Implantable Neurostimulation Devices Market Key Insights 2024-2033: Growth Rate, Trends And Opportunities
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What is the Projected Growth Rate of the Implantable Neurostimulation Devices Market from 2024 to 2033?
The market for implantable neurostimulation devices has seen significant expansion in recent periods. The market is projected to rise from $7.83 billion in 2023 to $8.68 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 10.8%. The preceding growth periods were driven by a surge in demand for treatments that don’t rely on drugs, an increasing preference for minimally invasive procedures, a growing elderly population, a broadening scope of psychiatric disorders, and a rise in the occurrence of chronic illnesses.
In the coming years, the market size for implantable neurostimulation devices is projected to experience substantial growth, expanding to $13.13 billion in 2028 with a compound annual growth rate (CAGR) of 10.9%. The factors contributing to this growth during the forecasted period include a surge in neurological disorders, escalating lifestyle diseases, heightened awareness, increase in spinal cord injuries, and an upswing in healthcare spending. The future trends anticipated in this period encompass the use of sensing technology, progressive advancements in neurostimulation technologies, the development of technologically advanced products, the adoption of closed-loop systems, and the integration of wireless technology.
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What Are the Key Drivers of Growth in the implantable neurostimulation devices Market?
The ongoing increase in neurological disorders is projected to significantly enhance the growth of the market for implantable neurostimulation devices. Neurological disorders entail conditions that disrupt the structure or performance of the nervous system and can lead to a variety of symptoms, including paralysis, seizures, and cognitive deficits. A surge in vulnerability to risk factors such as elevated blood pressure, developmental irregularities, and physical harm or injury leading to enhanced diagnosis rates of such diseases. To manage these neurological conditions, implantable neurostimulation devices are employed to regulate nerve activity and alleviate symptoms where other treatments are either ineffective or inadequate. For instance, data from the Alzheimer’s Association, a non-profit health organization from the US, estimated in 2024 that about 6.9 million Americans aged 65 and over were living with Alzheimer’s disease, and 73% of them were aged 75 or more. These figures are expected to hit 12.7 million by 2050. Consequently, the escalating occurrence of neurological disorders will thrust the market for implantable neurostimulation devices.
What Are the Notable Segments in the Implantable Neurostimulation Devices Market?
1) By Type: Spinal Cord Stimulation (SCS1), Gastric Electric Stimulation (GES1), Deep Brain Stimulation (DBS1), Sacral Nerve Stimulation (SNS1), Vagus Nerve Stimulation (VNS1), Other Types
2) By Application: Pain Management, Parkinson’s Disease, Urinary And Fecal Incontinence, Epilepsy, Gastroparesis, Other Applications
3) By End-User: Hospitals, Clinics, Ambulatory Surgical Centers
Which Emerging Trends Are Altering the Implantable Neurostimulation Devices Market?
Key players in the implantable neurostimulation devices market are striving to innovate with technology-forward products like spinal cord stimulation (SCS) systems, aimed at easing long-term pain conditions. An SCS system is a medical aid that employs electric pulses to regulate nerve activity in the spinal cord to relieve chronic pain, and it enhances the life quality of patients when other solutions fail. For example, in December 2022, Abbott, a renowned medical device firm from the United States, made public the approval of the Eterna spinal cord stimulation (SCS) system by the U.S. Food and Drug Administration (FDA). The Eterna SCS is the smallest rechargeable spinal cord stimulator available in the market, designed keeping comfort as a priority. It is equipped with Abbott’s exclusive BurstDR stimulation technology, replicating natural brain firing sequences for superior pain management, and is favored by 87% of patients over conventional tingling stimulation. Thanks to the Xtend energy technology’s lowest recharge needs, the Eterna only requires approximately five recharges in a year, adding to its convenience. The device is compatible with full-body MRI scans with TotalScan technology and can adapt to future technological upgrades without requiring replacement. Additionally, Abbott has integrated a mobile app for real-time monitoring of battery lifespan and charging status on iPhone devices.
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Which Regions Are Most Influential in Expanding the Implantable Neurostimulation Devices Market?
North America was the largest region in the implantable neurostimulation devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the implantable neurostimulation devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Implantable Neurostimulation Devices Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the implantable neurostimulation devices market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Implantable Neurostimulation Devices Market Include
1. Implantable Neurostimulation Devices Market Executive Summary
2. Implantable Neurostimulation Devices Market Segments
3. Implantable Neurostimulation Devices Market Size And Template Market Growth Rate
4. Key Implantable Neurostimulation Devices Market Trends
5. Major Implantable Neurostimulation Devices Market Drivers
……
25. Key Mergers And Acquisitions In The Implantable Neurostimulation Devices Market
26. Top Implantable Neurostimulation Devices Companies
27. Implantable Neurostimulation Devices Market Opportunities And Strategies
28. Implantable Neurostimulation Devices Market, Conclusions And Recommendations
29. Appendix
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