Market Research Future (MRFR) anticipates that the nerve stimulators market is projected to reach USD 5102 Million by 2030 at 8.90% CAGR during the forecast period 2022-2030.
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.
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.
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.
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.
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.
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.
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
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, By Type
Nerve Stimulators Market, By Applications
Nerve Stimulators Market, By End User
|Market Size||5102 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Boston Scientific Corporation, Medtronic, Cochlear Ltd, St Jude Medical Inc., Cyberonics Inc., Aleva Neurotherapeutics SA, NeuroPace Inc.|
|Key Market Opportunities||Accelerated Cases of Depression|
|Key Market Drivers||Surge in Neurological Disorders|
Nerve stimulators market projected to grow at approximately 8.90% CAGR during the assessment period (2022-2030).
The valuation of the nerve stimulators market is estimated to increase to USD 5102 Million by the end of 2030.
Rising incidences of chronic health problems, advances in technology, increasing popularity of minimally invasive procedures, and improvement in reimbursement policies are major tailwinds pushing the growth of the global nerve stimulators market.
North America holds the largest share in the global nerve stimulators market, followed by Europe and the Asia Pacific, respectively.
Medtronic, Cochlear Ltd, St Jude Medical, Inc., Boston Scientific Corporation, Aleva Neurotherapeutics SA, NeuroPace, Inc., and Cyberonics, Inc., are some of the top players operating in the global nerve stimulators market.