- Close to 600 neurological disorders affect approximately 500 million American every year, as per the National Institute of Neurological Disorders and Stroke.
- Growing incidences of nerve injuries and increase in obese population causing neurodegenerative disorders are two critical factors driving the demand for peripheral nerve stimulators.
- Demand for peripheral nerve stimulators is expected to grow further given the high applicability through anesthesia procedures and in severe neuropathic pain.
- Peripheral nerve stimulators being a targeted pain relief treatment allowing patients to take fewer pain medications indicates promising opportunities in the near future, specifically associated with pain management technologies.
- Germany, U.S., Switzerland, Sweden, and Canada remain the top importers of peripheral nerve stimulator materials.
With the Food and Drug Administration (FDA) recently clearing two neurostimulation devices- SPRINT endura and extensa, for treating acute and chronic pain, the future landscape for peripheral nerve stimulators (PNS) looks promising. As per a recently released in-depth study by Persistence Market Research (PMR), the global peripheral nerve stimulator market is projected to represent a robust year on year revenue growth of approximately 6.9 percent in 2019. The global peripheral nerve stimulator market is expected to reach a valuation of US$ 375.9 Million, during the same period.
In addition, current advancements in the peripheral nerve stimulators would gradually increase the demand for treating a host of chronic pain conditions arising from cranial neuralgias and peripheral nerve dysfunctions. Apart from their implantation being minimally invasive, the new variants of peripheral nerve stimulators also allow externally-placed pulse generators to wirelessly transmit impulses to the implanted electrode. Moreover, miniaturization of neuromodulation devices and ultrasound-guided, minimally invasive implantation technique are some notable advancements, likely to shift the spotlight on non-drug pain management solutions, such as peripheral nerve stimulators.
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Insights from Segmentation Analysis of Peripheral Nerve Stimulator Market
- Regionally, Europe with anticipated market share of approximately 35 percent by 2028-end, followed by North America accounting for 33.6 percent, for the same period will remain the most lucrative market for peripheral nerve stimulators.
- By the type of peripheral nerve stimulator, transcutaneous stimulators will continue to generate maximum revenue.
- In terms of end-users, hospitals will remain the largest segment, in terms of revenue and the trend is likely to continue through the forecast period. Outpatient centers, on the other hand, are expected to showcase limited revenue-generation possibilities.
“Given the applicability of peripheral nerve stimulators as a targeted alternative for pain management systems as opposed to high dosages of medication affecting the entire body, key companies manufacturing peripheral nerve stimulators are making substantial investments in clinical studies to improve the quality of treatment and technology for nerve disorder-related devices. Advantages of peripheral nerve stimulator such as minimal or no side effects of administering neuromuscular blocking agents (NMBAs) along with integration of next-generation technology, is likely to shape the future of peripheral nerve stimulator”, Senior Analyst, Persistence Market Research
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PMR in its report on the global peripheral nerve stimulator landscape offers insights into the key developments and forward market strategies of top manufacturers of peripheral nerve stimulator. Companies are making novel innovations to specifically target peripheral nerve pain for patients who are not responsive to pharmacologic therapies. Key differentiation strategies adopted by key manufacturers include:
- Tier-1 companies such as Boston Scientific Corporation, Vygon S.A, and ElectroCore, Inc. are likely to focus on expansion and acquisition strategies to further strengthen their market position. Boston Scientific Corporation, for instance, recently acquired BTG PLC to further expand its peripheral interventions portfolio with minimally invasive treatments for cancers and vascular conditions
- Tier-2 companies including Medline Industries, Inc, NeuroSigma, Inc., Stimwave LLC will continue to focus on emerging markets for new product launches along with increasing their production capacity. Stimwave LLC, for instance, recently launched first wireless, micro-technology, and drug free neuromodulation device for relief from chronic pain.
- Other smaller players are also projected to make acquisitions to expand their product and services platform, with a key focus on emerging markets in APEJ.
- PMR also foresees substantial investments in R&D by companies and long-term contractual collaborations with research institutions.