New York, USA, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The Global Peripheral Nerve Stimulators Market to Witness Upsurge in Growth at CAGR of ~7% by 2027 | DelveInsight
The global peripheral nerve stimulators market is expected to grow due to the factors such as an increase in the number of patients suffering from nerve injuries, effective PNS technologies, growing public awareness of PNS, chronic pain management therapies, an increase in the prevalence of disease that can cause pain, an increase in the geriatric population, an increase in the obese population, and an increase in public awareness of PNS.
DelveInsight’s Peripheral Nerve Stimulators Market Insights report provides the current and forecast market analysis, individual leading peripheral nerve stimulators companies’ market shares, challenges, peripheral nerve stimulators market drivers, barriers, and trends, and key peripheral nerve stimulators companies in the market.
Key Takeaways from the Peripheral Nerve Stimulators Market Report
- As per DelveInsight estimates, North America is anticipated to dominate the global peripheral nerve stimulators market during the forecast period.
- Notable peripheral nerve stimulators companies such as B. Braun Melsungen AG, Bioventus, AVNS, Nalu Medical Inc, Stimwave LLC, Vygon, Medilogix, and several others are currently operating in the peripheral nerve stimulators market.
- In June 2022, NeuraLace Medical, 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.
- In February 2022, Nalu Medical, Inc. focused on innovative and minimally invasive solutions for chronic neuropathic pain and closed a $104m equity financing.
- In October 2021, SPR Therapeutics ran up $37M VC funding for Sprint pain relief device.
- In March 2021, Bioventus, Inc. acquired Bioness, Inc., a global leader in neuromodulation and rehabilitation medical devices, through its innovative PNS therapy and premium rehabilitation solutions.
To read more about the latest highlights related to the peripheral nerve stimulators market, get a snapshot of the key highlights entailed in the Global Peripheral Nerve Stimulators Market Report
Peripheral Nerve Stimulators Overview
Peripheral Nerve Stimulators are medical devices that help patients suffering from nerve injury, post-surgical pain, chest wall pain, and peripheral neuralgia. They deliver electric current to the painful area. A stimulator lead is placed along with nerves that are linked to the wearable stimulator, and symptoms are evaluated to determine the best procedure for the patient.
The device works by interfering with pain signals traveling from your nerves to your brain. As a result, the patients are no longer in pain and can go about their daily lives. This device is popular among chronic pain patients. Thus the demand for peripheral nerve stimulators is rapidly increasing.
Peripheral Nerve Stimulators Market Insights
North America is expected to account for the largest share of the global peripheral nerve stimulators market out of all regions. This dominance is due to the factors such as the increasing prevalence of chronic pain, the approval of PNS, device awareness, and an increase in the geriatric population.
Furthermore, technological advancements and the active participation of the leading players are also boosting the peripheral nerve stimulators market growth. For instance, in June 2022, NeuraLace Medical, 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.
To know more about why North America is leading the market growth in the peripheral nerve stimulators market, get a snapshot of the Peripheral Nerve Stimulators Market Outlook
Peripheral Nerve Stimulators Market Dynamics
The rising prevalence of chronic pain is one of the key factors driving peripheral nerve stimulators market growth. Chronic pain is one of the most common and serious disorders in the United States and worldwide. Lower back pain (LBP) has been the leading cause of long-term pain since 1990 and continues to be a global health concern. Moreover, the increasing geriatric population, rising obese population, and growing public awareness about PNS will also bolster the peripheral nerve stimulators market growth.
However, there are some constraints to peripheral nerve stimulators market growth, such as the difficulty of removing the PNS lead at times, procedure-related risks such as bleeding, infection, nausea, dizziness, headache, pain after surgery, and the possibility of the PNS interfering with other implantable devices. Furthermore, the high cost of these devices is a barrier to peripheral nerve stimulators market growth.
Additionally, during the COVID-19 pandemic, the peripheral nerve stimulators market experienced a slight decrease in product demand. Despite this, many studies have found it to be useful in monitoring chronic pain caused by COVID-19 infection. However, due to a lack of substantial data to support the claim, PNS devices were not widely used during the COVID era. Furthermore, the PNS devices require surgery to be implanted in the patient’s body, and because most healthcare facilities were devoted to caring for COVID-19 patients, the number of outpatient surgeries decreased significantly. However, with mass vaccination and the relaxation of lockdown restrictions, the market for many devices, including PNS devices, has begun to catch up slowly and is expected to grow further in the future.
Get a sneak peek at the peripheral nerve stimulators market dynamics @ Peripheral Nerve Stimulators Market Dynamics Analysis
| Report Metrics | Details |
| Coverage | Global |
| Study Period | 2019–2027 |
| Base Year | 2021 |
| Peripheral Nerve Stimulators Market CAGR | ~7% |
| Key Peripheral Nerve Stimulators Companies | B. Braun Melsungen AG, Bioventus, AVNS, Nalu Medical Inc, Stimwave LLC, Vygon, Medilogix, among others |
Peripheral Nerve Stimulators Market Assessment
- Peripheral Nerve Stimulators Market Segmentation
- Market Segmentation By Product: Implant and Percutaneous
- Market Segmentation By End User: Hospitals, Ambulatory Surgical Centers, and Others
- Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View
Which MedTech key players in the peripheral nerve stimulators market are set to emerge as the trendsetter explore @ Peripheral Nerve Stimulators Companies
Table of Contents
| 1 | Report Introduction |
| 2 | Executive summary |
| 3 | Regulatory and Patent Analysis |
| 4 | Key Factors Analysis |
| 5 | Porter’s Five Forces Analysis |
| 6 | COVID-19 Impact Analysis on Peripheral Nerve Stimulators Market |
| 7 | Peripheral Nerve Stimulators Market Layout |
| 8 | Global Company Share Analysis – Key 3-5 Companies |
| 9 | Peripheral Nerve Stimulators Market Company and Product Profiles |
| 10 | Project Approach |
| 11 | About DelveInsight |
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