The Global Peripheral Nerve Stimulators Market is expected to grow at a CAGR of 6.9% from 2023 to 2028. The rising demand for Peripheral Nerve Stimulators is driven by factors such as the growing number of patients with nerve injuries, advancements in Peripheral Nerve Stimulators technologies, and increased awareness, and adoption of Peripheral Nerve Stimulators for chronic pain management. Other contributing factors include the rising prevalence of diseases causing pain, a growing geriatric population, an increase in obesity rates, and heightened public awareness about Peripheral Nerve Stimulators. Prominent players in the Peripheral Nerve Stimulators market encompass B. Braun Melsungen AG, Bioventus, AVNS, Nalu Medical Inc, Stimwave LLC, Vygon, Medilogix, and various others.
DelveInsight’s “Peripheral Nerve Stimulators Market Insight, Competitive Landscape, and Market Forecast 2028” research report provides the current and forecasted Peripheral Nerve Stimulators market size, share, and trends analysis for the next five years. Moreover, it highlights the ongoing innovations in the segment, major market drivers & barriers, key competitors, and emerging devices in the domain.
Peripheral Nerve Stimulators Market: Overview
Peripheral Nerve Stimulators (PNS) are medical devices designed to alleviate pain and manage various neurological conditions by delivering electrical impulses to peripheral nerves. These devices play a crucial role in neuromodulation therapy, providing a non-pharmacological approach to pain management. One of the primary benefits of Peripheral Nerve Stimulators is their ability to block or modify pain signals traveling along nerves, offering relief for patients suffering from chronic pain, neuropathic pain, or conditions like complex regional pain syndrome. Peripheral Nerve Stimulators devices are often used when other conventional treatments have proven ineffective or carry undesirable side effects. Beyond pain management, these stimulators find applications in treating neurological disorders such as epilepsy and migraine headaches.
Moreover, Peripheral Nerve Stimulators contribute to enhancing patients’ overall quality of life by reducing reliance on medications and improving functional capabilities. As technology advances, these devices continue to evolve, becoming more sophisticated in terms of programming options, patient customization, and minimally invasive implantation procedures. The expanding range of applications and the ongoing pursuit of innovation in Peripheral Nerve Stimulators technology underscore the significant role these devices play in the contemporary landscape of pain management and neurological treatments.
To provide a better understanding of the market dynamics, DelveInsight’s “Peripheral Nerve Stimulators Market” report provides a detailed assessment by product type (implant, percutaneous), end-user (hospitals, ambulatory surgical centers, & others), geography (North America, Europe, Asia-pacific, and rest of the world).
According to DelveInsight, the implantable category is anticipated to dominate the product segment within the Peripheral Nerve Stimulators market throughout the forecast period (2023-2028). Implants in peripheral nerve stimulation offer several potential advantages, such as a painless implantation process due to their small size, a shorter and less time-consuming implantation procedure, and a consequential reduction in opioid utilization. This underscores the growing prominence of implantable devices in the Peripheral Nerve Stimulators market, highlighting their effectiveness and the potential for enhanced patient outcomes.
The escalating prevalence of chronic pain stands out as a pivotal driver fueling the growth of the Peripheral Nerve Stimulators (PNS) market. Chronic pain, a pervasive and significant health issue, poses a substantial challenge globally. As of 2016, the Centers for Disease Control and Prevention (CDC) reported that approximately 20% of U.S. adults endured chronic pain, with 8% experiencing high-impact chronic pain. The Global Burden of Disease 2017 study highlighted pain and pain-related disorders as the leading contributors to global disability, with a growing number of individuals grappling with chronic pain worldwide.
Since 1990, lower back pain (LBP) has consistently ranked as the foremost cause of chronic pain, persisting as a global health concern with enduring implications for long-term pain management. This persistent prevalence underscores the critical need for effective solutions, positioning Peripheral Nerve Stimulators as a valuable therapeutic avenue in addressing and alleviating the challenges associated with chronic pain, particularly in the context of lower back pain. As the demand for innovative and efficient pain management strategies continues to surge, the Peripheral Nerve Stimulators market is poised for sustained growth in response to the pressing global health concern of chronic pain.
Despite its promising trajectory, the Peripheral Nerve Stimulators market faces notable constraints that temper its growth. Challenges include the potential difficulty in removing Peripheral Nerve Stimulators leads, posing a hurdle to the seamless management of these devices. Procedure-related risks further compound these challenges, encompassing potential complications such as bleeding, infection, nausea, dizziness, headache, and post-surgical pain, among others. Additionally, there is a risk of interference between Peripheral Nerve Stimulators devices and other implantable devices, necessitating careful consideration and management. Furthermore, the high cost associated with these advanced therapeutic devices acts as a significant barrier, limiting accessibility and adoption. As the industry continues to evolve, addressing these constraints becomes imperative for enhancing the overall feasibility and acceptance of Peripheral Nerve Stimulators technologies in clinical practice. Ongoing research and innovation are essential to mitigate these challenges and unlock the full potential of Peripheral Nerve Stimulators in the broader landscape of medical interventions.
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North America is projected to dominate the global Peripheral Nerve Stimulators market, holding the largest share among all regions. This prominence is attributed to several factors, including the escalating prevalence of chronic pain and an expanding geriatric population. The convergence of these factors underscores the region’s pivotal role in driving the growth and adoption of Peripheral Nerve Stimulators on a global scale. Based on data from the National Health Interview Survey (2019) conducted among U.S. adults, the prevalence of chronic pain stood at 20.4%, while high-impact chronic pain affected 7.4% of the population, significantly impacting their daily life and work activities. Notably, women exhibited a higher likelihood of experiencing chronic pain (21.7%) and high-impact chronic pain (8.5%) compared to men (19.0% and 6.3%, respectively) over the preceding three months. Furthermore, the incidence of pain was found to be most pronounced among individuals aged 65 and above. These findings underscore the substantial burden of chronic pain in the U.S., particularly among specific demographic groups, emphasizing the need for effective pain management strategies and interventions tailored to diverse populations, particularly the elderly.
Furthermore, the robust healthcare infrastructure, regulatory approvals for Peripheral Nerve Stimulators, heightened awareness about these devices, and continuous advancements in medical technology in North America contribute to its leading position in the market.
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Over the years, the Peripheral Nerve Stimulators market has evolved significantly, owing to the active participation of the global MedTech companies and technological advancements in the domain. Similarly, several clinical, commercial, and regulatory developments have also been registered in the domain. Some of the major advancements in the Peripheral Nerve Stimulators market in recent years include –
- On January 11, 2024, Neuralace Medical announced that it received US Food and Drug Administration (FDA) clearance for its chronic painful diabetic neuropathy (PDN) treatment. Based in San Diego According to Neuralace, this is the first time a non-invasive magnetic peripheral nerve stimulation (mPNS) treatment for PDN has been approved by the FDA.
- On August 30, 2023, Epineuron, a clinical-stage nerve care company, announced that the company’s pivotal trial, REGAIN, has successfully enrolled its first patient. The PeriPulse study, an FDA-designated Breakthrough Device for the treatment of injured peripheral nerves, is assessing the safety and efficacy of this investigational technology. It is a multicenter, randomized, sham-controlled, double-blinded study. The largest medical device study for nerve regeneration, it aims to enroll up to 110 patients across Canada and the United States of America.
- On April 18, 2023, Neuspera Medical, a medical device company developing implantable devices for patients battling chronic illnesses, received the US Food and Drug Administration (FDA) clearance for the next-generation Neuspera ultra-miniaturized system.
- On April 19, 2022, Stimwave Technologies, a medical device company that develops, manufactures, and markets, neuromodulation products launched the level-1 FREEDOM clinical trial series. The trial consists of multi-center, prospective, randomized trials that monitor chronic pain patients’ responses to Peripheral Nerve Stimulators over time.
- In February 2022, Nalu Medical, Inc. focused on innovative and minimally invasive solutions for chronic neuropathic pain, and closed a $104m equity financing.
- In October 2021, SPR Therapeutics ran up $37M VC funding for the Sprint pain relief device.
- In August 2021, Neuspera Medical Inc. received the US FDA approval for Neuspera Neurostimulation System (NNS), an implanted peripheral nerve stimulator for pain relief. Apart from this, in Feb 2022, Nalu Medical announced the “Haleakalā” update, which broadens the stimulation pulse width parameter to the widest range currently available in implantable spinal cord stimulation (SCS) and peripheral nerve stimulation (PNS).
- In March 2021, Bioventus, Inc. acquired Bioness, Inc. a global leader in neuromodulation and rehabilitation medical devices through its innovative Peripheral Nerve Stimulators therapy and premium rehabilitation solutions.
- In September 2020, Micron Medical Received FDA 510(k) Clearance for MOVENTIS PNS, a Drug-Free Wireless Peripheral Nerve Stimulator System for Common Urological Conditions.
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Companies play a pivotal role in the global Peripheral Nerve Stimulators market, driving innovation, research, and product development to meet the ever-evolving demands of healthcare. On a global scale, prominent players in the Peripheral Nerve Stimulators market encompass esteemed MedTech giants such as B. Braun Melsungen AG, Bioventus, AVNS, Nalu Medical Inc, Stimwave LLC, Vygon, Medilogix, and others. These companies are at the forefront of advancing technology and medical solutions, continually striving to enhance the safety and efficacy of Peripheral Nerve Stimulators.
Learn how new players’ entries will transform the market dynamics in the coming years @ Peripheral Nerve Stimulators’s Competitive Landscape
Scope of the Peripheral Nerve Stimulators Market Report:
- Study Period – 2020-2028
- Geography Covered – North America, Europe, Asia-Pacific, and Rest of the World
- Peripheral Nerve Stimulators Market Assessment
- By Product Type – Implant, Percutaneous
- By End-User – Hospitals, Ambulatory Surgical Centers, & Others
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s Views
Table of Content
|Regulatory and Patent Analysis
|Peripheral Nerve Stimulators Market Key Factors Analysis
|Peripheral Nerve Stimulators Porter’s Five Forces Analysis
|COVID-19 Impact Analysis on the Peripheral Nerve Stimulators Market
|Peripheral Nerve Stimulators Market Layout
|Peripheral Nerve Stimulators Global Company Share Analysis – Key 3–5 Companies
|Peripheral Nerve Stimulators Product Profiles and Key Companies
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