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What Is the Forecast for the Peripheral Nerve Stimulators Market Growth in 2025?

In recent times, the market size for peripheral nerve stimulators has witnessed a robust growth. The market value which stands at $0.70 billion in 2024 is forecasted to rise to $0.77 billion in 2025 with a compound annual growth rate (CAGR) of 9.35%. The significant growth observed in the historic period is due to a surge in demand for non-drug pain management solutions, heightened consciousness towards alternative pain relief therapies, escalated adoption of minimally invasive procedures, an increase in the elderly population, and a rise in the number of clinics specializing in pain management.

What Is the Forecast for the Peripheral Nerve Stimulators Market Size Through 2029?

Expectations are that the peripheral nerve stimulators market will experience substantial growth in the upcoming years, expanding to $1.08 billion in 2029 with an 8.98% CAGR. This anticipated growth during the forecasted period can be connected to several factors such as supportive government regulations and initiatives, an increased preference for outpatient and home-based care, an escalating number of pain management clinics, a surging demand for personalized PNS devices, and an expanding healthcare infrastructure. Notably, key trends projected within the forecast period encompass the creation of wireless peripheral nerve stimulators, the utilization of mobile apps for remote monitoring of PNS devices, the advent of wearable, non-invasive PNS devices, and the launch of cutting-edge PNS systems incorporating AI-enhanced pain management features.

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What are the Key Market Players in Peripheral Nerve Stimulators Market and How They’re Evolving?

Major companies operating in the peripheral nerve stimulators market are Abbott Laboratories, Medtronic plc, Boston Scientific Corp., Globus Medical Inc., Livanova plc, Nevro Corp., Axonics Modulation Technologies, Saluda Medical Pty Ltd., Stimwave Technologies Incorporated, Nalu Medical Inc., Bioness Inc., SPR Therapeutics Inc., Neuspera Medical Inc., B. Braun Melsungen AG, NeuroMetrix Inc., BioElectronics Corporation, Soterix Medical Inc., Xavant Technology Pty Ltd., Neurostimulation Technologies, STIM Systems

What Are the Primary Growth Drivers in the Peripheral Nerve Stimulators Market?

The rise in the occurrence of neurological issues is anticipated to bolster the expansion of the peripheral nerve stimulators market. These neurological conditions are health issues impacting the brain, spinal cord or peripheral nerves, causing functional, structural or biochemical anomalies. The increased occurrence can be accredited to elements like growing age groups, genetic tendencies, environmental factors, lifestyle decisions, and the heightened consciousness and detection of these disorders. Peripheral nerve stimulators are crucial in curbing the frequency of neurological diseases by offering targeted respite from chronic pain, boosting motor function, and encouraging nerve restoration in impacted regions. For instance, the Alzheimer’s Association, a non-profit health group based in the US, recorded that around 6.7 million Americans aged 65 and older were living with Alzheimer’s dementia in March 2023, and this number is predicted to escalate to 13.8 million by 2060. Hence, the rise in the occurrence of neurological conditions is fuelling the growth of the peripheral nerve stimulators market.

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What Are the Leading Segments in the Global Peripheral Nerve Stimulators Industry?

The peripheral nerve stimulators market covered in this report is segmented –

1) By Product: Transcutaneous, Percutaneous, Implantable

2) By Device: Stimulators, CPNB Catheters, Pain Pumps, Other Devices

3) By Mode of Purchase: Disposable Devices, Rechargeable Devices

4) By Application: Hospitals, Physiotherapy Centers, Ambulatory Surgical Centers, Clinics, Other Applications

Subsegments:

1) By Transcutaneous: TENS (Transcutaneous Electrical Nerve Stimulation) Units, Surface Electrodes

2) By Percutaneous: Single-Needle Percutaneous Stimulators, Multi-Needle Percutaneous Stimulators, Radiofrequency Percutaneous Stimulators

3) By Implantable: Spinal Cord Stimulators (SCS), Peripheral Nerve Stimulation (PNS) Devices, Neurostimulator Implants

What Are the Key Market Trends in the Peripheral Nerve Stimulators Industry?

Leading businesses in the peripheral nerve stimulators market are prioritizing the creation of groundbreaking products like ultra-miniaturized systems to boost patient comfort, enhance treatment results, and widen their usage in numerous therapeutic sectors. Ultra-miniaturized systems are extremely compact, small-sized devices created for improved features, often utilizing state-of-the-art technology to improve performance, portability, and versatility across various operations. For example, NeuSpera Medical Inc., an American implantable medical devices manufacturer, reported in April 2023 that it had received clearance from the U.S. Food and Drug Administration (FDA) for its next-gen Neuspera ultra-miniaturized system used for managing chronic peripheral nerve pain. This uniquely crafted device delivers concentrated electric impulses to peripheral nerves, bypassing the need for conventional leads, thereby making it minimally invasive and lowering risks linked to lead-based apparatus. The device’s small stature allows for smooth implantation with lesser tissue damage, leading to quicker recovery times. The micro-implant also offers the possibility of enduring pain relief by directly stimulating the nerve pathways that are affected, offering an innovative solution for patients dealing with chronic peripheral nerve pain.

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What Is the Regional Outlook for the Peripheral Nerve Stimulators Market?

North America was the largest region in the peripheral nerve stimulators market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the peripheral nerve stimulators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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This Report Delivers Insight On:

1. How big is the peripheral nerve stimulators market, and how is it changing globally?

2. Who are the major companies in the peripheral nerve stimulators market, and how are they performing?

3. What are the key opportunities and risks in the peripheral nerve stimulators market right now?

4. Which products or customer segments are growing the most in the peripheral nerve stimulators market?

5. What factors are helping or slowing down the growth of the peripheral nerve stimulators market?

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