Peripheral Nerve Stimulator Market

Peripheral Nerve Stimulator Market Outlook (2024 to 2034)

Worldwide revenue from peripheral nerve stimulator market size is set to reach US$ 540.9 million in 2024. As per this detailed research study by Fact.MR, the market is projected to climb to a value of US$ 1.09 billion by the end of 2034, expanding at a CAGR of 7.2%.

When neuromuscular blocking agents (NMBAs) are used to stop musculoskeletal activity, a peripheral nerve stimulator, commonly referred to as a train-of-four monitor, is utilized to evaluate neuromuscular transmission.

Peripheral nerve stimulation ensures an appropriate pharmaceutical dose and reduces adverse effects by measuring the degree of neuromuscular inhibition. In the intensive care unit (ICU), peripheral nerve stimulation is widely utilized for continuous monitoring. For the sickest patients, NMBAs are utilized to lessen respiratory effort and make mechanical ventilation easier.

When peripheral nerve stimulation monitoring is used during NMBA administration, less medicine is needed, which speeds up the recovery of spontaneous breathing and neuromuscular transmission when the NMBA is stopped.

Advancements in neuromodulation technology and a growing focus on individualized pain treatment strategies are contributing to the peripheral nerve stimulator market size. The effectiveness and accuracy of nerve stimulation treatments are being improved by developments in electrode design, stimulation algorithms, and device downsizing.

Key Market Growth Drivers

• Peripheral nerve stimulation is widely used to treat patients with conditions such as neuropathic pain, complex regional pain syndrome, and some types of arthritis instead of more traditional pain treatment methods.
• Growing demand for effective pain management treatments such as neuromodulation therapies, particularly from the aging population is boosting the adoption of peripheral nerve stimulators.
• Advancements in peripheral nerve stimulation technologies such as improvements in electrode designs, stimulation algorithms, and device downsizing are boosting demand.
• Peripheral nerve stimulator devices are now becoming more convenient and easier to use due to the addition of wireless connectivity and programming platforms based on smartphones.
• With implanted pulse generators and rechargeable batteries, ambulatory peripheral nerve stimulator systems allow patients to get therapy without having to stay overnight, facilitating a quicker recovery and improved quality of life.
• Other than pain treatment, peripheral nerve stimulation is widely used in neurology, rehabilitation medication, orthopedics, and several other therapeutic domains.
• Peripheral nerve stimulation devices are useful in treating various medical disorders due to their adaptability in focusing on certain nerves or neural pathways, which helps patients restore function and feel better.
• Ongoing market trends are the increasing focus and the need for minimally invasive and outpatient pain management techniques.
• Peripheral nerve stimulator market growth is primarily driven by the rising prevalence of chronic pain such as neuropathic pain, back pain, and arthritis.

Report Attribute	Detail
Peripheral Nerve Stimulator Market Size (2024E)	US$ 540.9 Million
Forecasted Market Value (2034F)	US$ 1.09 Billion
Global Market Growth Rate (2024 to 2034)	7.2% CAGR
North America Market Share (2024E)	36.4%
Latin America Market Value (2024E)	US$ 37.63 Million
Sales of Transcutaneous Peripheral Nerve Stimulators (2034F)	US$ 757.4 Million
Revenue from Product Use in Outpatient Centers (2034F)	US$ 716.2 Million
Key Companies Profiled	Abbott; Boston Scientific Corporation; Advanced Bionics; Braun SE; Novum Therapeutics; Medtronic; Respicardia; BioControl Medical; SPR Therapeutics; Teleflex Incorporated.

What is a Key Peripheral Nerve Stimulator Market Trend?

“Technological Advancements Enhancing Patient Comfort and Efficacy of Nerve Stimulation Treatments”

The market for peripheral nerve stimulators is expanding at a significant pace due to technological advancements that are improving the comfort of patients and the efficacy of nerve stimulation treatments. These developments include enhancements in electrode design to enable more accurate targeting of nerves, maximizing therapeutic results while reducing adverse effects. Advanced simulation algorithms are improving patient comfort and satisfaction and enabling customized therapy techniques.

Peripheral nerve stimulation devices are becoming smaller, more portable, and unobtrusive, which helps end users manage them more effectively. The combination of smartphone-based programming platforms and wireless connectivity is improving usability by allowing patients and professionals to remotely monitor and modify their therapy settings, which enhances treatment compliance.

What is the Main Hurdle Hindering Market Expansion?

“High Treatment Cost Reducing Treatment Accessibility for Patients with Budget Constraints”

High costs of treatments using peripheral nerve stimulation are becoming a barrier to market expansion as it reduces the accessibility for many patients who have budget-constrained or limited healthcare coverage. The high cost of peripheral nerve stimulators also impacts healthcare facilities due to high initial investment requirements and continuous maintenance expenditures. Continuous maintenance expenses and replacement costs are limiting the adoption and utilization of these devices.

Country-wise Insights

North America is estimated to hold 36.4% of the worldwide peripheral nerve stimulator market share in 2024 due to the availability of well-developed healthcare centers. Eastern & Western Europe are expected to account for a significant market share throughout the projection period due to increasing spending on healthcare sector enhancements and the rising number of nerve injury patients.

What’s Attracting Patients Seeking Relief from Chronic Pain to the United States?

“Availability of Advanced Nerve Stimulator Devices and Skilled Healthcare Professionals”

Attribute	United States
Market Value (2024E)	US$ 169 Million
Growth Rate (2024 to 2034)	5.7% CAGR
Projected Value (2034F)	US$ 295 Million

Advanced healthcare sector in the United States is the primary factor that is contributing to market expansion in the country. Demand for peripheral nerve stimulator devices is increasing due to technological innovations. Investments in technological advancements are facilitating the launch of new products, benefiting both patients and end users by enhancing outcomes and simplifying treatment procedures. Advanced devices and skilled healthcare professionals in the United States are attracting patients from various countries seeking treatment.

Why are Manufacturers and Suppliers of Peripheral Nerve Stimulators Drawn to Brazil?

“Increasing R&D Investments and Government Support for Enhancing Treatment Efficacy”

Attribute	Brazil
Market Value (2024E)	US$ 20.83 Million
Growth Rate (2024 to 2034)	8.2% CAGR
Projected Value (2034F)	US$ 45.93 Million

Key reason behind the increasing demand for peripheral nerve stimulators in Brazil is the rising prevalence of chronic pain conditions, boosting the need for advanced pain management devices. Other than these factors, excellent reimbursement policies and increasing investments in the healthcare sector are also contributing to market expansion in the country. Also, government initiatives for enhancing treatment efficacy and increasing investment in research and development activities are attracting suppliers and buyers.

Category-wise Insights

By product type, the market is segmented into transcutaneous and implantable peripheral nerve stimulators. Even though the transcutaneous segment is estimated to hold a significant market share, the demand for implantable peripheral nerve stimulators is projected to rise at 7.9% CAGR through 2034.

Which Type of Peripheral Nerve Stimulator Accounts for Higher Sales?

“Portability and Compact Size of Transcutaneous Peripheral Nerve Stimulators Driving Sales”

Attribute	Transcutaneous Peripheral Nerve Stimulators
Segment Value (2024E)	US$ 387.2 Million
Growth Rate (2024 to 2034)	6.9% CAGR
Projected Value (2034F)	US$ 757.4 Million

Demand for transcutaneous peripheral nerve stimulators is rising because they provide a non-invasive method of pain management which makes them the preferred choice for people who want an alternative to medication or invasive methods. Portability and small size are benefits of these devices due to which they are usable at home. Other than this, increasing attention toward complementary and alternative medication is also contributing to the increasing demand for transcutaneous peripheral nerve stimulators.

Transcutaneous electrical nerve stimulation, which works by suppressing glial activation, increasing gamma-aminobutyric acid and glycine levels, and decreasing the sensitivity of dorsal horn neurons, is a popular therapeutic strategy for both acute and chronic pain relief.

Why is There Rising Need for Peripheral Nerve Stimulators in Outpatient Centers?

“Rising Adoption of Minimally Invasive Alternatives for Treating Chronic Pain in Outpatient Care”

Attribute	Outpatient Centers
Segment Value (2024E)	US$ 352.8 Million
Growth Rate (2024 to 2034)	7.3% CAGR
Projected Value (2034F)	US$ 716.2 Million

Rising need for peripheral nerve stimulators in outpatient centers is driven by their critical role as a minimally invasive alternative for treating chronic pain. Peripheral nerve stimulators offer focused pain management, enabling patients to go home soon after the treatment, which is in line with the expediency and quick recovery objectives of the outpatient environment.

Peripheral nerve stimulators are now safer and more effective because of technological developments, which have led to a rise in their use in outpatient settings. Peripheral nerve stimulators are included in outpatient care in response to the increased emphasis on multimodal methods of pain management, which has satisfied patient demand for extensive and customized treatment alternatives.

Competitive Landscape

Key players in the peripheral nerve stimulator market such as Boston Scientific Corporation, Medtronic, Abbott Laboratories, and many others are expanding their product portfolio and global reach to maintain their market position and increase profit. An increasing number of start-ups are making the market competitive, which makes companies innovate new products. Also, the growing focus on making peripheral nerve stimulator devices digitally controlled, manufacturing in small and portable sizes, and reducing cost without compromising on quality is boosting the adoption of these devices, which is benefitting market players.

• In May 2024, SPR Therapeutics released encouraging findings from a trial involving their peripheral nerve stimulation (PNS) device to assist patients after knee replacement surgery who are suffering from persistent knee discomfort.
• In February 2024, to increase sales of its Sprint PNS painkilling device, SPR Therapeutics raised US$ 85 million.
• In January 2024, in a Series E funding round, United States-based Nalu Medical secured US$ 65 million to further the development and commercialization of its neurostimulation device for treating chronic pain.
• In January 2024, the United States FDA approved Neuralace Medical’s ground-breaking medication, Axon Therapy (mPNS), for the treatment of persistent painful diabetic neuropathy (PDN).
• In August 2023, GlobalSpace, India's first telehealth provider, and local neurotech wellness start-up Roga struck a multimillion-dollar deal. The US$ 35 million contract is Roga's first significant healthcare agreement and a first step toward providing white-label services globally.

Fact.MR provides detailed information about the price points of leading manufacturers of peripheral nerve stimulators positioned across the world, sales growth, production capacity, and speculative technological expansion in this new market report.

Segmentation of Peripheral Nerve Stimulator Market Research

• By Product Type :

  • Transcutaneous
  • Implantable

• By End User :

  • Hospitals
  • Outpatient Centers

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa