The global implantable neurostimulators market size is anticipated to reach USD 11.0 billion by 2027, expanding at a CAGR of 11.7%, according to a new report by Grand View Research, Inc. Increasing incidence of neurological diseases and higher occurrence of associated chronic pain and discomfort are driving the market.
The rising prevalence of neurological diseases such as Parkinson’s disease, epilepsy, essential tremor, chronic pain, and depression will result in increased demand for implantable neurostimulators. According to the WHO, in 2020, around 50.0 million people worldwide are suffering from epilepsy. Implanted neurostimulators are used to control epileptic seizures. Thus, increasing people suffering from epilepsy is expected to boost the market growth.
Moreover, the growing base of the aging population is more susceptible to neurological disorders, which is anticipated to be a high-impact rendering driver for this market. According to the CDC, Parkinson’s disease (PD) is mostly diagnosed in individuals above the age of 60 and it is projected that PD affects 1.0% of the people over the age of 60 to 4% by age of 80.
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Furthermore, the incorporation of new technologies, and the introduction of new products by market players, is likely to boost the market during the forecast period. For instance, in September 2019, Abbott received U.S. FDA approval for its Proclaim XR recharge-free SCS system for the management of chronic pain.
Implantable Neurostimulators Market Report Highlights
• On the basis of type, the spinal cord stimulators segment dominated the market with a share of 52.5% in 2019. As they are widely used in the non-malignant chronic neuropathic pain management which do not respond to pain medications
• Based on application, the pain management segment dominated the market with a share of 65.1% in 2019 owing to the high prevalence of chronic pain disorders such as disk surgery pain, migraine, limb and leg pain, particularly with the aging population
• North America dominated the market with the highest revenue share of 49.2% in 2019 owing to continuous product launches by key players in this region. For instance, in November 2019, Nevro Corporation announced the U.S. FDA approval and launch of Senza Omnia SCS system in the U.S. market to treat chronic pain.
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Implantable Neurostimulators Market Segmentation
Grand View Research has segmented the global implantable neurostimulators market on the basis of type, application, and region:
Implantable Neurostimulators Type Outlook (Revenue, USD Million, 2016 - 2027)
• Spinal Cord Stimulators
• Deep Brain Stimulators
• Sacral Nerve Stimulators
• Vagus Nerve Stimulators
• Gastric Electric Stimulators
Implantable Neurostimulators Application Outlook (Revenue, USD Million, 2016 - 2027)
• Pain Management
• Parkinson’s Disease
• Urinary and Fecal Incontinence
• Epilepsy
• Gastroparesis
• Others
Implantable Neurostimulators Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
o The U.S.
o Canada
• Europe
o The U.K.
o Germany
o France
o Italy
o Spain
• Asia Pacific
o Japan
o China
o India
o Australia
o South Korea
• Latin America
o Mexico
o Brazil
o Argentina
o Colombia
• Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o UAE
List of Key Players of Implantable Neurostimulators Market
• Abbott (St. Jude Medical)
• Medtronic
• Boston scientific Corporation
• Aleva Neurotherapeutics SA
• Synapse Biomedical Inc.
• Nevro Corp.
• LivaNova PLC
• NeuroPace, Inc.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.