What Transformation Has the Peripheral Nerve Stimulators Market Undergone?
The peripheral nerve stimulators market has seen considerable growth due to a variety of factors.
• In recent times, there has been significant growth in the market size of peripheral nerve stimulators. The market's worth is predicted to rise from $0.70 billion in 2024 to $0.77 billion in 2025, exhibiting a compound annual growth rate of 9.35%.
Factors such as the increasing demand for non-drug related pain management solutions, heightened consciousness about alternate pain relief therapies, greater acceptance of minimally invasive methods, a rising geriatric population, and a surge in the number of pain management clinics contribute to the growth observed in the historical period.
What are the Market Size and Expected Growth Rates for the Peripheral Nerve Stimulators Market?
The peripheral nerve stimulators market is expected to maintain its strong growth trajectory in upcoming years.
• The market for peripheral nerve stimulators is anticipated to witness significant expansion in the coming years, with its value predicted to reach $1.08 billion in 2029. This implies a compound annual growth rate (CAGR) of 8.98%.
The growth during this projection period is driven by factors such as supportive government policies and measures, an increasing inclination towards outpatient and home healthcare facilities, the rise in the number of pain management clinics, the surging demand for personalized PNS devices, and the improvement in healthcare infrastructure. The trends to look out for during the forecast period comprise the emergence of wireless peripheral nerve stimulators, the incorporation of mobile applications for distant monitoring of PNS devices, the launch of wearable, non-invasive PNS devices, and the initiation of sophisticated PNS systems equipped with AI-enabled pain management functions.
What Are The Essential Drivers Behind The Growth Of The Peripheral Nerve Stimulators Market?
The surge in neurological disorders is anticipated to stimulate the expansion of the peripheral nerve stimulators market. These neurological disorders are health conditions that result in either functional, structural, or biochemical abnormalities in the brain, spinal cord, or peripheral nerves. Factors such as an aging population, genetic predispositions, environmental factors, lifestyle decisions, and the heightened awareness and diagnosis of these ailments contribute to their prevalence. Peripheral nerve stimulators significantly contribute to decreasing the occurrence of neurological disorders, providing specific chronic pain relief, improved motor function, and aid in nerve regeneration in impacted areas. For example, the Alzheimer's Association, a U.S-based non-profit voluntary health organization, reported in March 2023 that about 6.7 million Americans over age 65 are living with Alzheimer's dementia in 2023. This figure is forecasted to increase to 13.8 million by 2060. Hence, the rise in the occurrence of neurological disorders is fueling the expansion of the peripheral nerve stimulators market.
What Are The Key Segments Within The Global Peripheral Nerve Stimulators Market?
The peripheral nerve stimulators market covered in this report is segmented –
1) By Product: Transcutaneous, Percutaneous, Implantable
2) By Device: Stimulators, CPNB Catheters, Pain Pumps, Other Devices
3) By Mode of Purchase: Disposable Devices, Rechargeable Devices
4) By Application: Hospitals, Physiotherapy Centers, Ambulatory Surgical Centers, Clinics, Other Applications
Subsegments:
1) By Transcutaneous: TENS (Transcutaneous Electrical Nerve Stimulation) Units, Surface Electrodes
2) By Percutaneous: Single-Needle Percutaneous Stimulators, Multi-Needle Percutaneous Stimulators, Radiofrequency Percutaneous Stimulators
3) By Implantable: Spinal Cord Stimulators (SCS), Peripheral Nerve Stimulation (PNS) Devices, Neurostimulator Implants
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How Are New Trends Impacting The Size Of The Peripheral Nerve Stimulators
Prominent businesses in the peripheral nerve stimulators market are making concerted efforts to create cutting-edge products like ultra-miniaturized systems to elevate patient ease, enhance therapeutic results, and broaden use in diverse therapeutic domains. Ultra-miniaturized systems are ultra-small, compact devices engineered for sophisticated functions while utilizing state-of-the-art technologies for superior performance, portability, and application integration. For instance, in April 2023, NeuSpera Medical Inc., a firm situated in the U.S. specializing in implantable medical devices, broke the news that it obtained U.S. Food and Drug Administration (FDA) approval for its next-gen Neuspera ultra-miniaturized system tailored for managing chronic peripheral nerve pain. This micro-implant is innovatively constructed to transmit specific electrical signals to peripheral nerves, sidestepping the use of conventional leads, therefore minimally intrusive and cutting down the probability of issues resulting from lead-based apparatus. Its minimal dimensions make for straightforward implantation, causing less tissue damage and encouraging quicker healing periods. The micro-implant also presents the potential for enduring pain mitigation by directly triggering the concerned nerve paths, which offers a sophisticated remedy for patients dealing with chronic peripheral nerve pain.
Who Are the Key Players in the Peripheral Nerve Stimulators Market?
Major companies operating in the peripheral nerve stimulators market are include:
• Abbott Laboratories
• Medtronic plc
• Boston Scientific Corp.
• Globus Medical Inc.
• Livanova plc
• Nevro Corp.
• Axonics Modulation Technologies
• Saluda Medical Pty Ltd.
• Stimwave Technologies Incorporated
• Nalu Medical Inc.
• Bioness Inc.
• SPR Therapeutics Inc.
• Neuspera Medical Inc.
• B. Braun Melsungen AG
• NeuroMetrix Inc.
• BioElectronics Corporation
• Soterix Medical Inc.
• Xavant Technology Pty Ltd.
• Neurostimulation Technologies
• STIM Systems
What are the Regional Insights into the Peripheral Nerve Stimulators Market?
North America was the largest region in the peripheral nerve stimulators market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the peripheral nerve stimulators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
