Peripheral Nerve Stimulators Market
Peripheral Nerve Stimulators Market By product type (transcutaneous electrical nerve stimulation, percutaneous electrical nerve stimulation, others), By Application (Neuralgia, Neuropathic Pain, Others), By end-user (hospitals, ambulatory surgical centres, speciality Clinics), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview:
The peripheral nerve stimulator market is expected to develop at a 7.8% CAGR from 2024-2031. The market value is predicted to rise from XX USD in 2024 to YY USD in 2031. North America now dominates the market, accounting for the vast majority of worldwide sales. Key metrics include the rising prevalence of chronic pain problems, technological breakthroughs in neurostimulation devices, and the increased use of less invasive procedures.
The market is expanding rapidly due to the increasing prevalence of neurological illnesses and chronic pain issues. Technological breakthroughs, such as the creation of wireless and MRI-compatible equipment, are propelling market growth. Furthermore, the growing geriatric population and rising healthcare costs in developing nations are driving market expansion.
Market Dynamics:
Market Trend: Shift towards non-opioid pain management solutions drives demand for peripheral nerve stimulators
The peripheral nerve stimulator market is seeing a dramatic shift towards non-opioid pain treatment options. This transition is primarily motivated by an increasing knowledge of the hazards associated with long-term opioid usage, as well as a desire for safer, more effective pain management solutions. Peripheral nerve stimulators provide non-pharmacological pain treatment while lowering the risk of addiction and other opioid-related negative effects. Healthcare practitioners are increasingly suggesting these devices as the first line of treatment for chronic pain issues, which is helping to drive market expansion. Favourable payment regulations and an increased patient preference for minimally invasive treatment choices are also driving the growth. As a result, manufacturers are spending in R&D to increase the efficacy and usability of peripheral nerve stimulator devices, accelerating market growth.
Market Driver: Rising prevalence of chronic pain conditions fuels market growth.
The growing frequency of chronic pain problems is a significant driver of the peripheral nerve stimulator industry. According to the World Health Organisation, almost 1.5 billion people worldwide suffer from chronic pain. Chronic pain affects an estimated 50 million people in the United States, with almost 20 million suffering from severe chronic pain that interferes with everyday life and job activities. This high prevalence implies a significant need for appropriate pain management treatments. Peripheral nerve stimulators have demonstrated encouraging results in the treatment of chronic pain diseases such as neuropathic pain, complicated regional pain syndrome, and post-surgical pain. Clinical studies have shown that peripheral nerve stimulation can lower pain intensity by up to 60% in certain patients, making it an appealing choice for those who have not found relief with other treatments. The expanding body of research supporting the efficacy of these devices, combined with an increasing patient population, is propelling market expansion and motivating healthcare practitioners to incorporate peripheral nerve stimulation as an important component of pain management strategies.
Market Restraint: High cost of devices and limited reimbursement policies hinder market expansion.
The high cost of peripheral nerve stimulator devices, along with restrictive reimbursement policies in some regions, poses substantial barriers to market expansion. A peripheral nerve stimulator system can cost between $20,000 and $50,000, which includes the device and the implantation surgery. This high cost can be prohibitive for many patients, especially in areas with limited insurance coverage or inadequate healthcare infrastructure. Furthermore, payment regulations for these devices varied greatly between nations and insurance companies, with some providing just partial coverage or requiring considerable evidence to prove the necessity for treatment. These financial constraints can limit patient access to peripheral nerve stimulation therapy and stifle market growth, especially in emerging markets where healthcare spending is limited.
Segment Overview:
The transcutaneous electrical nerve stimulation (TENS) segment dominates the peripheral nerve stimulator market.
The transcutaneous electrical nerve stimulation (TENS) sector controls the peripheral nerve stimulator market.
The transcutaneous electrical nerve stimulation (TENS) segment dominates the peripheral nerve stimulator market. TENS devices are non-invasive, inexpensive, and often utilised for a variety of pain management purposes. The segment's dominance stems from its ease of use, portability, and lower risk profile when compared to implanted devices.
Recent advances in TENS technology have strengthened its market position. For example, the use of cordless TENS devices has increased patient comfort and mobility during therapy. Research published in the Journal of Pain Research discovered that 78% of chronic pain patients experienced considerable pain relief after four weeks of TENS therapy. This high efficacy rate has aided the widespread use of TENS devices in professional and domestic settings.
The TENS market has also benefitted from growing collaborations between device manufacturers and healthcare providers. For example, a major medical device manufacturer recently collaborated with a nationwide chain of pain treatment clinics to offer TENS devices as part of a comprehensive pain management program. Within the first year of deployment, this alliance resulted in a 25% improvement in patient satisfaction and a 30% decrease in opioid prescriptions.
Regional Outlook:
North America dominates the peripheral nerve stimulator market, led by the United States.
North America dominates the global peripheral nerve stimulator market, with the United States being the biggest contributor. The region's supremacy is due to a number of variables, including a high prevalence of chronic pain syndromes, a well-established healthcare infrastructure, and favourable reimbursement regulations for neurostimulation devices.
In recent years, the use of peripheral nerve stimulators has grown significantly in the United States. According to an American Society of Pain Management Nursing survey, 65% of pain management experts in the US currently provide peripheral nerve stimulation as a therapeutic option for chronic pain patients.
Key figures demonstrate the market's expansion in North America. The number of peripheral nerve stimulation treatments conducted in the United States increased by 18% between 2019 and 2021, according to the Healthcare Cost and Utilisation Project (HCUP). Furthermore, Medicare reimbursement for peripheral nerve stimulation procedures has increased by 12% in the last three years, accelerating market growth in the region.
In Canada, the market for peripheral nerve stimulators has also expanded. The Canadian Agency for Drugs and Technologies in Health (CADTH) recently issued a good recommendation for the use of peripheral nerve stimulation in the treatment of persistent neuropathic pain, resulting in greater acceptance of these devices throughout Canadian healthcare institutions.
Competitive Intelligence:
The peripheral nerve stimulator market is characterised by fierce rivalry among leading competitors, with an emphasis on technological innovation and strategic alliances. Leading corporations are investing extensively in R&D to expand their product portfolios and acquire competitive advantages. Mergers and acquisitions have been a popular approach for increasing market presence and acquiring innovative technology.
Market leaders have maintained their positions by diversifying their product offerings and expanding geographically. For example, a market leader recently introduced a new line of MRI-compatible peripheral nerve stimulators, grabbing a sizable market share in locations with high MRI use rates. Another big corporation formed a strategic alliance with a telemedicine provider to give remote programming capabilities for their devices, broadening their reach in rural and underserved areas.
According to financial analysis, the top five players in the peripheral nerve stimulator market account for nearly 65% of the global market share. Over the last three years, these companies have consistently increased their sales by 8-10% per year. These top players spend an average of 12–15% of their yearly revenue on research and development, demonstrating the industry's emphasis on innovation.
Looking ahead, the market is projected to face growing competition from developing competitors, notably in Asia-Pacific. These new entrants are focussing on producing cost-effective technologies adapted to local healthcare needs, which could upset market dynamics in the future years.
Analyst Opinion:
The peripheral nerve stimulator market is expected to rise significantly in the future years, owing to increased awareness of non-pharmacological pain management options and technological advances in neurostimulation devices. The integration of artificial intelligence and machine learning algorithms into peripheral nerve stimulator devices is a unique trend that is going to shape the market. These AI-powered devices will be able to adjust stimulation parameters in real time depending on patient feedback and physiological responses, thereby enhancing treatment outcomes and satisfaction.
Major Players:
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Medtronic plc
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Abbott Laboratories
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Boston Scientific Corporation
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Nevro Corp.
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Stimwave LLC
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NeuroSigma, Inc.
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SPR Therapeutics
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Nalu Medical, Inc.
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Bioness Inc.
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Bioventus LLC
Key Developments:
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June 2023: Medtronic plc received FDA approval for its next-generation peripheral nerve stimulator, featuring advanced battery technology and improved MRI compatibility.
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March 2023: Boston Scientific Corporation announced the acquisition of a startup specialising in closed-loop peripheral nerve stimulation systems, enhancing its product portfolio in the chronic pain management segment.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope and Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking—Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies List by Country) (Premium)
5. COMPANY PROFILES
5.1. Medtronic plc
5.2. Abbott Laboratories
5.3. Boston Scientific Corporation
5.4. Nevro Corp.
5.5. Stimwave LLC
5.6. NeuroSigma, Inc.
5.7. SPR Therapeutics
5.8. Nalu Medical, Inc.
5.9. Bioness Inc.
5.10. Bioventus LLC (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Shift towards non-opioid pain management solutions
6.1.2. Integration of AI and machine learning in stimulator systems
6.1.3. Increasing adoption of wireless and MRI-compatible devices
6.2. Market Drivers
6.2.1. Rising prevalence of chronic pain conditions
6.2.2. Technological advancements in neurostimulation devices
6.2.3. Growing geriatric population and healthcare expenditure
6.3. Market Restraints
6.3.1. High cost of devices and limited reimbursement policies
6.3.2. Risks associated with implantation procedures
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY PRODUCT TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Transcutaneous Electrical Nerve Stimulation (TENS)
7.2. Percutaneous Electrical Nerve Stimulation (PENS)
7.3. Implantable peripheral nerve stimulators
8. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH)--2020-2031)
8.1. Neuralgia
8.2. Neuropathic Pain
8.3. Complex Regional Pain Syndrome (CRPS)
8.4. Phantom Limb Pain
8.5. Others
9. BY END-USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Hospitals
9.2. Ambulatory Surgical Centres
9.3. Speciality Clinics
9.4. Home Care Settings
10. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. South America
10.2.1. Brazil
10.2.2. Argentina
10.2.3. Rest of South America
10.3. Europe
10.3.1. Germany
10.3.2. United Kingdom
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Russia
10.3.7. Rest of Europe
10.4. Asia-Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Australia
10.4.5. South Korea
10.4.6. Rest of Asia-Pacific
10.5. Middle-East
10.5.1. UAE
10.5.2. Saudi Arabia
10.5.3. Turkey
10.5.4. Rest of Middle East
10.6. Africa
10.6.1. South Africa
10.6.2. Egypt
10.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%, YOY GROWTH)--2020-2031.
Peripheral Nerve Stimulators Market Segmentation:
By Product Type:
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Transcutaneous Electrical Nerve Stimulation (TENS)
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Percutaneous Electrical Nerve Stimulation (PENS)
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Implantable peripheral nerve stimulators
By Application:
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Neuralgia
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Neuropathic Pain
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Complex Regional Pain Syndrome (CRPS)
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Phantom Limb Pain
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Others
By End-User:
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Hospitals
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Ambulatory Surgical Centres
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Speciality Clinics
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Home Care Settings
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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