The Global Nerve Stimulators Market is expected to register a CAGR of 9.7% to reach USD 10,978.5 million till 2023. Nerve stimulation is a therapy that uses low-voltage electrical current for pain relief. The nerve stimulator used in nerve stimulation therapy is a bit like a heart pacemaker. In peripheral nerve and spinal cord stimulation, small pulse generator delivers electrical pulses to the nerves or the spinal cord. Nerve stimulator therapy has also proved as an efficient approach to get relief from neurological disorders. Among neurological disorders, nerve stimulation therapy is most commonly used for epilepsy and depression.
Rising incidence of chronic health problems, technological improvements, increasing geriatric population, and improved reimbursement policies in developed countries are expected to enhance the market growth. However, the lack of skilled or trained physicians and high cost of nerve stimulation therapy are projected to curb the growth of the market.
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Market Dynamics
Nerve stimulators have been gaining significance in recent years, owing to the increasing incidence of chronic health problems and increasing geriatric population. For instance, according to a study published in Pain Research and Management in 2017, the prevalence of chronic pain among Brazilian population was 39%, 31.7% in the French population, 48% in the UK, and 50% in the UK. Moreover, According to WHO, it is estimated that the world’s population aged 60 years and older will nearly double from 12% to 22% by 2050.
Segmentation
The global nerve stimulators market, by type, has been segmented into deep brain stimulator, a vagus nerve stimulator, and spinal cord stimulator. Based on applications, the nerve stimulators market has been classified as chronic pain, depression, dystonia, epilepsy, Parkinson’s disease, and others. Based on end user, the market has been classified as ambulatory surgical centers, hospital & clinics, trauma centers, and others.
Regional Analysis
The global nerve stimulators market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas is expected to hold the largest share of the global nerve stimulators market. North America is expected to dominate the market, mainly due to the increasing geriatric population. According to a study published in the 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 US.
Europe is expected to account for the second-largest market share during the forecast period. The factors responsible for market growth in this region are the presence of huge geriatric population and high healthcare spending.
Asia-Pacific is estimated to be the fastest-growing region in the global market due to the presence of a vast neurological disorder’s patient population, presence of tremendous opportunities for the development of the market drive the growth of the nerve stimulators market in Asia-Pacific. According to a study published in Neurology India journal in 2014, it is found that out of a total population of India, around 30 million people were suffering from neurological disorders in India.
The nerve stimulators market in the Middle East & Africa is expected to grow due to the presence of a well-developed healthcare sector.
Key Players
The prominent players in the global nerve stimulators market are Boston Scientific Corporation, Medtronic, Cochlear Ltd, St Jude Medical, Inc., Cyberonics, Inc., Aleva Neurotherapeutics SA, and NeuroPace, Inc.
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