SAN FRANCISCO, Oct. 13, 2020
SAN FRANCISCO, Oct. 13, 2020 /PRNewswire/ -- The global implantable neurostimulators market size is anticipated to reach USD 11.0 billion by 2027, expanding at a CAGR of 11.7%, according to a new report by Grand View Research, Inc. Increasing incidence of neurological diseases and higher occurrence of associated chronic pain and discomfort are driving the market.
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Read 120 page research report with ToC on "Implantable Neurostimulators Market Size, Share & Trends Analysis Report By Type (Deep Brain Stimulators, Spinal Cord Stimulators, Vagus Nerve Stimulators, Sacral Nerve Stimulators), By Application, By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/implantable-neurostimulators-market
The rising prevalence of neurological diseases such as Parkinson's disease, epilepsy, essential tremor, chronic pain, and depression will result in increased demand for implantable neurostimulators. According to the WHO, in 2020, around 50.0 million people worldwide are suffering from epilepsy. Implanted neurostimulators are used to control epileptic seizures. Thus, increasing people suffering from epilepsy is expected to boost the market growth.
Moreover, the growing base of the aging population is more susceptible to neurological disorders, which is anticipated to be a high-impact rendering driver for this market. According to the CDC, Parkinson's disease (PD) is mostly diagnosed in individuals above the age of 60 and it is projected that PD affects 1.0% of the people over the age of 60 to 4% by age of 80.
Furthermore, the incorporation of new technologies, and the introduction of new products by market players, is likely to boost the market during the forecast period. For instance, in September 2019, Abbott received U.S. FDA approval for its Proclaim XR recharge-free SCS system for the management of chronic pain.
Grand View Research has segmented the global implantable neurostimulators market on the basis of type, application, and region:
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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