Advancements in pain management technology are poised to propel the growth of peripheral nerve stimulators, with manufacturers continually improving their products. An illustrative example is NeuraLace Medical in the US, which, in June 2022, secured approval for new codes from the American Medical Association for Transcutaneous Magnetic Nerve Stimulation therapy. This therapy is beneficial for doctors treating patients with chronic neuropathic pain, and the approval is expected to boost sales and enhance market share in the long term.
Peripheral nerve stimulators stand out by targeting pain precisely where it's needed, in contrast to medications that affect the entire body, potentially causing side effects like constipation and sleepiness. The therapy delivered by peripheral nerve stimulation minimizes these side effects associated with medications. Users of peripheral nerve stimulation and spinal cord stimulation often experience a reduction in the need for pain relief medications. Consequently, the anticipated advancements in peripheral nerve stimulators are poised to create substantial growth opportunities for the market.
Manufacturers are actively focused on elevating the capabilities of peripheral nerve stimulators, ensuring effective pain relief with minimal side effects. This dedication to improvement and innovation in pain management technology is a driving factor behind the expected growth in the peripheral nerve stimulator market. As these devices evolve to become more advanced and tailored to specific therapeutic needs, their adoption is likely to rise, benefiting both patients and the overall market. The ongoing endeavors to refine and broaden the applications of peripheral nerve stimulators highlight the positive trajectory anticipated in this field.
In conclusion, the continuous evolution of peripheral nerve stimulators reflects a commitment to addressing pain management challenges with increasingly sophisticated solutions. These advancements promise not only enhanced therapeutic benefits for patients but also sustained growth in the peripheral nerve stimulator market. As the industry responds to the evolving needs of patients and healthcare providers, peripheral nerve stimulators are positioned to play a pivotal role in shaping the future landscape of pain management.
Report Attribute/Metric | Details |
---|---|
Market Opportunities | Growing technological advancements |
Market Dynamics | Increasing demand for peripheral nerve stimulatorsRise in cases of nerve injuriesGrowing demand for wireless peripheral nerve stimulators |
Global Peripheral Nerve Stimulators market size was valued at USD 0.58 Billion in 2023 and is projected to grow from USD 0.61 Billion in 2023 to USD 0.91 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.94% during the forecast period (2024 - 2032).
Analyst Comment-
The Global Peripheral Nerve Stimulators market is experiencing a growth due to the increasing demand for Wireless Peripheral Nerve Stimulators. This preference for advanced, wireless solutions in neuromodulation is driving the market forward and indicating a transformative trend in healthcare. The surge in demand highlights the substantial growth trajectory of the market.
The Peripheral nerve stimulation frequently referred to as PNS, is a commonly used approach to treat chronic pain. The growth of the peripheral nerve stimulators market is attributed to the increasing demand for peripheral nerve stimulators, rise in cases of nerve injuries, and the growing demand for wireless peripheral nerve stimulators. However, the lack of technical skills for installation and control of a device, and the high cost associated with the peripheral nerve stimulators devices is anticipated to hamper the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The use of oral medications such as Pamelor, Sinequan, and Elavil in neurological disorder patients is associated with harmful side effects and may also lead to addiction to drugs. Therefore, the peripheral nerve stimulator is highly preferred as an alternative pain control option as it provides effective treatment over oral medications. It reduces the use of narcotic drugs and can be implanted in patients which allows them to perform their nonimpact recreational activities such as swimming. The National Institute of Neurological Disorders and Stroke reports that around 50 million Americans are affected by approximately 600 neurologic disorders annually. Neuropathic pain is a prevalent health issue in most industrialized nations, impacting roughly 40%-60% of the elderly population and adults worldwide.
Moreover, peripheral nerve stimulators provide target-specific treatment in patients with refractory or chronic pain conditions such as regional pain syndrome, low back pain, neck pain, and painful nerve injuries.
The Global Peripheral Nerve Stimulators segmentation, based on products, includes transcutaneous, percutaneous, and implantable. Transcutaneous peripheral nerve stimulators (TPNS) accounted for the largest market during the forecast period. The TPNS devices provide non-invasive therapeutics without any side effects. This is primarily used to treat arthritis, back and neck pain, fibromyalgia, muscle pain, and neuropathic pain. The increasing incidences of these above-mentioned diseases are increasing the demand for TPNS stimulators, driving the segment's growth.
Moreover, percutaneous peripheral nerve stimulation (PNS) segment growth is driving owing to the high demand for the treatment of neuropathic pain. As per the Mayo Foundation for Medical Education and Research (MFMER), there is approximately a 50% chance of having diabetic neuropathy in diabetic patients, thus, increasing diabetes prevalence may increase the demand of PNS
Therefore, the increasing prevalence of musculoskeletal diseases and diabetic diseases that may lead to nerve damage, as well as favorable government support in approving implantable devices, are driving the product segment's growth.
Figure 2: Global Peripheral Nerve Stimulators Market, by Product, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Global Peripheral Nerve Stimulators market segmentation, based on device type, includes stimulators, continuous peripheral nerve blocks (CPNB) catheters, and pain pumps. The pain pump segment held the largest market in 2022 and is also the fastest growing segment during the forecast period. A pain pump is attached to the catheter and delivers medication to a specific point. The pain pump is mostly used for multiple sclerosis and cerebral palsy. The stimulators segment growth is due to the increasing contributions of market players such as Medtronic plc (Ireland), Boston Scientific Corporation (US), Abbott Laboratories, Inc. (US), NEVRO CORP. (US), and Nuvectra Corporation (US) in organic and inorganic strategic growth. The above-mentioned companies are top competitors in the peripheral nerve stimulator market.
Hence, the presence of heavily indulging market players associated with stimulator products, agreements for the availability of the product through distribution, and the increasing prevalence of neurological diseases are fueling the device type segment's growth.
The Global Peripheral Nerve Stimulators market has been segmented, based on stimulating into stimulator machines with train of four (TOF) monitoring features and machines without TOF features.
The stimulator machines with TOF monitoring features is the largest and fastest growing segment during the forecast period. The stimulator machines with TOF monitoring features are utilized to assess neuromuscular transmission while delivering a neuromuscular blocking agent. These are mostly used in intraoperative and postoperative procedures, including orthopedic surgery, to assess drug delivery. As per the Arthritis Society of Canada, there will be 6 million people with arthritis in Canada in 2020, which is 1 in 5 people.
Moreover, machines without TOF features include single-twitch and tetanic stimulators. The market players are launching products based on precision stimulation in order to fulfil the demand of their customers, especially physicians, to assist them during intraoperative procedures.
Thus, the wide range of applications of stimulator machines with TOF monitoring features, rising incidences of arthritis that may lead to surgery, and the launch of products based on machines without TOF features are bolstering the stimulating feature segment's growth.
The Global Peripheral Nerve Stimulators market has been segmented, based on hospitals & clinics, ambulatory surgery centers, and others.
Hospitals & clinics accounted for the largest market share and fastest growing segment during the forecast period owing to the increasing prevalence of neurological diseases and government support through the Medicare plan for patients. For instance, transcutaneous peripheral nerve stimulation (TPNS), percutaneous peripheral nerve stimulation (PNS), and implantable peripheral nerve stimulator devices for acute postoperative pain are covered under Medicare which is the primary factor supporting the segment growth. For instance, in US Centers for Medicare & Medicaid Services, Medicare covered devices include durable medical equipment, inpatient and outpatient hospital services including physician services for PNS therapy.
Moreover, ambulatory surgery center growth is attributed to the increasing number of surgical procedures and advanced technology-based products. Moreover, in several studies, it has been mentioned that stimulator machines with TOF monitoring features are most common and are mostly used in ambulatory surgical centers during intraoperative and postoperative periods. Furthermore, as per Eurostat, the major surgeries performed in Europe in 2020 were hysterectomies, appendectomies, and repairs of inguinal hernias, and peripheral nerve stimulators are used for intractable pain in these surgeries.
Therefore, medical coverage for hospitals, clinics, and ambulatory surgical centers for PNS therapy, rising surgical procedure numbers, and a growing geriatric population are driving the end-user segment's growth.
By Region, the study segments the market into North America, Europe, Asia-Pacific, and Rest of the World. North America Peripheral Nerve Stimulators market accounted for the largest market share o in 2021 and contributed 0.2 billon , it is anticipated to reach approximately USD 0.34 billion by 2032 at a 6.23% CAGR during the forecast period. However, Asia-Pacific is projected to grow at the highest CAGR of 7.59% during the forecast period.
The outlook for the North America Peripheral Nerve Stimulators market remains promising, with sustained growth anticipated. Investments in healthcare infrastructure and a growing awareness of advanced medical solutions are expected to drive market expansion further. Both established players and emerging entrants are poised to capitalize on these opportunities, leveraging technological advancements to meet the rising demand for improved nerve stimulators outcomes.
Further, the major countries will be study are US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: GLOBAL PERIPHERAL NERVE STIMULATORS MARKET BY REGION 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Peripheral Nerve Stimulators market accounted for the second-largest market share due to technology advancements, increasing healthcare expenditure, and increasing cases of nerve injuries. Furthermore, the Germany Peripheral Nerve Stimulators is attributed to hold the largest market share, and the France Peripheral Nerve Stimulators is projected be the fastest growing market in the Europe region.
The Asia-Pacific Peripheral Nerve Stimulators market is expected to be the fastest growing from 2023 to 2032 owing to high patient population, rising number neurovascular diseases, and favorable regulatory policies. Moreover, key players working in the Global Peripheral Nerve Stimulators market are actively expanding into this region, further driving the regional market growth. Moreover, China Peripheral Nerve Stimulators accounted to hold the largest market share, and the India Peripheral Nerve Stimulators is projected to be the fastest growing market in the Asia-Pacific region.
Peripheral Nerve Stimulators Key Market Players & Competitive Insights
The global peripheral nerve stimulators market is distinguished by the presence of numerous global, regional, and local players catering to the peripheral nerve stimulators techniques that are evolving at a rapid pace. Furthermore, the increasing demand for peripheral nerve stimulators is further driving the growth of global peripheral nerve stimulators market during the forecast period. The major players have adopted a strategy of obtaining regulatory approval from government agencies for their products and signing contracts and agreements to broaden their reach and reduce operational costs. For instance, in April 2018, Xavant Technology (Pty) Ltd launched Stimpod NMS460 in the UK. The non-invasive neuromodulation device Stimpod NMS460 is designed for the symptomatic relief and management of neuropathic pain.
Medtronic, Inc is one of the major pharmaceutical companies. The company manufactures medical devices and is a leading provider of treatments for neuropathy. Company is continuously working for new product launch and approvals. Medtronic neurostimulation devices used for deep brain, spinal cord, and peripheral nerve stimulation therapies.
Key Companies Peripheral Nerve Stimulators in market includes
Peripheral Nerve Stimulators Industry Developments
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