Nerve Stimulator Market – Overview
Global Nerve Stimulator Market That anticipates progress for this market at 9.7% CAGR (Compound Annual Growth Rate) between 2017 and 2023. Regarding value, the market is expected to be worth the US $ 10,978.5 mn by the end of the forecast period. Nerve stimulation is a therapy where low-voltage electric current is used for treating multiple ailments.
The fundamental factor that leads to the global nerve stimulator market growth is the increasing popularity of minimally invasive procedures and transcutaneous electrical nerve stimulation (TENS) that are commonly used for providing pain relief to the patient. Other important factors leading to the market growth are increasing geriatric population, rising incidence of chronic health problems, technological improvements in medical facilities, investments in research and development (R&D), and improvement in reimbursement policies. However, the high cost of the treatment and lack of skilled or trained physicians can hamper the market growth.
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Key Players:
The key players in the global nerve stimulator market include Aleva Neurotherapeutics SA (Switzerland), Boston Scientific Corporation (USA), Cochlear Ltd (Australia), Cyberonics Inc. (USA), Medtronic PLC (Republic of Ireland), NeuroPace Inc. (USA), and St Jude Medical Inc. (USA).
Latest Industry News:
- ElectroCore Inc’s handheld vagus nerve stimulator gammaCore had been approved by USFDA for noninvasive adjunctive use in the prevention of cluster headaches in adults. However, the prescription is compulsory for availability. 11 JAN 2019
- A leading provider of advanced, clinically supported medical devices for the treatment of chronic pain of peripheral nerve origin, Valencia-based Bioness Inc. has launched the first and only Patient Registry for peripheral nerve stimulation (PNS). Valencia-based Bioness Inc. has used its StimRouter Neuromodulation System. 15 JAN 2019
Segments:
global nerve stimulator market has been segmented on the basis of application, end-users, type, and lastly, region. The application-based segmentation has segmented this market into chronic pain, depression, dystonia, epilepsy, Parkinson’s disease, and others. As per the end user, the market has been segmented into ambulatory surgical centers, hospital & clinics, and trauma centers.
By type, the market has been segmented into deep brain stimulator (DBS), spinal cord stimulator (SCS), and vagus nerve stimulator (VNS). During the forecast period, SCS is expected to grow at 10.1% CAGR, emerging as the fastest growing segment.
Regional Analysis:
The regional segmentation of the global nerve stimulator market segments the market into regional markets namely The Americas (North America & South America), Europe, Asia Pacific, and the Middle East & Africa (MEA). The Americas dominate the global market because North America alone holds the potential anyway to be the greatest regional market. In this region, the market is growing due to a well-developed technology leading to the advanced medical sector, high healthcare expenditure, the rising prevalence of chronic ailments, and the presence of the leading market players, especially in the USA. After the USA, Canada is the biggest economy in this region. South America is a smaller market compared to North America as the purchasing power of people is low. However, Argentina and Brazil are two strong economies in this region that can emerge as big markets in the near future.
Europe holds the second largest position in the global market due to the support provided by the government bodies for R&D, accompanied by well-developed technology that is second only to North America. Due to the reasons same as the Americas, Western Europe is a bigger market than Eastern Europe. The most powerful economies in Europe that can lucrative markets are France, Germany, and the UK.
During the forecast period, the Asia Pacific region is being projected to rise as the fastest growing regional market. In this region, the market is growing due to the increasing need for cost-effective nerve stimulators, the presence of a huge patient pool, and rapidly improving technology. The essential country-specific markets in this region are Australia, China, India, Japan, and South Korea, followed by the remaining countries of the Asia Pacific region.
In the MEA region, the market is small and limited due to poor countries (especially in the African region), lack of awareness, lack of advanced medical facilities, low standard of medical facilities, lack of education, slow developing countries, lack of healthcare facilities, and most governments not considering healthcare a priority. In this region, the major country-specific markets are Kuwait, Oman, Qatar, Saudi Arabia, and UAE, followed by the remaining countries of the MEA region.
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