A new report from Wellesley, Mass.-based BCC Research predicts that the global neurostimulation device market will grow to nearly $4.1 billion by 2018, with a five-year compound annual growth rate (CAGR) of 1.5 percent. The chronic pain category, the largest segment in the overall market, is projected to reach $2.8 billion in 2018.
Currently drug therapies are the primary treatment option for chronic pain. These therapies, however, have proven virtually ineffective in the long term. Consequently, neurostimulation devices are increasingly used for pain management. The chronic pain category is the fastest moving segment of the overall market with a CAGR of 1.8 percent.
The gastrointestinal category, the second-fastest growing segment is moving at CAGR of 1.5 percent and is projected to reach $8.5 million by 2018.
"Currently, the market is underdeveloped despite technological advances due to low medical acceptance and equally low consumer awareness," said BCC Research pharma analyst Minal Patel. "Patients still fear the prospect of having a foreign object implanted into their bodies. This is anticipated to change with the commercialization of technologically advanced neurostimulators, physician training, increased venture capital and government funding and considerably due to the expansion of health insurance to the underinsured and uninsured."