Peripheral Nerve Stimulators Market Summary
As per MRFR Analysis, the Global Peripheral Nerve Stimulators market was valued at USD 0.58 Billion in 2023 and is projected to reach USD 0.91 Billion by 2032, growing at a CAGR of 4.94% from 2024 to 2032. The market is driven by the increasing demand for Wireless Peripheral Nerve Stimulators and the rising prevalence of chronic pain conditions. However, challenges such as high costs and technical skill shortages for device installation may hinder growth. The market is segmented into transcutaneous, percutaneous, and implantable devices, with transcutaneous devices leading in market share due to their non-invasive nature. North America holds the largest market share, while Asia-Pacific is expected to exhibit the highest growth rate during the forecast period.
Key Market Trends & Highlights
The Global Peripheral Nerve Stimulators market is witnessing transformative trends driven by technological advancements and increasing healthcare needs.
- Market Size in 2023: USD 0.58 Billion; projected to reach USD 0.91 Billion by 2032.
- CAGR during 2024-2032: 4.94%; driven by demand for Wireless Peripheral Nerve Stimulators.
- North America accounted for the largest market share in 2021; projected to reach USD 0.34 Billion by 2032.
- Asia-Pacific expected to grow at the highest CAGR of 7.59% during the forecast period.
Market Size & Forecast
2023 Market Size: USD 0.58 Billion
2032 Market Size: USD 0.91 Billion
CAGR (2024-2032): 4.94%
Largest Regional Market Share in 2021: North America.
Major Players
Key players include Medtronic (Ireland), Boston Scientific Corporation (US), Abbott Laboratories, Inc. (US), NEVRO CORP. (US), and Nuvectra Corporation (US).
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
Peripheral Nerve Stimulators Trends
- Increasing demand for peripheral nerve stimulators
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.
Peripheral Nerve Stimulators Segment Insights
Peripheral Nerve Stimulators Product Insights
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
Peripheral Nerve Stimulators Device Type Insights
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.
Peripheral Nerve Stimulators Stimulating Feature Insights
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.
Peripheral Nerve Stimulators End User Insights
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.
Peripheral Nerve Stimulators Region Insights
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
- Boston Scientific Corporation (US)
- Teleflex Incorporated (US)
- Xavant Technology (Pty) Ltd (South Africa)
Peripheral Nerve Stimulators Industry Developments
- January 2022, Medtronic (Ireland) received product approval for Intellis. This product is used for the pain related to diabetic peripheral neuropathy (DPN). This product launch the company expands their product portfolio
- In September 2020, Boston Scientific Corporation (US) launched a new product “WaveWriter Alpha”. This product containing of four MRI conditionali, Bluetooth-enabled implantable pulse generators (IPGs), proposals expanded personalization based on patient needs, including non-rechargeable and rechargeable alternate, and access to waveforms that can protection many areas of pain.
- August 2018, SPR Therapeutics (US) received US FDA product approval for SPRINT PNS system. This product provides relief in both chronic and acute pain conditions. By this product launch company expand their product portfolio in North America region.
- In April 2018, Xavant Technology (Pty) Ltd (South Africa) launched Stimpod NMS460 in the UK. The non-invasive neuromodulation device Stimpod NMS460 is designed for the symptomatic relief and management of neuropathic pain as well as an adjuvant treatment in the management of post-surgical pain, post-traumatic acute pain problems, and an adjunct for pain control associated with rehabilitation.
Peripheral Nerve Stimulators Segmentation
Peripheral Nerve Stimulators Product Outlook
Peripheral Nerve Stimulators Device Outlook
Peripheral Nerve Stimulators Stimulating Feature Outlook
- Stimulator Machines with Train of Four (TOF) Monitoring Features
- Machines Without TOF Features
Peripheral Nerve Stimulators End user Outlook
- Ambulatory Surgical Centers
Peripheral Nerve Stimulators Regional Outlook
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Report Attribute/Metric
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Details
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Market Size 2023
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USD 0.59 Billion
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Market Size 2024
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USD 0.61 Billion
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Market Size 2032
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USD 0.91 Billion
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Compound Annual Growth Rate (CAGR)
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4.94% (2024-2032)
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Base Year
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2023
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Forecast Period
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2024-2032
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Historical Data
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2019 to 2022
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Forecast Units
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Value (USD Billion)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Segments Covered
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Product, Device Type, Stimulating Feature, End user and Region
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Geographies Covered
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North America, Europe, Asia Pacific, and Rest of the World
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Countries Covered
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The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
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Key Companies Profiled
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· MEDTRONIC (Ireland)
· B. Braun SE (Germany)
· Boston Scientific Corporation (US)
· Curonix LLC (US)
· SPR Therapeutics (US)
· AVNS (US)
· Teleflex Incorporated (US)
· SUNMED (US)
· Xavant Technology (Pty) Ltd (South Africa)
· Vygon (France)
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Key Market Opportunities
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· Growing Technological Advancements
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Key Market Drivers
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· Increasing demand for peripheral nerve stimulators
· Rise in cases of nerve injuries
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Peripheral Nerve Stimulators Market Highlights:
Frequently Asked Questions (FAQ) :
The Global Peripheral Nerve Stimulators market is anticipated to reach 0.91 billion during the forecast period of 2024-2032.
The US is expected to hold an 82.04% share of the North America market.
The Peripheral Nerve Stimulators market is expected to grow at an 4.94% CAGR during the forecast period from 2024 to 2032.
The North America region market is estimated to hold the largest market share in the Peripheral Nerve Stimulators market.
The key players include. MEDTRONIC (Ireland), B. Braun SE (Germany), Boston Scientific Corporation (US), Curonix LLC (US), SPR Therapeutics (US), AVNS (US)
The pain pumps segment led the Peripheral Nerve Stimulators market.
