The Global Neurostimulator Implants Market is estimated to be USD 5.3 Bn in 2020 and is expected to reach USD 11.4 Bn by 2027, growing at a CAGR of 11.7 % during the forecast period.
Neurostimulator Implants Market Definition
Neurostimulators implants are the devices which is placed surgically that give mild electrical signals via one or more thin wire known as leads. Neurostimulators involves comparatively exact interaction with the tissues of specific nervous that serves the physiologic function.
Neurostimulator Implants Market Dynamics
The demand for neuro-stimulator implants is estimated to rise as the number of cases of neurological disorders such as Parkinson’s, Alzheimer’s, epilepsy, depression rises. In individuals with Parkinson’s disease or any other neurological disorder, brain implants are likely to lessen the need for medications that improve bodily movement and relieve chronic pain. Several neurological illnesses are becoming more common as the ageing population grows. For instance, according to the United Nations' World Population Ageing 2019 report, there were more than 703 million people aged 65, and by the 2050 it is expected to increase more than 1.5 billion people aged 65.
However, side effects such as allergic reactions and tingling or prickling of the skin caused by the implantation of a neurostimulation device into the body, as well as an increase in device costs, are limit the neurostimulator implants market growth. The neurostimulator implants market growth is limited by the availability of various treatment choices such as medication therapy and surgery.
The Global Neurostimulator Implants Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the neurostimulator implants market are:
Based on type, the spinal cord stimulator segment is expected to dominate the global neurostimulator implants market due to increasing adoption of spinal cord stimulators for pain management
Based on type, the global neurostimulator implants market has been segmented into spinal cord stimulators, deep brain stimulators, vagus nerve stimulators, and sacral nerve stimulators. The spinal cord stimulators are dominating segment over the forecast period. The increased clinical trials for the treatment of new symptoms. Moreover, the adoption of spinal cord stimulators has increased than that of other stimulators due to it is minimally invasive procedure that provides early recovery and cost effectiveness.
Based on applications, pain management segment is expected to grow at the highest CAGR during the forecast period due to increasing demand of neurostimulators implants among the patients suffering from the neurological disorders
Based on applications, the global neurostimulator implants market is segmented into Parkinson’s disease, pain management, epilepsy, urinary and fecal incontinence, gastroparesis, and others. The pain management segment is expected to project the significant growth over the forecast period due to increasing number of patients with chronic pain disorders among the population. In 2018, the data published in centers for disease control and prevention, in the U.S 20.4% adults are suffering from chronic pain and 8% of adults are suffering from chronic pain with high impact.
The report also provides an in-depth analysis of the global neurostimulator implants market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Global Neurostimulator Implants Market
Covid-19 has highly affected the industries in terms of growth, economy, health, and mental well-being of every individual. In this challenging situation, every industry is trying to give the best services in terms of quality and safety. Neurostimulator market affected negatively due to the COVID-19 outbreak. The neurostimulator implants surgeries post-pounded due to occupancy of hospitals by COVID-19 patients. However, the funding and focus on research and development have been distracted due to this pandemic is another restraining factor for the growth of the neurostimulator implants industry.
The report also provides an in-depth analysis of key trends in global neurostimulator implants market
|1||Rising investment in research and development to develop advance technologies for hearing impaired patients||Positive|
|2||Increasing adoption of advanced pain management systems among the patient pool.||Positive|
The report also provides an in-depth analysis of recent news developments and investments
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