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The Peripheral Neurostimulator System Market Size is valued at USD 997.19 Million in 2023 and is predicted to reach USD 1994.51 Million by the year 2031 at a 9.24 % CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The advent of Chronic pain conditions such as neuropathic pain, back pain, and migraines affect a significant portion of the world's population
- The increasing prevalence of chronic pain is driving the demand for effective and sustainable pain management solutions.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- The initial cost of purchasing and implanting a neurostimulator system is a significant barrier
The growing geriatric population, the invention of innovative products, ratcheting up demand as add-on medication, a complex system for chronic diseases such as migraine and epilepsy, and the availability of highly unmet medical needs in these diseases are some of the major key factors driving the market. Other factors driving market expansion include the increased frequency of neurological illnesses and lifestyle-related disorders, external financing for R&D, and the desire for minimally invasive surgeries.
The most major growth impediment is the product's cost. Although opioid treatment has tremendous advantages, it is still out of reach for the vast majority of the general. Population Furthermore, manufacturers are increasing their R&D investments to develop sophisticated goods and technologies, such as implantable neurostimulation devices, which are projected to drive market growth.
Neurostimulation device implantation is a minimally invasive procedure, and increased demand for such procedures due to shorter hospital stays and speedier recovery is likely to open up new market prospects. The peripheral neurostimulator system has several advantages in opioid treatment. Medical and technical advancements have made this equipment more dependable and efficient, which has been a primary growth driver. There has also been an upsurge in neurological diseases like Alzheimer's, Parkinson's, and epilepsy. The peripheral neurostimulator system must play a more significant role in treating such disorders. As a result, the demand is skyrocketing.
Competitive Landscape
Some major key players in the Peripheral Neurostimulator System Market:
- Braun SE,
- mNeuroSigma Inc.,
- NeuroMetrix Inc.,
- AVN,
- SelectroCore Inc.,
- mVygon,
- Boston Scientific Corporation,
- Medline Industries Inc, LLC,
- SunMed
Market Segmentation:
The peripheral neurostimulator system market is segmented on the product and end-use. Based on product, the market is divided into transcutaneous, percutaneous, and implantable. Based on end-use, the peripheral neurostimulator system market is segmented into hospitals & clinics, ambulatory centers, specialty centers and others.
Based On The Product, The Transcutaneous Segment Is A Major Contributor To The Peripheral Neurostimulator Tor System Market.
The market's leading segment is transcutaneous. The growing prevalence of chronic pain and musculoskeletal injuries, particularly among the elderly, drives demand for transcutaneous nerve stimulation devices. Over the projection period, market participants will benefit from ongoing technological advancements and product innovations such as wearable TENS. All the factors mentioned earlier will contribute to the expansion of the transcutaneous nerve stimulation market soon.
The Hospital Segment Witnessed Growth At A Rapid Rate.
Hospitals are expected to be a very profitable section of the global neurostimulation market. The hospital category has a significant market due to well-established healthcare infrastructure, good medical reimbursement facilities for neurostimulation devices in industrialized nations, and the high cost of implantable devices. The market is estimated to be driven by the increased number of hospitals in developing nations and implantable neurostimulation surgeries.
The North American Peripheral Neurostimulator System Market Holds A Significant Regional Revenue Share.
The North American Peripheral neurostimulator system market is expected to register the highest market share in revenue soon. The region's leading position was fueled by the early acceptance of technologically advanced technologies, new product releases, and a surge in the installation of transcranial magnetic stimulation systems in specialized clinics in the United States and Canada. The increased elderly population in the United States, the high prevalence of neurological illnesses and chronic pain, and high per capita healthcare spending in this region are expected to boost the region's market over the projection period. In addition, Asia Pacific is projected to grow rapidly in the global Peripheral neurostimulator system market. Healthcare businesses are investing in creating tiny external controllers that detect aberrant brain activity. Companies should plan to invest in the Asia Pacific healthcare environment, as the region's market is anticipated to increase in the coming years.
Recent Developments:
- In Oct 2023, B. Braun Medical Inc. (B. Braun) has declared its increased dedication to tackling health disparities in vascular access and its ongoing commitment to enhancing patients' experiences with peripheral intravenous (IV) therapy at the Association for Vascular Access (AVA) Scientific Meeting. This is being accomplished through a comprehensive strategy that emphasizes education, training, and the improvement of care standards.
Peripheral Neurostimulator System Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 929.55 Million |
|
Revenue Forecast In 2031 |
USD 1996.97 Million |
|
Growth Rate CAGR |
CAGR of 9.12 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Product, End-Use |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
B. Braun SE, mNeuroSigma Inc., NeuroMetrix Inc., AVN, SelectroCore Inc.,mVygon, Boston Scientific Corporation, Medline Industries Inc, LLC, SunMed |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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