The global implantable neurostimulators market is a rapidly growing industry that is expected to reach USD 14.72 billion by 2028, growing at a CAGR of 11.3% from 2021 to 2028. Implantable neurostimulators are electronic devices that are surgically implanted in the patient's body to treat chronic pain, neurological disorders, and other conditions by modulating electrical impulses to the targeted area.
The increasing prevalence of chronic pain, such as neuropathic pain, is driving the demand for implantable neurostimulators as a safe and effective alternative to traditional pain management techniques. In addition, the growing geriatric population and the rising incidence of neurological disorders, such as Parkinson's disease and epilepsy, are contributing to the growth of the market.
Advancements in technology have also led to the development of more advanced and efficient neurostimulators, such as rechargeable batteries and wireless communication capabilities. Furthermore, the development of minimally invasive surgical techniques and the increasing use of these devices in ambulatory surgical centers are also driving the growth of the market.
The major players in the implantable neurostimulators market include Medtronic, Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, Nevro Corporation, Synapse Biomedical Inc., NeuroSigma Inc., NeuroPace Inc., NeuroMetrix Inc., and Soterix Medical Inc. These companies are focusing on research and development activities to improve the safety, efficacy, and functionality of their products, as well as expanding their geographic reach through partnerships and collaborations.
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The major drivers of the implantable neurostimulators market include the increasing prevalence of neurological disorders, such as chronic pain and Parkinson's disease, growing aging population, advancements in technology, and rising demand for minimally invasive surgeries. The implantable neurostimulators provide effective and long-term relief for various neurological conditions, which is driving their adoption in the market. Additionally, the rising awareness about the benefits of implantable neurostimulators among patients and healthcare providers is expected to further propel the market growth.
Furthermore, favorable reimbursement policies and government initiatives to promote the adoption of implantable neurostimulators are also contributing to market growth. The increasing focus of market players on developing innovative and technologically advanced products, such as MRI-safe implantable neurostimulators and rechargeable neurostimulators, is also driving market growth.
Moreover, the growing trend of telemedicine and remote patient monitoring is expected to create significant opportunities for the implantable neurostimulators market. The ability of these devices to be remotely monitored and adjusted by healthcare providers is expected to increase their adoption, especially in regions with limited access to healthcare facilities.
Finally, the increasing prevalence of chronic pain and neurological disorders among the global population is expected to continue driving market growth over the forecast period. According to the World Health Organization, around 50 million people suffer from epilepsy globally, and around 47.5 million people have dementia, which is expected to increase to 75 million by 2030. These statistics indicate a growing need for implantable neurostimulators in the market.
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Some of the key trends in the implantable neurostimulators market include the growing preference for minimally invasive surgical procedures, increasing prevalence of neurological disorders, advancements in neurostimulation technology, and rising adoption of rechargeable neurostimulators.
Minimally invasive surgical procedures offer several advantages such as faster recovery time, lower risk of infection, and reduced hospital stays. The use of minimally invasive techniques in neurostimulation surgeries has been growing in recent years, resulting in increased adoption of implantable neurostimulators.
The prevalence of neurological disorders such as chronic pain, epilepsy, and Parkinson’s disease is increasing globally, leading to a growing demand for implantable neurostimulators. In addition, advancements in neurostimulation technology, including the development of closed-loop systems and wireless communication, are further driving market growth.
The rising adoption of rechargeable neurostimulators is also a notable trend in the market. These devices offer several advantages such as longer battery life, reduced surgery frequency, and cost-effectiveness, making them a preferred choice for patients and healthcare providers alike.
Overall, these trends are expected to continue to shape the implantable neurostimulators market in the coming years, with a focus on providing more effective and patient-friendly neurostimulation solutions.
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