurological disorders that are affecting the growing geriatric population. Neurological disorders such as Alzheimer’s, Parkinsonism, glioblastomas, epilepsy and cerebral stroke are causing enormous burden on the government bodies of developed as well as developing countries.According to a new market report published by Transparency Market Research (TMR), a leading U.S. based market research firm, the global market for neurological devices was valued at USD 5 billion in 2012. The study also stated that the market is expected to grow at a CAGR of 15.4% from 2013 to 2019, to reach a value of USD 15 billion by 2019.
According to the American Stroke Association, approximately 795,000 Americans suffer from a new or a recurrent strokeeach year. The disability leads to loss of work and normal lifestyle of the affected patients. To aid these patients, companies are formulating new technologies such as neurostimulation, neuro sensing and diagnostic devices.Various factors such asrise in the number of geriatric patients and changing lifestyle has led to chronic disorders such as dyslipidemia, obesity, and hypertension, consequently leadingto serious neurological conditions such as cerebral aneurysms and stroke.
Technological advances have paved a new way for physicians to treat cerebral aneurysms such as the use of liquid embolic agentsto prevent blood flow to the aneurysm. Currently, there are three treatment options available for patients with cerebral aneurysm that includenon-surgical therapy, surgical therapy and endovascular coiling therapy.Endovascular coiling is the most widely used therapy for treatment of aneurysms,since it does not require open brain surgery and can be accomplished in a shorter time.
The study published by TMR also concluded that the neurostimulation devices market accounted for the largest share of the total neurology devices market and is expected to grow at the highest rate during the period of 2013 -19. These devices include deep brain stimulation devices, spinal cord stimulation devices, sacral nerve stimulation devices, vagus nerve stimulation devices and gastric electric stimulation devices. The Sacral Nerve Stimulation(SNS) devices market is expected to have a highest growth rate among other device types owing to the rise in prevalence of urinary and fecal incontinence disorders.
Download Free exclusive Sample of this Report: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=284
These devices are also indicated for pain management arising due to interstitial cystitis and prostatodynia.Newer treatment therapy options such as tissue plasma activator is being considered to be of immense potential for treatment of thrombotic or embolic stroke, however, its use within 3 hours of the diagnosed stroke currently restricts its growth. Moreover, they are contraindicated in conditions such as brain tumor, vascular malformation and other side effects.Thus, use of tissue plasminogen activators is still of limited use for treatment of critical cerebral conditions. All these factors are consequently driving the overall growth of neurological devices market.
Product enhancementscoupled withinnovative technological advancements for minimally invasive devices enablesvarious companies to deliver safety and better quality services to the patients.However, high cost of theseneurological devices is one of the biggest challenges for the manufacturers. The prominent players in this market include Medtronic, Covidienplc. Stryker Corporation, St.Jude’sMedical and Johnson & Johnson.
No comments:
Post a Comment