In a recent published report, Kenneth Research has updated the market report for Peripheral Nerve Stimulators Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Peripheral Nerve Stimulators Market products.
Peripheral nerve stimulation is commonly known as PNS, and a common method to treat chronic pain. It includes surgery that places a small electrical device next to one of the peripheral nerves. The global peripheral nerve stimulators market expected to grow significantly over the forecast period. It is anticipated that the market held a value of USD 750.36 million in 2018 and is projected to grow at a CAGR of 7.7% over the forecast period. The global peripheral nerve stimulators market is expected to grow at a significant growth rate. The major factors influencing the growth of the market include; increasing growth in technological advancement in the field of medical devices, rising economic growth, increasing geriatric devices, rising neurological disorders, rising incidence of chronic health problems, and others.
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The market is expected to witness a profitable growth owing to the rise in neurological disorders such as Parkinson’s, Alzheimer’s, epilepsy, depression, and essential tremors. As per the statistics of WHO in 2017, around 50 million people all over the world were affected by epilepsy. Additionally, Alzheimer’s Research UK stated that over 46.8 million people worldwide were affected by dementia in 2015 and was expected to reach 50 million patients in 2017. Moreover, this number would double every 20 years, reaching 75 million by 2030 and 131.5 million by 2050.
Furthermore, Alzheimer’s Disease International reported the total worldwide cost of dementia to be USD 818 billion in 2015, which represents 1.09% of the global GDP. Additionally, the cost is likely to rise to USD 1 trillion.These huge prevalence of neurological disorders among the population and rising healthcare expenditure for neurological disorders are driving the growth of the peripheral nerve stimulators market.
Segmentation
The global peripheral nerve stimulators market has been segmented into product, end user, and region.Based on product, the market is segmented into transcutaneous and implantable.Based on end user, the peripheral nerve stimulators market is segmented into hospitals & clinics, ambulatory centers, specialty centers, and others.The global peripheral nerve stimulators market, by region, has been segmented, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The peripheral nerve stimulators market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
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The European peripheral nerve stimulators market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.The peripheral nerve stimulators market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The peripheral nerve stimulators market in the Middle East & Africa has been segmented into the Middle East and Africa.
Key Players
Braun Melsungen AG
Avanos Pain Management
Enteromedics
ElectroCore, Inc.
NeuroSigma, Inc
NeuroMetrix, Inc.
SPR Therapeutics LLC
Stimwave LLC.
SUNMED INC.
Vygon SA
Boston Scientific Corporation
Medline Industries, Inc.
Regional Market Summary
Global Peripheral Nerve Stimulators Market Share (%), by Region, 2018
Geographically, the Americas is anticipated to dominate the global peripheral nerve stimulators market owing to the presence of major players, huge neurological disorders patient population, increasing adoption of advanced technology in the field of medical device, in the region.
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Europe is expected to hold the second largest position in the global peripheral nerve stimulators market.Asia-Pacific is the fastest growing peripheral nerve stimulators market owing to the increasing geriatric population, the presence of a huge patient pool and rapidly improving the technology.The Middle East and Africa market for Peripheral Nerve Stimulators is expected to grow at a steady pace.
Global Peripheral Nerve Stimulators Market, by Product
Transcutaneous
Implantable
Global Peripheral Nerve Stimulators Market, by End User
Hospitals & Clinics
Ambulatory Centers
Specialty Center
Others
Global Peripheral Nerve Stimulators Market, by Region
Americas
North America
US
Canada
South America
Europe
Western Europe
Germany
France
Italy
Spain
UK
Rest of Western Europe
Eastern Europe
Asia-Pacific
Japan
China
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
Middle East
Africa
Intended Audience
Peripheral nerve stimulators manufacturers
Peripheral nerve stimulators distributors
Hospitals, clinics, and associations
Private insurance companies
Government agencies
Various research and consulting firms
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