The latest report by Reports and Data reveals that in 2022, the global Implantable Neurostimulators Market had a size of USD 5.14 Billion, with an expected revenue CAGR of 8.2% during the forecast period.
Neurostimulation therapy is employed for both diagnosis and treatment of a broad spectrum of nervous system-related disorders. Its primary goal is to alleviate chronic pain and address symptoms associated with conditions like Parkinson’s Disease (PD) and epilepsy. Currently, implantable neurostimulators primarily focus on deep brain stimulation, spinal cord stimulation, vagus nerve stimulation, and sacral nerve stimulation.
Furthermore, the demand for implantable neurostimulators is increasing due to the rising prevalence of chronic pain stemming from various conditions, including cancer, diabetes, and back injuries. According to a report from the American Academy of Pain Medicine, approximately 100 million Americans are affected by chronic pain. There is growing awareness of the benefits of implantable neurostimulators, such as pain relief and the potential for an improved quality of life.
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Additionally, the expanding use of minimally invasive treatments is driving the growth of market revenue. Implantable neurostimulators offer several advantages over traditional open surgeries, including shorter hospital stays and reduced risk of complications. Consequently, an increasing number of patients are opting for implanted neurostimulation procedures, which will boost the demand for these devices.
Key players in the Implantable Neurostimulators Market:
- Abbott Laboratories
- Boston Scientific Corporation
- Medtronic plc
- Nevro Corp
- LivaNova PLC
- Cyberonics, Inc.
- NeuroPace, Inc.
- St. Jude Medical, Inc.
- Synapse Biomedical Inc.
- Nuvectra Corporation
Some Key Highlights in the Report:
- In 2022, the spinal cord stimulators segment dominated the global market for implanted neurostimulators in terms of revenue share. This was primarily driven by the increasing prevalence of persistent back pain and a growing preference for less invasive surgical techniques.
- In the same year, the chronic pain segment experienced the highest rate of revenue growth within the worldwide implanted neurostimulators market. This growth can be attributed to the escalating incidence of chronic pain conditions like neuropathic pain, cancer pain, and lower back pain. Additionally, the effectiveness of implanted neurostimulators in treating these ailments played a significant role. Moreover, the expanding elderly population, which is more susceptible to chronic pain, is expected to further boost revenue growth in this segment.
- Looking ahead, during the projected period, the North American market is anticipated to maintain its position as the largest contributor to revenue in the global implanted neurostimulators market. This is due to the increasing prevalence of neurological disorders and chronic pain conditions, as well as the growing acceptance of advanced neurostimulation devices. The presence of key competitors in this region also plays a pivotal role. Additionally, the high adoption rate of neurostimulators among the elderly population, favorable reimbursement policies, and a rising number of clinical trials and research studies are expected to drive revenue growth in this market.
- Meanwhile, Europe is projected to experience the most rapid revenue growth in the global implantable neurostimulators market throughout the forecast period. This growth can be attributed to the rising prevalence of chronic pain conditions, neurological disorders, and mental health issues such as depression and anxiety. Furthermore, the region has a significant elderly population and an increasing demand for non-invasive and minimally invasive neurostimulation devices, factors that are poised to fuel revenue growth in this region.
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For the purpose of this report, Reports and Data has segmented the global implantable neurostimulators market on the basis of Product Type Outlook, Application Outlook, End-use Outlook, and Regional Outlook:
Product Type Outlook (Revenue, USD Billion; 2022 – 2032)
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
Application Outlook (Revenue, USD Billion; 2022 – 2032)
- Chronic Pain
- Parkinson’s Disease (PD)
- Urinary & Fecal Incontinence
End-use Outlook (Revenue, USD Billion; 2022 – 2032)
- Ambulatory Surgical Centers (ASCs)
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Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
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