Peripheral Nerve Stimulator Market is Projected to Reach a Valuation of US$ 1.09 Billion at a CAGR of 7.2% by 2034 | Fact.MR Report
Rockville, MD, Oct. 09, 2024 (GLOBE NEWSWIRE) -- According to a recent research study published by Fact.MR, global sales of peripheral nerve stimulators market are poised to reach US$ 540.9 million in 2024 and are analyzed to thereafter rise at a CAGR of 7.2% from 2024 to 2034. Increasing demand for minimally invasive pain management methods is a key factor driving the sales of peripheral nerve stimulators.
The market for peripheral nerve stimulators is growing at a significant pace as a result of technical advancements that are elevating patient comfort levels and enhancing the effectiveness of nerve stimulation therapies. Among these are advancements in electrode design that allow for more precise nerve targeting, optimizing therapeutic outcomes while minimizing side effects. Customized therapeutic approaches are made possible by advanced simulation algorithms, which also increase patient happiness and comfort.
Peripheral nerve stimulation devices have also become smaller, more portable, and less noticeable, which makes it easier for end users to control them. By enabling patients and professionals to remotely monitor and adjust their therapy settings, the combination of wireless connection and programming platforms based on smartphones is enhancing usability and boosting overall treatment compliance and outcomes.
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Key Takeaways from Market Study:
- The global peripheral nerve stimulator market is projected to reach a valuation of US$ 1.09 billion by the end of 2034.
- North America is expected to hold 36.4% of the global market share in 2024.
- The Latin American market is evaluated to reach US$ 86 million by the end of 2034.
- In 2024, Brazil is projected to account for 55.3% of the market share in the Latin American region.
- Based on end user, the outpatient centers segment is forecasted to generate revenue worth 716.2 million by the end of 2034.
- Demand for peripheral nerve stimulators in Chile is forecasted to increase at 8.5% CAGR through 2034.
- Sales of transcutaneous peripheral nerve stimulators are estimated to reach US$ 387.2 million in 2024.
“Peripheral nerve stimulation devices gaining popularity as they help in alleviating symptoms of chronic conditions by targeting specific nerves or neural pathways, restoring function and improving patients' well-being,” says a Fact.MR analyst
Leading Players Driving Innovation in the Peripheral Nerve Stimulator
Abbott; Boston Scientific Corporation; Advanced Bionics; Braun SE; Novum Therapeutics; Medtronic; Respicardia; BioControl Medical; SPR Therapeutics; Teleflex Incorporated.
Increased Demand for Transcutaneous Peripheral Nerve Stimulators:
Demand for transcutaneous peripheral nerve stimulators is gaining traction because they offer a non-invasive means of pain treatment, making them the preferred choice for patients seeking an alternative to medication or invasive techniques.
These gadgets' portability and compact size make them suitable for use at home. Aside from that, increased interest in complementary and alternative medicine is driving up demand for transcutaneous peripheral nerve stimulators.
Transcutaneous electrical nerve stimulation is also a common treatment technique for both acute and chronic pain management, since it suppresses glial activation, increases gamma-aminobutyric acid and glycine levels, and reduces the sensitivity of dorsal horn neurons.
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Peripheral Nerve Stimulator Industry News:
- SPR Therapeutics published positive results in May 2024 from a trial employing their peripheral nerve stimulation (PNS) device to help patients with chronic knee pain following knee replacement surgery.
- In February 2024, SPR Therapeutics raised US$ 85 million to boost sales of its Sprint PNS painkiller gadget.
- The US-based company Nalu Medical raised US$ 65 million in January 2024 as part of a Series E fundraising round to advance the development and commercialisation of its neurostimulation device for the treatment of chronic pain.
- The groundbreaking drug Axon Therapy (mPNS) developed by Neuralace Medical was approved by the US FDA in January 2024 to treat persistent painful diabetic neuropathy (PDN).
- A multimillion dollar agreement was reached in August 2023 between local neurotech wellness start-up Roga and GlobalSpace, India's first telehealth service. With this US$ 35 million contract, Roga enters into its first major healthcare arrangement and takes a step towards offering white-label services internationally.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the peripheral nerve stimulator market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (transcutaneous, implantable) and end user (hospitals, outpatient centers), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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