Implantable Neurostimulation Devices Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033

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How Much Has the Implantable Neurostimulation Devices Market Grown Recently?

The implantable neurostimulation devices market size has grown rapidly in recent years. It is projected to grow from $7.83 billion in 2023 to $8.68 billion in 2024 at a compound annual growth rate CAGR of 10.8%. This historical growth period witnessed an increase in demand for non-pharmacological treatments, a surging demand for minimally invasive procedures, an expanding geriatric population, a rise in the array of psychiatric disorders, and an increasing incidence of chronic diseases.

What Is The Future Forecast for the Implantable Neurostimulation Devices Market?
The implantable neurostimulation devices market size is poised to experience swift growth in the coming years. It is forecasted to balloon to $13.13 billion in 2028, at a CAGR of 10.9%. The growth in the forecast period can be attributed to several factors. These include the rising prevalence of neurological disorders and lifestyle diseases, growing awareness among the population, an increase in spinal cord injuries, and increased healthcare expenditure.

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What Are The Key Growth Drivers of the Implantable Neurostimulation Devices Market?

The rising prevalence of neurological disorders is expected to propel the growth of the implantable neurostimulation device market going forward. Neurological disorders affect the structure or function of the nervous system, resulting in diverse symptoms such as paralysis, seizures, and cognitive impairments. Increased exposure to risk factors such as high blood pressure, developmental abnormalities, trauma or injury leads to higher detection rates of neurological disorders. Implantable neurostimulation devices, which modulate nerve activity and ameliorate symptoms when other treatments are ineffective or insufficient, are increasingly utilized for treating neurological disorders.

For instance, in 2024, the US-based non-profit voluntary health organization, Alzheimer's Association, estimated that 6.9 million Americans aged 65 and older are living with Alzheimer's disease, with 73% being age 75 or older. This number is predicted to rise to 12.7 million by 2050, thereby driving the growth of the implantable neurostimulation device market.

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Which Major Companies Are Operating in the Implantable Neurostimulation Devices Market?

Key industry players in the implantable neurostimulation devices market include Abbott Laboratories, Medtronic PLC, Boston Scientific Corporation, Dignity Health, St. Jude Medical LLC, LivaNova PLC, Nevro Corp., Axonics Inc., NeuroPace Inc., Bioness Inc., Saluda Medical Pty Ltd., SceneRay Co. Ltd., NeuroMetrix Inc., CURE Epilepsy, Synapse Biomedical Inc., NeuroSigma Inc., Nuvectra Corporation, MicroTransponder Inc., Pain Management NYC, Curonix LLC.

What Major Trends Are Emerging In The Implantable Neurostimulation Devices Market?

Companies are focusing on developing technologically advanced products, such as spinal cord stimulation SCS systems, to cater to chronic pain conditions. A salient example is the US-based medical device company, Abbott, which announced in December 2022 that the U.S. FDA approved their Eterna spinal cord stimulation SCS system. This advanced device is the market's smallest implantable, rechargeable spinal cord stimulator, engineered for maximum daily comfort.

How Is the Implantable Neurostimulation Devices Market Segmented?

The market report segments the implantable neurostimulation devices market as follows:

1 By Type: Spinal Cord Stimulation SCS, Gastric Electric Stimulation GES, Deep Brain Stimulation DBS, Sacral Nerve Stimulation SNS, Vagus Nerve Stimulation VNS, 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

What Is the Regional Distribution of the Implantable Neurostimulation Devices Market?

In 2023, North America emerged as the largest region in the implantable neurostimulation devices market. However, Asia-Pacific is expected to establish itself as the fastest-growing region in the market during the forecast period. The market report covers various regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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