According to FutureWise analysis the market for implantable pulse generator in 2023 is US$ 109.19 billion, and is expected to reach US$ 211.57 billion by 2031 at a CAGR of 8.62%.
Implantable pulse generator is a medical device that is battery-powered and when implanted in the body, it electrically stimulates the nervous system so that different nerve impulses in the body are either blocked or stimulated. This technology is a promising treatment for various medical conditions like hypertension, reducing back pain, curing diabetes to stop dosage of insulin taken on a daily basis and obesity. Implantable pulse generator can also be used in cases where medicines are either showing some side effects or are completely ineffective.
Implantable pulse generator is programmed to provide electric stimuli to nervous systems and essential for neuro-modulation. The rapid advancement of technologies integrated the multiple parameters and increased demand among the end user segment. Further, changing life pattern increased the prevalence of chronic disorders and fuelled the growth of the market. Neuromodulation is a novel method of a prosthesis for better management of disease prognosis. They are proven effective and safe compared to the traditional method of treatments. Along with this, growing research initiatives like European human brain project and US brain research activities are expected to advance the neuro-technologies. Further, increasing financial investments by top tier manufacturers led to rapid growth of the market.
North America market is expected to witness high market share in global market due to adoption of Neuromodulation in disease management. It is dominated the US due to strong intensity of top tier manufacturers. It is followed by the European region and it accounts a significant share in the global market due to supportive regulations. Asia-Pacific region is the third major shareholder in the global market due to increasing research activities. Latin America represented a fast growing region in global market due to rising awareness among end-user segment. Rest of World accounts the small fraction of market share due to less adoption.