Newark, New Castle, USA, July 06, 2023 (GLOBE NEWSWIRE) -- The market analysis of the global sacral nerve stimulation devices market was conducted by Growth Plus Reports in 2022 and was valued at US$ 1.8 billion. The market is expected to hit a revenue CAGR of 12.7% to reach US$ 5.27 billion by 2031.
The need for minimally invasive treatments for different neurological and urological problems is expected to increase in the coming years, propelling the revenue growth of the global market for sacral nerve stimulation (SNS) devices. Using implanted devices to stimulate the sacral nerves, essential for controlling bowel and bladder function, is known as sacral nerve stimulation. Due to the rising prevalence of conditions, including hyperactive bladder, fecal incontinence, and urine retention, the market revenue will likely expand significantly.
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Global Sacral Nerve Stimulation Devices Market Scope
| Report Attribute | Details |
| Market Size Value in 2022 | US$ 1.8 billion |
| Revenue Forecast in 2031 | US$ 5.27 billion |
| CAGR | 12.7% |
| Base Year for Estimation | 2022 |
| Forecast Period | 2023-2031 |
| Historical Year | 2021 |
| Segments Covered | Product, Application, and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Recent Development in the Global Sacral Nerve Stimulation Devices Market:
• In April 2022, The F15 SNM device, a long-lasting implanted neurostimulator (INS) for sacral neuromodulation (SNM), was given FDA clearance by Axonics, Inc. At standard stimulation parameters, the F15 recharge-free SNM system has a functional life of over 15 years, and at lower-energy levels, it may survive for more than two decades.
Market Players:
- Abbott Laboratories
- Axionics Modulation Technologies Inc.
- Nuvectra
- NeuroPace Inc.
- Boston Scientific Corporation
- BioMedical Life Systems Inc
Major companies invest significantly in R&D operations to create technologically sophisticated SNS devices that enhance patient comfort and results. Continuous improvements in electrode technology, programming algorithms, and device design are improving the efficacy and customization of therapy, which improves patient outcomes. Additionally, partnerships between healthcare providers and medical device manufacturers are promoting innovation and hastening the creation of SNS devices for the next generation.
The increased incidence of fecal incontinence, overactive bladder, and other associated illnesses is a key factor in the market's revenue growth. The number of people seeking medical treatment for these disorders is rising due to an aging population, changing lifestyles, and greater public knowledge of available treatment choices. As a result, it is expected that in the upcoming years, demand for SNS devices will skyrocket.
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Market Segmentation:
- Three perspectives have been used to assess the global market for sacral nerve stimulation devices: product, application, and region.
- The global market for sacral nerve stimulation devices is segmented into implantable and external SNS devices.
- The implanted SNS devices dominated the global market in terms of revenue.
- The global market for sacral nerve stimulation devices is segmented into three categories based on application: fecal incontinence, urinary incontinence, and others.
- With the biggest revenue share in 2022, the urinary incontinence sector led the global market for sacral nerve stimulation devices.
Geographically, the market for sacral nerve stimulation devices is currently dominated by North America. This is explained by the high incidence of the target diseases, a strong healthcare system, and helpful reimbursement regulations. However, the Asia Pacific area is expected to grow significantly throughout the projection period. The market in this area is developing due to the expanding use of cutting-edge medical technology, rising healthcare costs, and rising patient and healthcare professional awareness.
Market Restraints:
Despite the promising future, there are still difficulties in the sacral nerve stimulation devices market. These issues include the high price of devices, the low level of patient and physician knowledge, and the requirement for qualified specialists for device insertion and programming. Market participants, healthcare organizations, and patient advocacy groups are actively striving to overcome these issues to provide more access to SNS devices and improve patient outcomes.
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Products
- Secondary Products
- Primary Products
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- Regulatory Landscape
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
- GLOBAL SACRAL NERVE STIMULATION DEVICES MARKET - ANALYSIS & FORECAST, BY PRODUCT
- External SNS Devices
- Implantable SNS Devices
- GLOBAL SACRAL NERVE STIMULATION DEVICES MARKET - ANALYSIS & FORECAST, BY APPLICATION
- Urinary incontinence
- Fecal incontinence
- Others
SACRAL NERVE STIMULATION DEVICES MARKET TOC
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