Peripheral Nerve Stimulators Market Size, Share, Growth, and Industry Growth by Type (Obstructive Sleep Apnea, Central Sleep Apnea, Hypertension, Obesity, Incontinence, Heart Failure, and Migraine) By Application (Hospitals, Physiotherapy Centers, Ambulatory Surgical Centers, Clinics, and Others) Regional Forecast By 2031

Updated On: 22 April 2024

Peripheral Nerve Stimulators Market Report Overview

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The global peripheral nerve stimulators market size was USD 640.2 million in 2022, as per our research, the market is projected to touch USD 1,096.04 million in 2031, exhibiting a CAGR of 6.2% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with peripheral nerve stimulators experiencing higher-than-anticipated demand across all regions compared to the pre-pandemic level. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Peripheral nerve stimulators are small devices in which electrodes are placed. The device is implanted underneath the patient’s skin. It is used to control pain and is extensively used for those relying on opioids for pain control.

Peripheral nerve stimulators market growth is attributed to the increased chronic disease prevalence. The treatment is used for treating chronic pain and acute pain. The process is easy and requires no surgery. Advancement in medical technology and rise in the cause of neurological disorders such as Alzheimer’s disease. The treatment is useful for complex pain syndrome, neck pain, low back pain, and painful nerve injuries and is estimated to fuel market growth. Growing awareness to reduce health problems is expected to boost treatment demand. A growing ageing population and an increased number of cases of nerve injuries are anticipated to accelerate market progress in the forthcoming years. Advancements in the healthcare sector and the adoption of pain management technology are predicted to surge market progress in the upcoming years. On the contrary, the cost of the device is anticipated to hinder the market growth. Lack of awareness about the treatment is predicted to limit market progress.

COVID-19 Impact: Growing Concern for Pandemic Management and Huge Hesitation for Visiting Clinics and Hospitals to Obstruct Market Growth

The COVID-19 pandemic slowed down the demand for the product due to a shift in the attention of medical institutes. Growing concern for pandemic management and huge hesitation in visiting clinics and hospitals. The huge need for curbing the COVID-19 spread disrupted the supply and chain of the product. Shift towards manufacturing COVID essential products lower the market growth. On the contrary, the market is estimated to witness a speedy recovery after the removal of COVID-19 protocols.

LATEST TRENDS

"Several Advantages of the Treatment to Fuel Market Growth "

Increased awareness about the benefits of the treatment and the treatment is reliable and efficient. The treatment has proven efficient in the treatment of chronic and post-operative knee pain. Further, the therapy has adequate pain relief and lower risk of infection, and peripheral nerve stimulators are less invasive. The treatment is useful for complex pain syndrome, neck pain, low back pain, and painful nerve injuries and is estimated to fuel market growth. Growing awareness to reduce health problems is expected to boost treatment demand. A growing ageing population and an increased number of cases of nerve injuries are anticipated to accelerate market progress in the forthcoming years. Advancements in the healthcare sector and the adoption of pain management technology are predicted to surge market progress in the upcoming years.

Peripheral Nerve Stimulators Market Segmentation

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• By Type

Based on type, the market is divided into obstructive sleep apnea, central sleep apnea, hypertension, obesity, incontinence, heart failure, and migraine.

Obstructive sleep apnea is expected to be the top part of type segmentation

• By Application

Based on the application, the market is divided into hospitals, physiotherapy centers, ambulatory surgical centers, clinics, and others.

Hospitals are expected to be the top part of application segmentation.

DRIVING FACTORS

"Increased Prevalence of Chronic Diseases to Boost Treatment Adoption "

Peripheral nerve stimulators market growth is attributed to the increased prevalence of chronic disease. The treatment is used for treating chronic pain and acute pain. The process is easy and requires no surgery. Advancement in medical technology and rise in the cause of neurological disorders such as Alzheimer’s disease. The increased obese population and growing ageing population are anticipated to fuel market growth. The treatment is used for treating acute and chronic pain. Huge adoption of nanotechnology is expected to surge market progress in the upcoming years.

"Development in Technology to Surge Market Growth "

Huge development in technology is anticipated to drive market growth. Several manufacturers are focused on introducing a new product, which is predicted to foster market progress. High need for pain relief experienced post-spinal, and stimulation cord is anticipated to fuel market growth in the upcoming years. Ongoing R&D activities and huge investments by market players are predicted to upsurge market progress.

RESTRAINING FACTORS

"High Cost of the Device and Lack of Awareness to Limit Market Growth  "

The cost of the device is anticipated to hinder the market growth. Lack of awareness about the treatment is predicted to limit market progress in the estimated years.

Peripheral Nerve Stimulators Market Regional Insights

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"Growing Government Spending On Healthcare Facilities in North America to Drive Market Share "

North America is estimated to account for peripheral nerve stimulators market share owing to growing government spending on healthcare facilities. Higher disposable income and huge adoption rate of the treatment in research institutes are predicted to drive market growth. Further, higher disposable income and a growing adoption rate of PNS are expected to fuel market progress in the forthcoming years.

Asia Pacific is predicted to witness the fastest-growing market growth due to higher population rate. Rise in income levels. An increase in health infrastructure and a rise in literacy rate is expected to flourish market progress in the region.   

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Medtronic (Ireland)
• Boston Scientific (U.S.)
• Abbott (U.S.)
• Advanced Bionics (India)
• BioControl Medical (Israel)
• Cardionomic (U.S.)
• Envoy Medical (U.S.)
• Holaira (U.S.)
• Novum Therapeutics (U.S.)
• Respicardia (U.S.)
• Uni-Patch (U.S.)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.