The global neurology devices market is estimated to go beyond $5bn by 2016 with a compound annual growth rate (CAGR) of 12.5% from 2009-2016, a new report has found.
According to GBI Research’s new report, “The Future of the Neurology Devices Market to 2016 – Market Forecasts, Competitive Landscape and Pipeline Analysis”, patient demographics, increasing physician adoption, patient demand and the availability of reimbursement for the procedures are expected to drive the market.
Neurostimulation devices is the fastest growing category within the neurology devices market, with growth forecasts placed at a CAGR of 15% for the next seven years, exceeding $3.5bn by 2016.
The US shares 64% of the global market for neurology devices in 2009, which is valued at $1.6 billion in 2009 and is estimated to grow at a CAGR of 12% to reach $3.5 billion in 2016.
According to the report a steady increase in incidence rate of spinal disease, an increase in average life expectancy, increasing physician adoption and possible FDA approval for new indications, growth in neurostimulation devices, safety and efficacy of existing neurology devices, and increasing investments are expected to drive growth in the market.
About 50 new products are expected to enter into the market in the next few years, which may result in a shift in the prevailing competitive landscape among suppliers.