North American neural implants is estimated to display a rapid CAGR of 8.5% during the forecast period (2021-2027). The neural implants market in North America is expected to witness lucrative growth during the forecast period due to the rising technological advancements that influence the higher uptake of easy-to-use medical devices, including neural implants. In addition, the increased healthcare spending by the population in countries, including the US and Canada, is further promoting the neural implants market growth in the region. For instance, the WHO reported, the health care expenditure per capita based on the purchasing power parity (PPP) in the US grew significantly from around $9,053.43 in 2014 to $9,869.74 in 2016, while it increased from around $4,529.36 in 2014 to $4,718.30 in 2016 in Canada. In addition, as per the CDC, the personal healthcare expenditure in the US was estimated to increase by an annual change of around 4.6% during 2006?2016, with total spending of around $1,804 billion in 2006 that reached $2,834 billion in 2016. Such high-spending for-health care can be attributed to the substantial demand for novel medical devices such as neural implants.
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In addition, the growing focus of vendors in R&D to develop next-generation neural implants is expected to have a significant impact on market growth. The region also has the presence of many key vendors, such as Medtronic, Abbott, and Boston Scientific, offering a diverse range of neural implants. Continued product innovations and modifications to existing devices by leveraging the latest technological platforms are anticipated to bring more effective and safer neural implants. Both major and emerging player’s continuous involvement in R&D activities will lead to the development of several innovative products over the next few years, thereby positively influencing the neural implants market in the region.
Market Coverage
- Market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segments Covered- by Product, Application, and End-user
- Countries Covered- US and Canada
- Competitive Landscape- Abbott, Beijing PINS Medical Co., Ltd., Boston Scientific Corporation, Medtronic, and Renishaw plc
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North American Neural Implants Market Report Segment
By Product
- Deep Brain Stimulation (DCS)
- Spinal Cord Stimulation (SCS)
- Vagus Nerve Stimulation (VNS)
By Application
- Chronic Pain
- Epilepsy
- Parkinson’s Disease (PD)
- Others (Depression and Other Movement Disorders)
By End-user
- Hospitals
- Outpatient Surgery Centers
- Specialized Neurological Centers (SNCs)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
