Peripheral nerve stimulator is a system generally used for the treatment of neurological diseases and disorders with symptoms such as complex regional pain syndrome, neck pain, low back pain, and painful nerve injuries. The prevalence of these diseases and disorders is increasing, which is augmenting its demand and is expected boost growth of the peripheral nerve stimulators market. As per the National Institute of Neurological Disorders and Stroke, around 600 neurologic disorders affect approximately 50 million U.S. citizens every year. Additionally, the neuropathic pain is one of the common health problems across industrialized countries and affects around 40%-60% of the geriatric population globally. This enormous presence of the untreated patients are creating need for the advanced and effective treatment set, which is driving growth of the global peripheral nerve stimulators market.
Additionally, the key players are increasingly developing newer drugs and therapeutic devices, which drive the growth of the market. Also, the U.S. Food and Drugs Administration is increasingly offering breakthrough for the effective drugs are likely to offer opportunities for growth in coming years. For instance, in 2018, the FDA allowed the only percutaneous PNS (Peripheral Nerve Stimulation) system allowed for sale in the U.S. for the company named SPR Therapeutics, Inc. Additionally, the disorders such as Parkinson’s, epilepsy, Alzheimer’s, depression, and essential tremors are prevailing more which is estimated to drive growth of the global peripheral nerve stimulators market. As per the statistics of World Health Organization (WHO) in 2017, around 50 million people are affected by epilepsy globally. Furthermore, this number of patients is likely to be doubled in every 20 years, reaching 75 million by 2030.
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The large prevalence of neurological disorders especially among the elderly population coupled with increase in healthcare expenditure for exploring effective treatments for neurological disorders are the major drivers for growth of the peripheral nerve stimulators market. However, low screening rate or late screening mainly in the developing countries is restraining growth of the market. Also, this scenario is likely to be same for next some years, which will offer growth possibilities and chances to expand the awareness programs globally.
Some of the major companies in the global peripheral nerve stimulators market include Braun Melsungen AG, Enteromedics, Avanos Pain Management, ElectroCore, Inc., NeuroMetrix, Inc., NeuroSigma, Inc, SPR Therapeutics LLC, SUNMED INC., Stimwave LLC., Vygon SA, Medline Industries, Inc., and Boston Scientific Corporation.
The peripheral nerve stimulators market is segmented on product, end user, and region.
On the basis of end user, the market report is segmented into hospitals & clinics, ambulatory centers, and specialty center.
On the basis of product, the market report is segmented into transcutaneous and implantable.
Regionally, the peripheral nerve stimulators market is segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa. Of these, the Americas is estimated to remain dominant in the global peripheral nerve stimulators market in the coming period owing to the large patient pool suffering from neurological disorders coupled with strong presence of key players in the market. Additionally, the advent of advanced technologies for treatment of these neurological disorders owing to awareness about disorders and highest prevalence of screening are fuelling growth of the global peripheral nerve stimulators market.
However, the market in Asia Pacific is estimated to be largely expanding region owing to high investment for improving healthcare infrastructure coupled with demand for robust treatments for treating these disorders. Additionally, increasing screening of the neurological disorders which increases demand for its effective and efficient treatments in the region. This scenario is likely to be same in coming year, which in turn will fuel growth of the market in coming years.
In September 2019, Checkpoint Surgical received a breakthrough from the FDA and electro stimulation therapy for treating nerve injury. The system is aimed to improve outcomes after surgeries to bolster nerve regeneration.
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