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Peripheral Nerve Stimulators Market Research Report - Global Forecast till 2027

Peripheral Nerve Stimulators Market Research Report: Information by Product (Transcutaneous, Implantable), End User (Hospitals & Clinics, Ambulatory Centers, Specialty Center), Region (Americas, Europe, Asia Pacific, Middle East & Africa) - Forecast till 2027

ID: MRFR/HC/6584-HCR | February 2021 | Region: Global | 100 pages

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Peripheral Nerve Stimulators Market Analysis


The peripheral nerve stimulator market is a fast-growing market. A Peripheral nerve stimulator is a device used for treating acute and chronic pain. This device is a boon for people suffering from painful nerve injuries and chronic pain in different regions of the body. This market has great possibilities and was valued at around USD 750 million in 2018.


The device works by disrupting the pain signals from your nerves to your brain. As a result, the patients do not experience the pain and can perform their daily activities. Many patients with chronic pain are opting for this device. Hence, the demand is rising swiftly.


A peripheral nerve stimulator is a small device implanted underneath the patient's skin. This device will greatly benefit those relying on opioids for pain control. The market for this device is estimated to grow with the Compound Annual Growth Rate (CAGR ) of 7.7% during the current forecast period of 2021 to 2028. 


Covid 19 Analysis


Covid-19 had a strong impact on the global peripheral nerve stimulator market. The demand slowed down due to the shift in the attention of medical institutes towards pandemic management. Moreover, the demand fell from the public side too owing to fear and hesitation for visiting hospitals and clinics. 


The restrictions for curbing the covid spread disrupted the supply chain too. Many manufacturing units shifted to the production of covid essentials. Hence, there was a decline in the estimated growth rate. However, the market is quickly picking up its growth rate and is soon to surpass the pre covid rates. 


Market Dynamics


Drivers


The peripheral nerve stimulator offers several advantages to opioid treatment. The advancements in medical technology have made this device more reliable and efficient, which is the major growth-promoting factor.


There has also been a rise in cases of neurological disorders such as Alzheimer's disease, Parkinson's disease, epilepsy, etc. The peripheral nerve stimulator has to play a greater role in the treatment of such disorders. Therefore, the demand is rising very fastly. 


The implantation of this device on the human body is easy without the need for invasive surgery. Therefore, being a reliable and more effective solution,  medical practitioners are highly recommending it. Furthermore, the application of nanotechnology in this field is going to completely change the face of the device in the future. Therefore, the peripheral nerve stimulator has good future market prospects.


Restraints


The cost of the product is the major growth hindrance factor. Although having several advantages over opioid treatment, it is still beyond the reach of most of the common people.


Another prominent factor is the requirement of technical skills for the installation and control of the device. The patient needs to be aware of the working of the controlling device. Thus, the device becomes limited to the literate population. Moreover, the installation of this device also requires medical specialists which considerably increases the installation cost. Furthermore, such professionals are not available in villages and semi-urban areas of developing countries.  Thus, restricting the device to a limited population


Technology Analysis


A Peripheral nerve stimulator is a device used for treating acute and chronic pain. It works by disturbing the pain signals sent by nerves to the brain. The peripheral nerves are prime signal carriers from the body parts to the brain. They are located outside the brain so are easily susceptible to damage. 


The electrodes of the stimulator are implanted near the peripheral nerves, responsible for sending pain signals. During pain, the electrodes deliver electric pulses which disrupt the flow of neurotransmitter signals to the brain. The device is effective for the treatment of nervous disorder, post-surgery pain, regional pain in body parts, epilepsy, etc.


The peripheral nerve stimulator is easy to implant in the body and doesn't require invasive surgery. It gives a high success rate and only in a few cases, the device has to be replaced. Moreover, the replacement is very easy as the placement of the electrodes is just underneath the subcutaneous layer of the skin.


Study Objectives


This report aims to provide an in-depth analysis of the peripheral nerve stimulator market. The specific objectives of this market report on the peripheral nerve stimulator market are given below:



  • To analyze and forecast the peripheral nerve stimulator market in terms of value and volume.

  • To provide information about the impact of covid 19 on the market and growth rate thereafter.

  • To identify the problems and prospects of the peripheral nerve stimulator market.

  • To give details about the technological viability of the product and innovative developments.

  • To provide an overview of the regional markets and potentially growing segments.


Segment Overview


Market segmentation of the Global Peripheral Nerve Stimulators Market, by Product



  • Transcutaneous

  • Percutaneous

  • Implantable


Transcutaneous stimulators occupy the major market share owing to being the oldest and prevalent type of stimulators. Moreover, it doesn't require surgery. However, percutaneous and implantable types of stimulators are in increasing demand which is a relatively novel technology. These simulators have greater efficiency and pain control ability than the other ones. 


Market segmentation of the Global Peripheral Nerve Stimulators Market, by End User 



  • Hospitals & Clinics

  • Ambulatory Centers

  • Specialty Center

  • Others


Hospitals and Clinics hold the largest market share in terms of volume. Hospitals and clinics are the primary places where people visit for treatment. Hospitals outperform the other segments owing to higher patient falls and the availability of technical team hospitals outperform the other segments. They nearly occupy 40 percent of the market share. However, specialty centers are also showing swift growth. 


Market Segmentation of the global Peripheral Nerve Stimulators market, By Type 



  • Obstructive Sleep Apnea

  • Central Sleep Apnea

  • Hypertension

  • Obesity

  • Incontinence

  • Heart Failure

  • Migraine


Migraine is the most common disorder nowadays. According to a medical research organization, around 12 % of the world's population suffers from migraines. Among them, around 25 percent suffer from chronic pain. Hence, this segment is generating huge demand.


Regional Analysis


The breakdown of the global peripheral nerve stimulator market into different regional segments are as follows:



  • America

    • North America

      • US

      • Canada



    • South America 





  • Europe

    • Western Europe

      • UK

      • Germany

      • France

      • Italy

      • Spain

      • Rest of Western Europe



    • Eastern Europe 





  • Asia-Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

    • Rest of Asia-Pacific 





  • Rest of the world ( RoW )

    • South America

    • The Middle East




America holds the largest share among other regional markets. Government emphasis and spending on better healthcare facilities are fuelling the growth in this region. The higher prevalence of neurological disorders in this region is also a major demand rising factor. According to the Pan American Health Organization (PAHO),  neurological disorders alone caused 533,172 deaths in 2019 in the Americas.


Next to the Americas is Europe, holding the second largest market share.  The higher disposable income of people increases the adoption rate of peripheral nerve stimulators (PNS). The backing support of premium research institutes is also helping in product development and innovation.


However, Asia Pacific is the fastest-growing market. The higher growth rate is due to the higher population and rising income levels. Health Infrastructure development and rising literacy rates are also improving the confidence of people on such devices. 


The Middle East and African region are the next growing Markets for peripheral nerve stimulators.


Competitive Landscape


The global peripheral nerve stimulator market is dominated by different medical device manufacturers. The key global players are:-  



  • Braun Melsungen AG

  • NeuroSigma, Inc.

  • NeuroMetrix, Inc.

  • Avanos Pain Management

  • Enteromedics

  • ElectroCore, Inc.

  • Vygon SA,

  • Boston Scientific Corporation

  • Medline Industries, Inc

  • SPR Therapeutics LLC,

  • Stimwave LLC.

  • Sunmed INC.

  • Bioness Inc


Recent Developments



  • In January 2019, Bioness Inc a leading medical device provider brought its first patient registry for peripheral nerve stimulation (PNS) using its StimRouter Neuromodulation System. 



  • In December 2019, the 1000th Sprint PNS procedure was announced by its parent company SPR therapeutics. 


Intended Audience


This report will be beneficial for every stakeholder of the peripheral nerve stimulator market. It will help in decision making for those directly connected with the industry such as :



  • Manufacturers of peripheral nerve stimulator

  • Medical R&D Institutes

  • Medical Practitioners

  • Traders and Distributors

  • Medical Device Manufacturers.

  • Patients


Report Overview


This report provides complete details on the peripheral nerve stimulator market in terms of current value and future forecasts. We have also identified the problems and prospects of the given market.


Moreover, technological analysis of the product will greatly help in decision-making for innovation and improvement in the product. Furthermore, this report contains a detailed analysis of every segment of the given market for the current forecast period. This report has also highlighted the key players and the current developments in the Peripheral nerve stimulator market. 



Report Scope:
Report Attribute/Metric Details
  Market Size   2018 : USD 750 million
  CAGR   7.7% (2021 - 2028)
  Base Year   2020
  Forecast Period   2021-2028
  Historical Data   2019
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Product, End User, Regions
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   B. Braun Melsungen AG, NeuroSigma, Inc, NeuroMetrix, Inc., Avanos Pain Management, Enteromedics, ElectroCore, Inc., Vygon SA, Boston Scientific Corporation, Medline Industries, Inc SPR Therapeutics LLC, Stimwave LLC., SUNMED INC., and others.
  Key Market Opportunities   New product launches and R&D Amongst major key Players
  Key Market Drivers

  • Rise in cases of neurological disorders such as Alzheimer's disease, Parkinson's disease
  • The advancements in medical technology


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    Frequently Asked Questions (FAQ) :

    Peripheral Nerve Stimulators Market was valued at USD 750.36 million in 2018.

    Peripheral Nerve Stimulators Market is expected to exhibit a strong 7.7% CAGR over the forecast period from 2019 to 2024.

    The increasing prevalence of chronic neurological disorders is the major driver for the global peripheral nerve stimulators market.

    The Americas hold the dominant share in the global market.

    Leading players in the global peripheral nerve stimulators market include NeuroSigma Inc., B. Braun Melsungen, ElectroCore Inc., Avanos Pain Management, Vygon SA, SUNMED Inc., Stimwave LLC, and Boston Scientific Corporation, among others.