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The Nerve Stimulators Market, a dynamic and evolving sector in the healthcare industry, is influenced by a myriad of market factors that collectively shape its growth and trajectory. Among them are technological advancements. For example, continuous innovations in device design have a direct impact on the market's competitiveness. Such changes include the incorporation of wireless connectivity as well as advanced programming capabilities, to name but a few. These continuous improvements in technology not only appeal to medical professionals but also advance patients' preferences, thereby leading to a market increase.
Regulatory frameworks and reimbursement policies are important influencers in the Nerve Stimulators Market. The extent to which nerve stimulator surgeries are covered by insurance determines their adoption rates, as patients and healthcare providers are more likely to choose treatments that ease their financial burden. The level of competition within this space also defines its landscape; it is one of the main drivers behind lower prices, with many key players trying hard for their product differentiation using various aspects like features, price competitiveness, or better clinical outcomes, hence benefiting end-users. Mergers and acquisitions also contribute significantly towards consolidation among companies by widening their product portfolios and increasing their presence across markets.
Geographical factors play an important role in explaining variations observed in the Nerve Stimulators Market across different regions, including North America, Europe, Asia-Pacific, Latin America, and MEA (Middle East & Africa). Variations include uneven distribution of health care infrastructure gap between economies making Nerve Stimulator use vary from one country or region another with developed nations having strong health infrastructures adopting these technologies faster than others due to resource constraints such limited access advanced medical treatments because there is inadequate funding available at affordable prices while developing countries lag behind due lack thereof leaving majority without proper facilities where they can seek help needed since they do not have enough funds support even basic necessities let alone expensive treatment options which might save somebody life someday if taken earlier during diagnosis stage when still atleast treatable say any condition whatsoever before it becomes too late without any intervention whatsoever eventually making life impossible without any option but to give up everything knowing that tomorrow will never come unless we keep trying regardless of the countless setbacks which we ought to face along our journey towards success.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â 8.90% |
Nerve Stimulator Market Highlights:
Nerve Stimulators Market Overview
Nerve Stimulators Market Size was valued at USD 3.5 Billion in 2023. The Global Nerve Stimulators industry is projected to grow from USD 4.3 Billion in 2024 to USD 6.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.23% during the forecast period (2024 - 2032).
COVID-19 Analysis
The COVID-19 outbreak has left a debilitating impact on the healthcare sector as well as the medical device industry, given the temporary shutdown of manufacturing facilities and weakened demand. Even as the world is trying to curb the spread of SARS-CoV-2, top companies are striving to bolster their supply chains and accelerate their operations to control further losses. Also, the social distancing practice prevalent worldwide has encouraged patients to go for devices that can be used at home, which bolsters the need for various types of nerve stimulators. Healthcare professional are now offering consultation via video conferencing as well as phone calls, in view of the spread of the pandemic. This is more than likely to benefit the nerve stimulators market in the years to follow.
Nerve Stimulators Market Trends
Drivers
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Market Growth to be Fostered by the Surge in Neurological Disorders
Some of the top growth-boosting factors in the nerve stimulators market include the burgeoning geriatric pool, the introduction of highly innovative products and the mounting demand for products as add-on therapy. One of the prime reasons for the nerve stimulators market growth however remains the rising cases of chronic diseases, including epilepsy and migraine combined with the high number of unmet medical needs, especially in emerging regions.
Opportunities
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Accelerated Cases of Depression to Offer Opportunities to Leading Firms
Depression cases in recent years have mounted considerably across the globe. The National Institute of Mental Health claims that depression has been one of the leading causes of mental disorder in the United States with clos to 16.2 million people affected by the same in 2016.
Besides, the escalating number of epilepsy-affected individuals has also grown immensely, with new cases being recorded at a fast pace. In short, the soaring number of people afflicted by depression as well as epilepsy can be a huge opportunity for nerve stimulator vendors in the ensuing years.
Challenges
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Side Effects Associated with the Devices to Threaten Growth Potential
Risks and side-effects related to neurostimulation therapy along with the credible threat posed by alternative treatment options available for neurological disorders can be significant challenges for the firms in the years to come.
Nerve Stimulators Market Segment Insights
Spinal Cord Stimulators to Experience Highest Demand
The major types of nerve stimulators in the global industry include vagus nerve stimulator, spinal cord stimulator and deep brain stimulator. Spinal cord stimulators form the leading segment in the nerve stimulators market with the highest revenue share, as a result of the extensive scope of the product use and the growing demand for the commercially sold products within this segment. Technological innovations in this aspect also work in favor of the segment. Spinal cord stimulators have widespread application scope in non-malignant chronic neuropathic pain management since they help lower the pain by generating small nerve impulses without inducing any anatomical change at the target area.
Application of Nerve Stimulators to be Extensive in Epilepsy Treatment
Applications listed in the report include depression, chronic pain, Parkinson's disease, epilepsy, dystonia, and more. Impressive product efficiency demonstrated during the treatment of epilepsy and the low number of treatment options available for the disease can mean significant nerve stimulators market growth in the near future. Tremors can be characterized by extreme involuntary movement of the limb, while also affecting the jaw, neck, and various body parts. The expanding geriatric populace and the rising cases of epilepsy among them can be a key growth inducing factor in the global nerve stimulators market. Moreover, the mounting depression cases will also foster market advancement since nerve stimulators facilitate smooth treatment by inhibiting or activating electrical brain signals.
Hospital & Clinics Segment to Take the Lead
With respect to end user, the market caters to hospital & clinics, trauma centers, ambulatory surgical centers, and others. Soaring number of hospitals and clinics across the world and the rising number of patients opting to get admitted for treatment favor the nerve stimulators market growth. Therefore, the hospital & clinic segment is projected to take the leading position in the global nerve stimulators market over the coming years.
Regional Analysis
America Emerges as the Market Leader
America should be the top-performing market for nerve stimulators in subsequent years, thanks to the burgeoning elderly population. A HuffPost article in 2017 revealed that close to 100 million Americans are affected by neurological disorders, translating into nearly one-third of the overall population. Most neurological diseases include Alzheimer’s, migraines, multiple sclerosis, spinal cord injury and epilepsy. In a nutshell, the surging burden of various neurological disorder types and the resultant increase in the need for advanced nerve stimulators contribute significantly to the nerve stimulators market growth in the region.
Europe Clinches the Second Biggest Share in the Global Market
Europe will remain the second highest gainer in the global nerve stimulators market in the next several years, mostly due to the expanding geriatric population afflicted with a number of neurological issues and the substantial spending on healthcare. The soaring awareness level among people about mental health also acts as a key growth booster. Apart from this, frequent technical innovations for improved patient management and surging uptake of novel technologies to restore vision and facilitate movement during paralysis could also boost revenue generation in the following years.
APAC to Secure the Fastest Growth Rate
Asia Pacific is brimming with lucrative opportunities and in view of this, it is expected that the regional nerve stimulators market can procure the fastest growth rate over the evaluation period. The growth rendering factors in the region include the continuously growing patient pool suffering from various neurological disorders, and the fact that the government is now supporting innovative healthcare practices.
Competitive Landscape
Vendors Focus on R&D and Product Innovations to Boost Global Presence
Companies allocate large-scale budgets for research and development (R&D) activities to support their focus on product innovation and bolster their worldwide presence. Some other competitive strategies employed by the vendors in the global industry include FDA approvals, acquisitions, joint ventures, collaborations and expansions, to name a few.
List of Key Companies Covered in this Report
- Boston Scientific Corporation
- Medtronic
- Cochlear Ltd
- St Jude Medical Inc.
- Cyberonics Inc.
- Aleva Neurotherapeutics SA
- NeuroPace Inc.
Recent Developments
- January 2021 – Boston Scientific’s advanced Vercise Genus Deep Brain Stimulator that is used conditionally in a magnetic resonance imaging environment has been given the green signal by the FDA. The new line has non-rechargeable as well as rechargeable, Bluetooth-enabled, implantable pulse generators that provide maximum symptom relief.
- January 2021 – Neurolief Ltd., a neurotechnology developer, has entered an agreement with Sawai Pharmaceutical Co. Ltd. to develop and market Relivion; non-invasive brain nerve stimulator that helps deliver stimulation to the trigeminal as well as occipital nerves.
Report Overview
The report overview estimates the Nerve Stimulators Market size, throwing light on various challenges, barriers, drivers and the key opportunities. The nerve stimulators market study also comprises some of the key developments following the COVID-19 pandemic and the effects of the novel coronavirus on the nerve stimulators market growth rate. In addition to this, the report lists the eminent nerve stimulator manufacturers and also the competitive strategies undertaken them to stay relevant in the industry are also profiled in the MRFR report.
Scope of the Report
The scope of the MRFR report gives a detailed analysis of the nerve stimulators industry, listing the different types, as well as the growth scope of the global peripheral nerve stimulator market over the review period.
Nerve Stimulators Market Segmentation
Nerve Stimulators Type Outlook
- Deep Brain Stimulator
- Vagus Nerve Stimulator
- Spinal Cord Stimulator
Nerve Stimulators Applications Outlook
- Chronic Pain
- Depression
- Dystonia
- Epilepsy
- Parkinson’s Disease
- Others
Nerve Stimulators End User Outlook
- Ambulatory Surgical Centers
- Hospital & Clinics
- Trauma Centers
- Others
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