Market Research Future has a cooked research report on the nerve stimulators market. The Market Growth at a Strong CAGR of 8.3% During The Forecast Period 2017-2023
Nerve stimulation market is a therapy that uses low-voltage electric current to treat multiple diseases. The stimulator used in the nerve stimulation therapy is a bit like a heart pacemaker. Nerve stimulator therapy has also proved as an efficient approach to get relief from neurological disorders. Among neurological disorders, nerve stimulation therapy is the most commonly used treatment for epilepsy and depression. The most commonly used nerve stimulators are deep brain stimulator (DBS), vagus nerve stimulator (VNS), and spinal cord stimulator (SCS). The 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. Deep brain stimulation involves the implantation of a neuro-stimulator, which delivers electrical impulses to specific targets in the brain. Spinal cord stimulator also involves neuromodulation device that delivers electrical signals to the selected areas of the spinal cord. Nerve stimulation therapy has proved as a profound approach to treat 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, neurological disorders, overactive bladder, and others. According to a study published in Research and Reports in Urology journal in 2014, it is found that nerve stimulation is an effective intervention for OAB patients, who are not responsive to pharmacologic therapy. Even in case of neurological disorders, complex seizures are not being controlled by medication. The vagal nerve stimulation is most commonly recommended when medications aren’t effective. Due to increasing popularity of minimally invasive procedures, transcutaneous electrical nerve stimulation (TENS) is commonly used for pain relief.
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- The global nerve stimulators market is expected to reach USD 10,978.5 million by 2023 at a CAGR of 9.7%.
- On the basis of type, blood sample market is expected to command the largest market share of 41.4% over the review period and Spinal Cord Stimulator (SCS) is expected to grow at the fastest CAGR of 10.1% during the forecast period 2017-2023
- The Americas hold the largest share of the nerve stimulators market and is expected to reach USD 3,755.8 million by 2023
- Asia Pacific is the fastest growing market, which is expected to grow at a CAGR of 10.1% over the 2017-2023
Major Key Players in Nerve Stimulator Market
Some of key the players in the market are Boston Scientific Corporation, Cochlear Ltd, Medtronic plc, St Jude Medical, Inc., Cyberonics, Inc., Aleva Neurotherapeutics SA, NeuroPace, Inc, and others.
Notably, rising incidence of chronic health problems, technological improvements, increasing geriatric population, and improvement in reimbursement policies are the key factors driving the nerve stimulators market. According to a study published in Current Pain and Headache Reports journal in 2016, it is found that peripheral nerve stimulation (PNS) is widely accepted treatment procedure for chronic pain. StimRouter neuromodulation system by Bioness, Inc is a PNS technology based device specifically designed to treat chronic pain. The device also received FDA approval in 2015.
Increasing popularity of minimally invasive procedures across the globe is also fueling the market growth. For instance, gammaCore developed by a neuroscience and technology company, Electrocore, was the first non-invasive vagus nerve stimulation (VNS) therapy approved by FDA. It is used for episodic cluster headache. GammaCore received FDA approval on April 18, 2017.
However, high cost of the treatment and lack of skilled or trained physicians may hinder the growth of the market over the forecast period. According to the Epilepsy Foundation of Greater Chicago, VNS therapy costs approximately USD 20,000 and costs of surgery may vary in different parts of the world and may increase over time.
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The Americas dominate the nerve stimulators market owing to the rising prevalence of chronic diseases, a well-developed technology, high healthcare expenditure, and the presence of the leading players. According to a study published in Drug and Alcohol Dependence journal in 2017, more than 100 million adult Americans are living with chronic pain. Chronic low back pain and headaches are the most commonly diagnosed conditions. It is also stated that conditions are more prevalent in women than men i.e. 34.3% in women, and 26.7% in men in the United States.
Europe holds the second position in the nerve stimulators market. It is expected that the support provided by the government bodies for research & development, along with a well-developed technology drives the market in European region.
Asia Pacific region is projected to be the fastest growing region during the forecast period. Increasing need for cost-effective nerve stimulators, rapidly improving technology, and the presence of huge patient pool drive the growth of this market in Asia Pacific region.
The Middle East and Africa holds the least share in the market owing to the presence of poor and slow developing countries, especially, in African region.
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