Peripheral Nerve Stimulators Market Size, Outlook, Opportunities and Market Forecast 2024-2031

Global Peripheral Nerve Stimulators Market Size, Share & Trends Analysis Report By Product, By Stimulating Feature, By End-user, By Region, And Segment Forecasts, 2024 – 2031

Market Overview

The Global Peripheral Nerve Stimulators Market reached US$ 529.14 million in 2023 and is expected to reach US$ 977.11 million by 2031, growing at a CAGR of 8.2% during the forecast period 2024-2031.

Peripheral nerve stimulators (PNS) are medical devices that use electrical currents to stimulate peripheral nerves. These nerves are located outside of the brain and spinal cord, and they connect the central nervous system to the muscles, skin, and other organs throughout the body.

These devices include transcutaneous PNS (TENS), implanted PNS, and percutaneous. PNS can be effective for pain from conditions like arthritis, low back pain, neuropathic pain (e.g., diabetic neuropathy), and post-surgical pain.

Market Scope

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Market Dynamics: Drivers & Restraints

Rising cases of peripheral nerve injuries

The rising prevalence of peripheral nerve injuries is expected to drive the market growth. Numerous incapacitating symptoms, including pain, weakness, and sensory loss, can be brought on by peripheral nerve injuries. There will be an increasing need for efficient treatment alternatives as the number of persons with PNIs increases. Healthcare practitioners can effectively manage these symptoms with PNS therapy since it provides a focused, non-surgical approach.

For instance, according to the report by the National Institute of Health in 2022, it stated that peripheral nerve injuries (PNI) are mainly caused by surgery and trauma and are common in clinical practice, with 13 to 23 per 1,00,000 people typically suffering from PNI. About 2.4% of people globally have a form of peripheral neuropathy. Thus, the above factors are expected to drive the market growth during the forecast period. 

High cost of peripheral nerve stimulators  

Peripheral nerve stimulators (PNS) are expensive, and this presents a big obstacle for the market that affects individuals and healthcare providers.  The initial investment for PNS devices, particularly those with advanced features, can be substantial. Patients may find this burdensome, particularly if they are underfunded or do not have adequate insurance.

Segment Analysis

The global peripheral nerve stimulators market is segmented based on product, stimulating feature, end-user and region.

Transcutaneous peripheral nerve stimulators segment is expected to dominate the market growth

In the peripheral nerve stimulator (PNS) market, transcutaneous peripheral nerve stimulators (TENS) are the market leaders. Their units are considerably less expensive than implanted PNS devices. They are more accessible to a larger range of patients due to their affordability, especially those who are in settings with limited funds. Since TENS machines are frequently reusable, patients who need continuous therapy can save even more money over time. 

The TENS machine is non-invasive. Without requiring surgery or skin bruising, electrodes are positioned on the skin's surface close to the afflicted area to provide electrical stimulation. They therefore have a convenient choice for individuals who might be wary of undergoing surgical procedures. TENS machines enable self-administered therapy since they are frequently portable and relatively easy to use. Patients are more likely to adhere to their treatment plans when this degree of ease is provided. Approved for use in post-operative pain treatment, labor pain management, and chronic pain conditions such as neuropathic pain, low back pain, and arthritis, TENS therapy is useful for several purposes. 

When compared to implanted PNS devices, TENS units are typically categorized as medical devices with less stringent regulations. Greater innovation in this PNS market category is made possible by the ability of new TENS unit types to enter the market more quickly.  Thus, the above factors are holding the segment in the dominant position in the market share

Geographical Analysis

North America is expected to hold a significant position in the peripheral nerve stimulators market share

North America has a high prevalence of chronic neurological conditions like chronic pain, movement disorders (Parkinson's disease, essential tremor), and urinary dysfunction. PNS treatment is well suited for treating these illnesses. North America's aging population significantly expands the possible patient pool for PNS devices. 

North America has excellent hospitals, pain management clinics, and a sophisticated healthcare infrastructure. This makes it easier for medical practitioners to accept and operate PNS devices. The increasing prevalence of neurodegenerative disease increases the demand for peripheral nerve stimulators in the region. 

For instance, according to the Parkinson's Foundation, nearly one million people in the U.S. are living with Parkinson's disease (PD). This number is expected to rise to 1.2 million by 2030. Parkinson's is the second-most common neurodegenerative disease after Alzheimer's disease. Nearly 90,000 people in the U.S. are diagnosed with PD each year.

The incidence of Parkinson's disease increases with age, but an estimated four percent of people with PD are diagnosed before age 50. Men are 1.5 times more likely to have Parkinson's disease than women. Thus, the above factors are expected to hold the region in the dominant position.

COVID-19 Impact Analysis

The supply chain for PNS devices and components has been restricted by global lockdowns and travel restrictions. This affected patient access to these devices by causing shortages and delivery delays. Several PNS implantations are regarded as elective surgeries.  During the peak of the pandemic, hospitals gave priority to emergency care, which resulted in a substantial decline in PNS implantation procedures.  This had an immediate effect on PNS device demand. The COVID-19 issue was being managed with the majority of healthcare resources.  This took focus away from other medical conditions that would have benefited from PNS therapy, which could have delayed diagnoses.

Market Segmentation

By Product

• Transcutaneous
• Percutaneous
• Implantable 

By Stimulating Feature

• PNS-TOF
• PNS

By End-User

• Hospitals
• Ambulatory Surgical Centers
• Specialty Clinics
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa  

Competitive Landscape

The major global players in the market include Abbott Laboratories, Becton Dickinson and Company, Boston Scientific Corporation, Nalu Medical, Inc., B. Braun Melsungen AG, Teleflex Incorporated, Vygon SAS, Medtronic, Inc., Neuspera Medical and Medilogix among others.

Key Developments

• On April 18, 2023, Neuspera Medical received U.S. Food and Drug Administration (FDA) clearance for the next-generation Neuspera ultra-miniaturized system. The system is comprised of a micro-implant that delivers neurostimulation therapy through a wireless platform including a wearable transmitter and iPad-based clinician programmer.

Why Purchase the Report?

• To visualize the global peripheral nerve stimulators market segmentation based on product, stimulating feature, end-user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of peripheral nerve stimulators market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global peripheral nerve stimulators market report would provide approximately 53 tables, 47 figures and 176 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies