“Peripheral Nerve Stimulators Market 2020 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 2024”
Peripheral Nerve Stimulation Market Analysis
The global peripheral nerve stimulation (PNS) market was valued at USD 750.36 million in 2018 and is expected to exhibit a solid 7.7% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The global peripheral nerve stimulation market is profiled in detail in the report, including a detailed analysis of the market’s major drivers and restraints.
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The leading players operating in the global peripheral nerve stimulation market are also profiled in the report. The report thus gives readers a complete overview of the global peripheral nerve stimulation market, including economic and competitive trends likely to determine the market’s growth prospects over the forecast period.
Peripheral nerve stimulators comprise a small electrical device that is surgically placed next to one of the peripheral nerves. The stimulation provided by this electrical device is recognized as a reliable way of treating chronic pain. Peripheral nerve stimulation devices are especially used in neurological diseases such as epilepsy, Alzheimer’s, Parkinson’s, and others. According to the WHO, both epilepsy and dementia account for around 50 million patients around the world (2017). This number is likely to grow over the coming years, with the increasing geriatric population around the world acting as a key driver for the prevalence of neurodegenerative diseases such as Alzheimer’s and dementia. Increasing awareness about neurodegenerative diseases is also likely to be a key driver for the peripheral nerve stimulation market over the forecast period.
The increasing development in the field of medical devices is likely to be a major driver for the global Peripheral Nerve Stimulators Market over the forecast period. The field of nerve repair devices is likely to stay prominent in the global medical devices market in the coming years, as it is a lucrative revenue generator, due to the increasing prevalence of neurodegenerative diseases. The increasing geriatric population is also likely to drive the development of nerve repair devices in the coming years, leading to steady growth of the peripheral nerve stimulation market over the forecast period.
Peripheral Nerve Stimulation Market Competitive Analysis:
Leading players in the global peripheral nerve stimulation market include
- SUNMED Inc
- Stimwave LLC
- SPR Therapeutics LLC
- Medline Industries Inc.
- Boston Scientific Corporation
- Vygon SA
- ElectroCore Inc.
- Avanos Pain Management
- NeuroMetrix Inc.
- NeuroSigma Inc.
- B. Braun Melsungen AG.
In December 2019, SPR Therapeutics announced the 1000th placement of its Sprint PNS system.
Peripheral Nerve Stimulation Market Segmentation:
The global peripheral nerve stimulation market is segmented on the basis of product type, end user, and region.
By product type, the global peripheral nerve stimulation market is segmented into transcutaneous and implantable.
By end use, the global peripheral nerve stimulation market is segmented into hospitals and clinics, ambulatory centers, specialty centers, and others.
Peripheral Nerve Stimulation Market Regional Analysis:
North America is likely to remain the leading regional market for peripheral nerve stimulation devices over the forecast period. The presence of major market players in North America and the growing geriatric population in the region are likely to be the major drivers for the peripheral nerve stimulation market in the region over the forecast period. The growing geriatric population in the region is likely to drive the prevalence of neurodegenerative diseases such as Alzheimer’s and Parkinson’s in the region, which is likely to be a major driver for the peripheral nerve stimulation market in the region. The strong presence of leading medical device manufacturers in North America has also led to a growing adoption of technological advancements, leading to widespread adoption of the latest models of peripheral nerve stimulators. This is also likely to be a major driver for the peripheral nerve stimulation market in North America over the forecast period.
Europe is likely to hold the second largest share in the global peripheral nerve stimulation market over the forecast period due to the growing geriatric population in the region and the growing awareness about neurodegenerative diseases.
Asia Pacific is likely to be the fastest growing regional market for peripheral nerve stimulators due to the growing geriatric population in the region. The Middle East and Africa market for peripheral nerve stimulators is also expected to exhibit steady progress over the forecast period.
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