The Global Neurostimulator Implants Market is estimated to reach USD 11.4 Bn by 2027, growing at a CAGR of 11.7 % during the forecast period.
Increasing prevalence of Alzheimer's disease in the next decades is the propelling factor for the growth of the global neuro stimulator implants market. For instance, according to the World Health Organization (WHO), about 50 million individuals worldwide suffer from Alzheimer's disease and other dementias in 2020, with the number anticipated to rise to over 152 million by 2050. Furthermore, according to a study published in the journal Ageing Research Reviews in 2020, Alzheimer's disease progresses with age and is the fifth-largest contributor to the worldwide burden of diseases, costing more than USD 1 trillion in 2019. Other factors driving the neurostimulator implants market expansion include the rising prevalence of neurological disorders and lifestyle-related disorders, external financing for R&D, and demand for minimally invasive surgeries. For instance, according to the American Academy of Neurology, stroke is the third greatest cause of mortality in the United States, with Alzheimer's disease coming in sixth. According to the same source, Parkinson's disease affects almost one million Americans each year, with at least 60,000 new cases diagnosed each year. As a result of the rising number of neurological diseases, demand for neurostimulation implants is likely to increase in the near future.
Furthermore, manufacturers are increasing their R&D expenditures to create advanced products and technologies, such as implantable neurostimulation devices, which is estimated to promote neurostimulator implants market growth. The rise in the ageing population, as well as an increase in the prevalence of neurological disorders and technological developments in devices, are driving the expansion of the neurostimulator implants market. Research into the use of neurostimulators to treat diseases including interstitial cystitis, obsessive-compulsive disorders, and asthma is still ongoing, and it is estimated to provide profitable chances for the neurostimulator implants market to develop in the coming years.
The insertion of a neurostimulation device is a minimally invasive procedure, and increased demand for such procedures, owing to shorter hospital stays and speedier recovery, is likely to open new neurostimulator implants market potential.
Global Neurostimulator Implants Market, by Region Outlook (Revenue, USD Billion, 2021-2027)
In terms of geography, in 2020, the North America accounted for the major share of the global neurostimulator implants market and estimated to continue similar trend throughout the forecast period. Due to advantageous regulations that make healthcare affordable to the majority of the population in the region, the North America healthcare facilities are of the best quality and are accessible to a broad population. This element contributes to greater selling rates all around the region. In addition, the region's growing senior population is expected to enhance growth.
However, Asia Pacific is estimated to witness the fastest growth over the forecast period, as several international manufacturers are relocating their manufacturing operations to this area due to the prevalence of unmet medical demands and untapped development potential. The region's market expansion is expected to be aided by economic development in emerging countries such as India and China, as well as rising healthcare expenditures.
The Global Neurostimulator Implants Market Segmentation:
Global Neurostimulator Implants Market, by Type Outlook (Revenue, USD Billion, 2021-2027)
Global Neurostimulator Implants Market, by Applications Outlook (Revenue, USD Billion, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the neurostimulator implants market are: