Market Size (2021)
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Market Research ReportPremium
Peripheral Nerve Stimulators Market
By Segment, By Region, And Segment Forecasts, 2019 – 2030
Vertical: HealthcareBase Year: 202112 Sections
Vertical: HealthcareBase Year: 202112 Sections
Market Size (2021)
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Projected (2030)
—
CAGR (2019–2030)
N/A
Key Players
10+
The growth of the Peripheral Nerve Stimulators market is attributed to the increasing demand for Peripheral Nerve Stimulators, rise in cases of nerve injuries, and the growing demand for wireless Peripheral Nerve Stimulators. However, the lack of technical skills for installation and control of a device, and the high cost associated with the Peripheral Nerve Stimulators devices is anticipated to hamper the market growth.
Peripheral Nerve Stimulators Market is a key focus area for market intelligence and strategic research.
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View Subscription PlansPeripheral nerve stimulation frequently referred to as PNS, is a commonly used approach to treat chronic pain. It involves surgery that places a small electrical device (a wire-like electrode) next to one of the peripheral nerves. The peripheral nerve stimulator is also used for the treatment of many diseases and indications such as complex regional pain syndrome, low back pain, neck pain, and painful nerve injuries.
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View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2021
Historical Period
2019 – 2020
Forecast Period
2022 – 2030
Primary Interviews
150+
Historical data (2019–2021) and forecast period (2021–2030)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
threat of new entrants
The threat of new entrants in the Global Peripheral Nerve Stimulators Market is moderate. The Global Peripheral Nerve Stimulators Market is growing, and there is a significant demand for these devices due to the increasing prevalence of chronic pain and neurological disorders. However, the market is also dominated by a few major players, which could make it difficult for new entrants to gain a foothold. However, development of such devices requires significant investment in research and development and establishing distribution channels and customer bases. In addition, regulatory approval is required for medical devices, which adds a significant barrier to entry. Companies aim to increase their market share and capture the market share which is mostly untouched by major players. Hence, the threat of new entrants in the Global Peripheral Nerve Stimulators Market is expected to be relatively moderate.
Bargaining Power of suppliers
The bargaining power of suppliers in the Global Peripheral Nerve Stimulators Market is low as there is a limited number of suppliers in the market. Moreover, the development of new Peripheral Nerve Stimulators may lead to new suppliers entering the market, which slightly decreases the bargaining power of suppliers due to low switching costs. Additionally, the supply of raw materials is disrupted to some level due to the logistics issues that the world is facing currently, which in turn increases the bargaining power of suppliers.
Threat of SUBSTITUTES
The threat of substitutes in the Peripheral Nerve Stimulators in the market is low. There are alternative treatments available for chronic pain and neurological disorders, such as medication and surgery. However, Peripheral Nerve Stimulators offer a unique benefit that cannot be replicated by other treatments, which could limit the threat of substitutes. There are several players offering similar products at competitive prices, which increases the threat of substitutes between players.
BARGAINING POWER OF BUYERS
The bargaining power of buyers is moderate in the Global Peripheral Nerve Stimulators Market. Patients and healthcare providers have some bargaining power due to the availability of substitute treatments and the relatively high cost of these devices. However, the unique benefits offered by Peripheral Nerve Stimulators, such as improved pain management, could limit buyers' bargaining power.
Intensity of Rivalry
The degree of competition in the Peripheral Nerve Stimulators market is high owing to there are several key players in the market, each with their own products and pipelines. Additionally, the market is constantly evolving as new devices are developed and approved, leading to intense competition for market share. Companies must continue to invest in research and development to stay competitive and meet the changing needs of patients and healthcare providers. Such things might increase the level of product differentiation and will support the sales of the manufacturers.
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Analytical insights on Peripheral Nerve Stimulators Market covering market dynamics, competitive landscape, and strategic outlook.
Peripheral Nerve Stimulators Market represents a significant market opportunity with multiple growth drivers across regions and segments.
The Global Peripheral Nerve Stimulators Market is emerging due to increasing demand for Peripheral Nerve Stimulators, rising cases of nerve injuries, and growing demand for wireless Peripheral Nerve Stimulators. Additionally, growing technological advancements will provide growth opportunities for the market in the future. However, a lack of technical skills for the installation and control of a device, and the high cost associated with the Peripheral Nerve Stimulators devices might hamper the market's growth in the forecast period.
The use of oral medications such as Pamelor, Sinequan, and Elavil in neurological disorder patients is associated with harmful side effects and may also lead to addiction to drugs. Therefore, the peripheral nerve stimulator is highly preferred as an alternative pain control option as it provides effective treatment over oral medications. It reduces the use of narcotic drugs and can be implanted in patients which allows them to perform their nonimpact recreational activities such as swimming. Also, according to the National Institute of Neurological Disorders and Stroke there are 600 neurologic disorders that affect approximately 50 million Americans every year. Neuropathic pain is a common health problem in majority of the industrialized countries and affects approximately 40%-60% of geriatric population and adults across the globe.
Moreover, Peripheral Nerve Stimulators provide target-specific treatment in patients with refractory or chronic pain conditions such as regional pain syndrome, low back pain, neck pain, and painful nerve injuries. Hence, the high demand for Peripheral Nerve Stimulators over oral medications will drive market growth during the forecast period.
Advancement in pain management technology is expected to boost the growth of the peripheral nerve stimulator market over the forecast period. Manufacturers of Peripheral Nerve Stimulators are consistently making changes in their product category and technologies to enhance the device's capabilities. For instance, in June 2022, NeuraLace Medical (US), the developer and manufacturer of the Axon Therapy device, announced that the American Medical Association (AMA) approved new Current Procedural Terminology (CPT) codes for Transcutaneous Magnetic Nerve Stimulation, a therapy that can assist clinicians in treating patients with chronic neuropathic pain. This is expected to enhance the sale of these products and increase the market share in the long term. Peripheral nerve stimulator helps to relieve pain only where it is required to, whereas other medications affect the whole body and may lead to constipation, sleepiness, and other problems unrelated to pain. Peripheral nerve stimulation therapy does not have the type of side effects that are associated with many medications. Pain relief experienced with peripheral nerve stimulation and spinal cord stimulation allows people to take fewer pain relief medications. Hence, these growing technological advancements in Peripheral Nerve Stimulators is anticipated to provide significant growth opportunities for the Peripheral Nerve Stimulators market.
The lack of technical and interpretive skills associated with peripheral nerve stimulation in monitoring neuromuscular blockade is anticipated to hamper the market growth. Technical problems relate to the operation of the device, electrode placement, and suboptimal delivery of the desired current. Difficulties in performing peripheral nerve stimulation and interassessor variability contribute to errors of interpretation. Therefore, technical directions and training programs for peripheral nerve stimulation should be required and every designated individual should be trained in its application. As, these difficulties compromise the precision, accuracy, and reliability of the peripheral nerve stimulator as a tool for monitoring neuromuscular blockade in the critically ill. Therefore, peripheral nerve stimulation should be used in conjunction with clinical parameters to make decisions regarding dose adjustments.
The pandemic has impacted the business environment for several organizations worldwide. The supply chain in the Global Peripheral Nerve Stimulators Market is the key to fulfilling customer demands. In addition, due to the pandemic, several countries have imposed import and export limitations. The lockdowns and travel restrictions imposed by various countries to contain the spread of the virus have disrupted the transportation of these materials and components, causing delays in the production and distribution of PNS devices. In June 2020 Medtronic (US), which produces the Intellis platform for spinal cord stimulation and peripheral nerve stimulation. The Intellis platform allows for personalized pain management through a mobile app that allows patients to adjust their stimulation settings. Medtronic has been affected by the COVID-19 pandemic, with reduced demand and supply chain disruptions, but is expected to recover as healthcare systems resume normal operations. This has also affected the healthcare industry as many countries are dependent on other countries for raw material supply and technology transfer. However, regulatory bodies took significant initiatives to ensure efficient supply chain management during the pandemic. The closure of manufacturing facilities and transportation networks has also affected the production and distribution of medicines. To overcome such challenges, key players also expanded their manufacturing capabilities to meet demand. Moderately impacted the Global Esophageal squamous cell carcinoma Market.
The COVID-19 pandemic had moderate impact in the market. The supply chain disruptions caused by the pandemic have led to shortages of critical components and raw materials used in the production of Peripheral Nerve Stimulators, resulting in delays in manufacturing and distribution. The COVID-19 pandemic has had an impact on the PNS market, as it has on many other industries. One of the major effects has been on pricing. Due to disruptions in the supply chain and increased demand for medical devices, the cost of PNS devices has risen in global markets. The COVID-19 pandemic has also put pressure on healthcare systems and providers, leading to budget constraints and reduced investments in new technology and equipment, including Peripheral Nerve Stimulators. This may limit the adoption of new and more advanced devices in the future.
The COVID-19 pandemic has had a significant impact on regions around the world, including the development and use of Peripheral Nerve Stimulators. North America, which is the largest market for these devices, the pandemic has led to a decline in demand due to postponed elective surgeries and reduced access to healthcare facilities. In Europe, the market has been similarly affected, with supply chain disruptions and reduced demand. However, the Asia-Pacific region has seen relatively less impact, as demand for Peripheral Nerve Stimulators continues to grow due to the increasing prevalence of chronic pain and neurological disorders in the region. Many of these regions have experienced shortages of Peripheral Nerve Stimulators, which has hindered their ability to respond effectively to the pandemic. Additionally, the high cost of these devices can make them inaccessible to healthcare providers or individuals in these regions, further exacerbating existing inequities.
The global Peripheral Nerve Stimulators devices market was significantly impacted by the COVID-19 pandemic. COVID-19 has impacted the production and supply chain of medical devices globally, including the Peripheral Nerve Stimulators. The pandemic has caused disruptions in the production process due to lockdowns, restrictions on travel, and reduced workforce availability. The Peripheral Nerve Stimulators faced supply chain disruptions due to the closure of manufacturing plants and transportation restrictions. Many companies experienced delays in the delivery of raw materials and components, leading to production delays and shortages. However, the market has shown a resilient response to the pandemic. Companies have shifted their focus towards remote patient monitoring and telemedicine, which has increased the adoption of Peripheral Nerve Stimulators. The demand for these devices has also increased due to the rise in the number of chronic pain patients.
The COVID-19 pandemic has significantly impacted the Global Peripheral Nerve Stimulators Market. During the pandemic, there was a decrease in the supply chain for Peripheral Nerve Stimulators. This is due to various factors, such as the redirection of healthcare resources towards the management of COVID-19 patients, the suspension of elective procedures, and the reluctance of patients to visit healthcare facilities for fear of contracting the virus. As a result, many patients have delayed or postponed their treatments, which has led to a decline in the demand for Peripheral Nerve Stimulators. This had a negative impact on the market.
Profiles of 107 companies operating in the Peripheral Nerve Stimulators Market market, including revenue, employee count, and market positioning where available.
Showing 107 of 107 companies
Company Headquarters: Georgia, US Founded: 2014 Workforce: ~5,380 Company Working: AVNS (Avanos Medical, Inc) is a manufacturer and distributor of medical devices. The company's products include endotracheal tubes, adult, neonatal, and pediatric closed suction systems, oral hygiene products, and catheters for collecting bronchial aspirate samples. Furthermore, it offers medically superior products and services for IV therapy, pain management, infection control, and digestive health. In addition to other nations, it has factories in France, Tunisia, the US, and Mexico. The company sells its medical device solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. Moreover, the company has its operations in the US Australia, China, India, New Zealand, and France.
Company Headquarters: Melsungen, Germany Founded: 1839 Workforce: ~ 66,234 Company Working: B. Braun SE (B. Braun) is a manufacturer and supplier of healthcare products for hospitals, surgical units, private practices (medical care and doctors’ offices), and extracorporeal blood treatments. Its key business areas include clinical nutrition, urinary care, infection prevention, infusion therapy, diabetes care, neurosurgery, extracorporeal blood treatment, IV drugs, orthopedics, spine, and wound care, among others. The company operates through four major business segments, namely, hospital care, Aesculap, outpatient market, and B. Braun Avitum. With these four divisions, the company offers over 5,000 products, out of which it manufactures 95% of the products. Geographically it operates in 64 countries across Europe, Asia-Pacific, Latin America, and the Middle East and Africa. It operates through various subsidiaries such as B. Braun Medical Inc., Aesculap AG, and B. Braun Avitum France SAS, among others.
Company Headquarters: Massachusetts, US Founded: 1979 Workforce: ~36,000 Company Working: Boston Scientific Corporation is a worldwide developer, manufacturer, and marketer of medical devices used in a range of interventional medical specialties. The company collaborates with healthcare professionals to develop a broad portfolio of meaningful innovations that improve outcomes, reduce costs, and increase efficiencies. Its product portfolio is majorly divided into endoscopy, interventional cardiology, neuromodulation, peripheral interventions, rhythm management, and urology & pelvic health. In addition, Boston Scientific serves hospitals, clinics, outpatient facilities and medical offices across the world. Boston Scientific Corporation's manufacturing facilities are located across Malaysia, the US, and Ireland. Apart from this, it has a presence in countries like Japan, the Netherlands, France, Poland, India, China, Turkey, South Africa, and Singapore.
Company Headquarters: Écouen, France Founded: 1962 Workforce: ~ 2,327 Company Working: Vygon is a manufacturer of surgical and medical products. It provides products for anesthesia, oncology, urology, respiratory, neonatology, gynecology, and other medical disciplines. The company manufactures its products at facilities in the US, Europe, Mauritius, Colombia, and Colombia, and it sells them to independent practitioners and hospital staff members who are medical experts. The company's network of 27 companies and 308 distributors distributes more than 205 million goods annually in more than 120 countries. Furthermore, the company sells its products directly throughout the Americas, Europe, Asia, the Middle East, and Africa through a network of distributors.
Company Headquarters: Pretoria, South Africa Founded: 2003 Workforce: ~50 Company Working: Xavant Technology (Pty) Ltd is a producer and supplier of neuromuscular sensors, stimulators, and therapy instruments. The company's products include neuromuscular stimulation, acceleromyography, and electromyography. The most valuable asset for Xavant, a knowledge-based company, is its specialized R&D team, which is made up of a group of electrical and medical engineers dedicated to developing innovative products in partnership with medical experts for cutting-edge medical treatments. The company has a distribution network in the US, Europe, Asia-Pacific, and Middle East. Furthermore, the company serves customers in South Africa.
Company Headquarters: Michigan, US Founded: 1981 Workforce: ~1,700 Company Working: SunMed is a reputable manufacturer and supplier of healthcare products. It offers anesthetic and consumable respiratory care, patient monitoring, homecare, airway management, emergency, and surgical products. The company has sizable manufacturing plants in China and Mexico. Moreover, the OEM and private label branch of SunMed collaborates with top medical device manufacturers to develop, produce, manage, and distribute goods that will support the company's expansion. Additionally, the business markets its products directly to respiratory therapists and anesthesiologists in hospitals, through a network of independent manufacturers' representatives, and through a network of specialty and mainline distributors in both domestic and international markets. Furthermore, the business serves clients in over 97 countries.
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Historical performance and future projections (2020–2030, USD Billion)
