Nerve stimulation is considered as a gold standard technique for the treatment of treat different types of health problems such as joint, or bone problems that occur in case of osteoarthritis or fibromyalgia, or low back pain, neck pain, neurological disorders, overactive bladder, and others. According to a study published in Research and Reports’ Urology journal in 2014, it is found that nerve stimulation is an effective intervention for OAB patients, who are not responsive to pharmacologic therapy. Even in case of neurological disorders, complex seizures are not being controlled by medication. Vagal nerve stimulation is most commonly recommended when medications aren’t effective. Among neurological disorders, nerve stimulation therapy is most commonly used for epilepsy and depression. The most commonly used nerve stimulators are deep brain stimulator (DBS), vagus nerve stimulator (VNS), and spinal cord stimulator (SCS).
Rising incidence of chronic health problems, technological improvements, increasing popularity of minimally invasive procedures, increasing geriatric population, and improvement in reimbursement policies are the key factors driving the nerve stimulators market.
However, the high cost of treatment and lack of skilled or trained physicians may hinder the growth of the market to an extent.
It is estimated that nerve stimulators market is expected to grow at a CAGR of 9.7% during the forecast period 2017-2023.
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Major Key Players in Nerve Stimulator Market
Some of key the players in the market are Boston Scientific Corporation, Cochlear Ltd, Medtronic plc, St Jude Medical, Inc., Cyberonics, Inc., Aleva Neurotherapeutics SA, NeuroPace, Inc, and others.
Regional Analysis
The Americas dominate the nerve stimulators market owing to the rising prevalence of chronic diseases, a well-developed technology, high healthcare expenditure, and the presence of the leading players. According to a study published in Drug and Alcohol Dependence journal in 2017, more than 100 million adult Americans are living with chronic pain. Chronic low back pain and headaches are the most commonly diagnosed conditions. It is also stated that conditions are more prevalent in women than men i.e. 34.3% in women, and 26.7% in men in the U.S.
Europe holds the second position in the nerve stimulators market. It is expected that the support provided by the government bodies for research & development, along with a well-developed technology drives the market in the European region.
Asia Pacific region is projected to be the fastest growing region during the forecast period. Increasing need for cost-effective nerve stimulators, rapidly improving technology, and the presence of huge patient pool drive the growth of this market in Asia Pacific region.
The Middle East and Africa hold the least share in the market owing to the presence of poor and slow developing countries, especially, in the African region.
Segmentation
The global nerve stimulators market is segmented on the basis of type, application, and end-users.
On the basis of the type, the market is segmented into deep brain stimulator (DBS), vagus nerve stimulator (VNS), and spinal cord stimulator (SCS).
On the basis of the application, the market is classified as chronic pain, depression, dystonia, epilepsy, Parkinson’s disease, and others.
On the basis of the end -users, the market is segmented into ambulatory surgical centers, hospital & clinics, and trauma centers.
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Notably, rising incidence of chronic health problems, technological improvements, increasing geriatric population, and improvement in reimbursement policies are the key factors driving the nerve stimulators market. According to a study published in Current Pain and Headache Reports journal in 2016, it is found that peripheral nerve stimulation (PNS) is widely accepted treatment procedure for chronic pain. StimRouter neuromodulation system by Bioness, Inc is a PNS technology based device specifically designed to treat chronic pain. The device also received FDA approval in 2015.
Increasing popularity of minimally invasive procedures across the globe is also fueling the market growth. For instance, gammaCore developed by a neuroscience and technology company, Electrocore, was the first non-invasive vagus nerve stimulation (VNS) therapy approved by FDA. It is used for episodic cluster headache. GammaCore received FDA approval on April 18, 2017.
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