Nerve Stimulators: Market Introduction
The intensifying competition and pressure to reduce healthcare expenditure continues to strengthen medical device industry. Medical device manufacturers seem to have shifted from transaction-based selling to the production of value-based products for providers, payers, and patients. Nerve stimulation is a therapy that uses low-voltage electrical current for pain relief. The nerve stimulator used in the nerve stimulation therapy is a bit like a heart pacemaker. In peripheral nerve and spinal cord stimulation, small pulse generator delivers electrical pulses to the nerves or to the spinal cord. Transcutaneous Electrical Nerve Stimulation (TENS) device is different from PNS, and SCS, as TENS is a non-invasive at-home medical device. Nerve stimulator therapy has also proved as an efficient approach to get relief from neurological disorders. Among neurological disorders, nerve stimulation therapy is most commonly used for epilepsy and depression. Vagus nerve stimulation (VNS) involves a stimulator, which is connected to the left vagus nerve in the neck. The main aim of VNS therapy is to reduce the severity of seizures. Nerve stimulation therapy is used for different types of health problems such as joint, or bone problems that occur in case of osteoarthritis or fibromyalgia, or low back pain, neck pain, overactive bladder, and others. This therapy is also recommended in case of neurological disorders.
Innovation in Nerve Stimulators - Key to Sustain in the Market
There are numerous players operating in this global nerve stimulators market. Medtronic plc has been recognized as the global leader with a broad range of products serving the medical devices industry. Additionally, it is the global leader in medical technology services. It develops, manufactures, and markets medical devices to clinics & hospitals in approx. 160 countries. Recently, the company has launched its Intellis platform for the accurate management of different types of chronic intractable pain, and also received approval from FDA. The company adopted the strategy of collaboration with other leading organization to sustain their position in the market. For instance, in 2016, Medtronic plc acquired Advanced Uro-Solutions to expand the portfolio of treatment options for overactive bladder, and Covidien plc to broaden their product portfolio. Boston Scientific Corporation is another well-established player in the nerve stimulators market. In 2016, Boston launched Precision Montage™ MRI Spinal Cord Stimulator System and received approval from FDA, and European regulatory bodies. Furthermore, the company has invested heavily in various research and development activities to bring innovative products to the market and to cater to the unmet market needs.
Technological improvements and its impact on the market growth
Technological advancements in nerve stimulators have profoundly impacted the growth of the market. The increased competition among existing and new players to develop a device with higher accuracy and more advanced features are likely to boost the growth of the market. Currently, most of the market players are focused on developing affordable nerve stimulators, especially, for the low-income population. According to a study published in Current Pain and Headache Reports journal in 2016, peripheral nerve stimulation (PNS) is widely accepted treatment procedure for chronic pain. Furthermore, the various market player is focused on manufacturing PNS based devices. For instance, StimRouter neuromodulation system by Bioness, Inc is a PNS technology based device specifically designed to treat chronic pain, and the device is also approved by FDA in 2015. Neuros Altius System by Neuros Medical is another PNS based FDA cleared device that delivers high-frequency stimulation to block chronic pain. Recently, a new non-invasive neuromodulation device, Stimpod NMS460 has been introduced by Xavant Technology to treat chronic intractable pain. The device has received FDA approval on Aug 01, 2017
How could Intellis Platform Create Lucrative Future?
Medtronic provides a broad range of therapies to restore patients' health. Medtronic has launched a system called Intellis to treat pain with electric pulses. The Intellis is a latest spinal-cord stimulation (SCS) system that uses electricity to prevent pain signals from reaching the brain. The Intellis platform can help in treatment optimization and improvement of patient-physician communication by tracking daily activities, and therapy usage by giving physicians an access to look at mobility and progress. The device also helps to overcome a common patient issue i.e. battery recharge problems. With Medtronic's proprietary Overdrive battery technology, the device can be fully recharged in approximately one hour and based on therapy settings, physicians can also estimate recharge intervals. The additional advancements in the Intellis platform are secure wireless Samsung Galaxy Tab S2 programmers for the faster delivery of software upgrades, and evolving workflows.
On considering the current scenario, it can be concluded that increasing development of technologically advanced products and rising approval from regulatory bodies directly leads to the higher adoption rate by consumers.