The implantable pulse generator market is evaluated at US$2.617 billion for the year 2019 and is projected to grow at a CAGR of 7.80% to reach the market size of US$4.428 billion by the year 2026.
An implantable pulse generator is a battery-powered micro-electronic device, implanted in the body, which delivers electrical stimulation to the nervous system. The prevalence of movement disorders such as Parkinson's disease, dystonia, and tremors has been increasing around the world. The cases which do not have a positive response to the medications are given deep brain stimulation (DBS) through an implantable pulse generator, and their usage is increasing with increased cases requiring them. Furthermore, greater patient awareness and advancing technology are some other market drivers which are projected to surge the implantable pulse generator market growth in the coming years. Moreover, with the rising geriatric population around the world, the risk and prevalence of movement disorders and other conditions requiring the use of implantable pulse generators have been increasing which is projected to propel the market growth during the forecast period. However, the risks associated with its use such as brain hemorrhage, including stroke might hinder the market growth.
The recent outbreak of the novel coronavirus had a negative impact on the implantable pulse generator market. Along with the social distancing measures implemented during the pandemic to curb the spread of the virus, medical procedures and surgeries were also canceled and the major focus of the healthcare sector was made towards containing the spread of the deadly coronavirus. Also, the fear of the spread of COVID-19 among people prompted the patients to stay at home and not go for procedures. This led to a decline in the pulse generator implants in 2020 and consequently led to a decline in the growth of the implantable pulse generator market. However, as the restrictions are being eased in most parts of the world, the market is anticipated to recover and continue at its normal pace from the year 2022 onwards.
Rising prevalence of movement disorders.
One of the major factors anticipated to drive the growth of the implantable pulse generator market during the forecast period is the increase in the number of cases of movement disorders such as Parkinson's disease, in which implantable pulse generator is used. According to the U.S. Census Bureau, nearly 1.04 million people in the United States suffered from Parkinson's disease and the number is projected to rise to around 1.64 million by 2037. It also states that the total medical costs of the disease are estimated to rise by around 52% from 2017 to 2037. According to an article published by the Journal of Parkinson's disease in US National Library of Medicine, National Institutes of Health in December 2018, the prevalence of Parkinson's disease increased from 2.5 million affected people in 1990 to 6.1 million in 2016, and the number is projected to double by 2040 with 12 million Parkinson's disease patients. With this increase, the role of the implantable pulse generator is expected to become more prominent, elevating its demand, which is anticipated to propel the growth of the implantable pulse generator market during the forecast period.
Growing elderly population.
As the prevalence of conditions requiring implantable pulse generators increases with age, the demand for implantable pulse generators is expected to surge during the assessment period with a rising number of elderly people around the world. According to the World Population Ageing 2019 report by the Department of Economic & Social Affairs, UN, around 6% of the population was aged 65 or above in 1990 which increased to 9% in 2019, and it is projected to increase to 16% by 2050. The number of people aged 65 years or above is projected to increase from 703 million in 2019 to 1.5 billion by 2050. Around 1 in 11 people around the world was over the age of 65 in 2019 and it is projected to increase to 1 in 6 people by 2050, as per the report. This projected rise in the elderly population is anticipated to boost the growth of the implantable pulse generator market during the forecast period.
Geographically, the North American region is anticipated to hold a significant market share owing to widespread use of deep brain stimulation in movement disorders owing to an advanced healthcare sector and a large presence of conditions such as Parkinson's disease in the United States. The Asia Pacific region is anticipated to witness substantial growth due to increased investment in healthcare leading to the availability of requisite healthcare facilities in the region. Also, rapid growth in the movement disorder diseases such as Parkinson's diseases in countries like China is further anticipated to propel the market growth in the Asia Pacific region during the forecast period. For instance, according to an article published by the medical journal - Translational Neurodegeneration in July 2019, China is witnessing a rapid rise in Parkinson's disease patients, and the number of people suffering from Parkinson's disease in China will rise to 4.94 million by 2030 and will amount to half of the world population of Parkinson's patients.
|Market size value in 2019||US$2.617 billion|
|Market size value in 2026||US$4.428 billion|
|Growth Rate||CAGR of 7.80% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product Type, Charging Type, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Medtronic, Inc., Abbott, Dextronix, Inc., Nevro Corporation, Integer Holdings Corporation, Boston Scientific Corporation, NeuroSigma, Inc., LivaNova PLC, NeuroPace, Synapse Biomedical|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the implantable pulse generator market size by 2026?
A1. The implantable pulse generator market is projected to reach a total market size of US$4.428 billion by 2026.
Q2. What is the size of the global implantable pulse generator market?
A2. Implantable Pulse Generator Market was valued at US$2.617 billion in 2019.
Q3. What are the growth prospects for the implantable pulse generator market?
A3. The global implantable pulse generator market is projected to grow at a CAGR of 7.80% during the forecast period.
Q4. Which region holds the largest market share in the implantable pulse generator market?
A4. The North American region is anticipated to hold a significant share in the implantable pulse generator market owing to widespread use of deep brain stimulation in movement disorders owing to an advanced healthcare sector and a large presence of conditions such as Parkinson's disease in the United States.
Q5. What factors are anticipated to drive the implantable pulse generator market growth?
A5. One of the major factors anticipated to drive the growth of the implantable pulse generator market during the forecast period is the increase in the number of cases of movement disorders such as Parkinson's disease.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Implantable Pulse Generator Market Analysis, by Product Type
5.2. Implantable Cardiac Pacemaker
5.3. Implantable Defibrillator
5.4. Implantable Spinal Cord Stimulator
5.5. Implantable Nerve Stimulator (FES)
6. Implantable Pulse Generator Market Analysis, by Charging Type
7. Implantable Pulse Generator Market Analysis, by Application
7.2. Cardiovascular Diseases
7.3. Movement Disorders (Parkinson's disease, Dystonia, Tremors etc.)
7.4. Orthopedic Diseases
8. Implantable Pulse Generator Market Analysis, by Geography
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Medtronic, Inc.
10.3. Dextronix, Inc.
10.4. Nevro Corporation
10.5. Integer Holdings Corporation
10.6. Boston Scientific Corporation
10.7. NeuroSigma, Inc.
10.8. LivaNova PLC
10.10. Synapse Biomedical
Integer Holdings Corporation
Boston Scientific Corporation
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