On the back of the booming industrialization sector, the global peripheral nerve stimulators market is set to experience huge growth. With a large pool of industrial workers employed in industrialized economies, neuropathic pain is becoming highly prevalent. Neuropathic pain is already a pivotal health issue, affecting 40-60% of the elderly population across the world. Peripheral nerve stimulation is a technique that places electrodes along the course of peripheral nerves and control pain. The use of peripheral nerve stimulators for treating neuropathic pain is rapidly gaining traction globally.
Peripheral nerve stimulators find application in the treatment of chronic pain, which is a common occurrence in patients with nerve injuries and neurodegenerative disorders. The National Institute of Neurological Disorders and Stroke reports that 50 million Americans are affected by roughly 600 different types of neurological disorders. The growing prevalence of neurological disorders, nerve injuries, chronic pain, back pain, neck pain, and neuropathic pain in recent years will contribute to the growth of the peripheral nerve stimulators market to a large extent.
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Here are 3 Key Trends Impacting the Peripheral Nerve Stimulators Market:
- Advances in Pain Management Technology
Peripheral nerve stimulator manufacturers constantly change their product and technology categories to improve equipment capability. The sales of these products are expected to be improved and market share in the long-term increased. The peripheral nerve stimulator helps to relieve pain only when necessary, while other medicines affect the entire body and can cause constipation, sleepiness and other pain-free problems. The type of side effects associated with many medications is not found in stimulation therapy. Peripheral stimulation of the pain relief and stimulation of the spinal cord may allow people to take less pain relief medication.
- Rising Demand for Minimally Invasive Technology
The first technique of achieving pain relief was the use of epidurals. The development of the pain – management subspecialty in anesthesia has been encouraged, with many techniques developed to relieve or reduce pain that is minimally invasive. The implementation peripheral nerve stimulators, in conjunction with other minimally invasive surgical techniques as well as nonsurgical modalities, is likely to help patients help ultimately achieve a better quality of life, and is expected to see high uptake in the coming years. This is a leading trend that is expected to fuel the global peripheral nerve stimulators market in forthcoming years.
- Favorable Reimbursement Policies and Regulatory Approvals
The FDA is approved for epidural stimulation of the spinal cord, amongst most peripheral nerve stimulation devices currently used to treat chronic pain. Notwithstanding the lack of regulatory approval, insurance companies are subject to medically necessary approval of peripheral nerve simulation procedures at present. The push by vendors towards implementing favorable regulation and support in the form of reimbursement is expected to boost the global peripheral nerve stimulators market.
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Globally, North America is anticipated to be responsible for generating vast revenues in the global peripheral nerve stimulators market. This could be attributed to the established healthcare infrastructure, favorable medical reimbursement policies offered by the government, along with high per capita healthcare expenditure, For instance, Health Canada approved implantable neuro simulation in a few years back. A recently launched product, Stimwave’s Freedom SCS System, which is the world’s first wireless nerve stimulation device. The product is licensed by Health Canada and available commercially in the country. Europe is another key region contributing substantial revenue to the global peripheral nerve stimulators market.
Key players in the global peripheral nerve stimulators market are B. Braun Melsungen AG, Xavant Technology (Pty) Ltd., Teleflex, and Vygon SA.