According to the most recent report by Insightace Analytics, the global market for implantable neurostimulators in 2021 was worth $5.34 billion. It is anticipated to show a CAGR of 12.11% between 2022 and 2030. The Implantable Neurostimulators are the surgically located devices that deliver slight electrical signals to the epidural space nearby the spine through leads. These devices are used to modify the nervous system to advance biological functions. The action involves the modulation of electrical signs moved from the brain to other organs and vice versa. Neurostimulators are implanted among patients who do not obtain relief from invasive surgical therapy and standard drugs. The growth of the implantable neurostimulators market is driven mainly by advancements in technology, cumulative age-related nervous disorders, growing awareness, long-term cost-effectiveness, and improved clinical outcomes. Moreover, the growing FDA approval for implanted neurostimulators and the huge influx of new companies investing in the market is anticipated to propel the growth of the market globally.
The Implantable Neurostimulators market is a segment based on product type, end-user, and geography. The global implantable neurostimulators market is segmented into peripheral nerve stimulation, myostimulation, spinal cord stimulation, and brain stimulation based on product type. The peripheral nerve stimulation segment is further segmented into perineal nerve stimulation, vagus nerve stimulation, and sacral nerve stimulation. The myostimulation includes gastric stimulation and upper airway stimulation. The brain stimulation products include responsive brain stimulation and deep brain stimulation. In terms of market share, spinal cord stimulation and brain stimulation are estimated to account for a significant share in the global market in 2019. The growing prevalence of epilepsy, Parkinson’s diseases, etc. are propelling the growth of segments in the global market.
Based on end-user, the global implantable neurostimulators market is segmented into hospitals, specialty clinics, and ambulatory surgical centres. In 2019, the hospitals dominated the global market in terms of revenue share. The presence of well-equipped hospitals and the availability of reimbursement schemes at hospitals are contributing to the high share of the segment in the global market.
Based on geography, the Global Implantable Neurostimulators Market has been segmented into North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. In terms of revenue, North America is accounted for the largest share in the Global Implantable Neurostimulators market in 2019. The high adoption of technically advanced products, well-established healthcare infrastructure, and high government support are some of the major factors contributing to the high share of the market in the region. Additionally, the growing demand for minimally invasive surgeries in the region is expected to propel the growth of the North America implantable neurostimulators market over the estimated timeframe.
Some of the market players leading the global implantable neurostimulators market include Cyberonics, EnteroMedics, Axonics Modulation Technologies, Imthera, IntraPace, LivaNova, Medtronic, Inspire Medical, NeuroPace, Nevro Corp., SPR Therapeutics, Nuvectra, and Stimwave, among others.
