Nerve Stimulator Market Top 10 Players Size and Shares Expected To Expand Significantly At A CAGR Of 9.7% During 2017-2023

Nerve Stimulator Market Highlights:

The current developments in therapeutic procedures coupled with the adoption of advanced technology in the healthcare sector have led to the introduction of various medical devices and technologies for therapeutic purposes. Nerve stimulator is one such device that is extensively used in electrotherapy for nerve stimulation. According to the report published by Market Research Future (MRFR), the global nerve stimulator market is anticipated to project significant expansion at a robust CAGR of 9.7% during the forecast period of 2017-2023.

Market Drivers and Restraints:

Nerve stimulators are devices that use low-voltage electric current for treating various medical conditions. The wide range of application of nerve stimulation techniques in electrotherapy for pain management, in dentistry for pain relief and others, is escalating the growth of the global nerve stimulator market. Nerve stimulators are majorly used for pain management and pain relief treatments. Hence, increasing inclination towards adoption of nerve stimulation technique for curing pain instead of consuming pain medications is driving the global nerve stimulator market towards higher verticals.

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The changing lifestyle of population and other physiological factors are leading to increased incidences of osteoarthritis, fibromyalgia, lower back pain, neck pain, depression, epilepsy, Parkinson’s disease, overactive bladder, neurological disorders and other health problems. The vital role of nerve stimulators in the treatment of these disorders is inducing high demand for low-cost and innovative nerve stimulation devices in the global market, which in turn is impacting positively on the growth of the global nerve stimulator market. However, availability of substitute products, lack of usage guideline, less penetration of medical devices and lack of awareness regarding the available treatments in the underdeveloped regions are likely to create hindrance in the growth of the global nerve stimulator market.

Competitive Analysis:

The skyrocketing demand for low-cost and efficient nerve stimulators has created large number of opportunities for manufacturers to launch innovative devices in the global nerve stimulator market. Increasing investment in research and development for new product launch is aiding the manufacturers in expanding their businesses on a global scale, which in turn is fueling the growth of the global nerve stimulator market.

On 1st August 2018, electroCore, Inc., a commercial-stage bioelectronic medical company, has announced the launch of gammaCore Sapphire, an upgraded version of gammaCore which is a non-invasive vagus nerve stimulator or nVNS. This device is now available in the U.S. and can be used for acute treatment of pain related to migraine and episodic cluster headache.

The key players in the global nerve stimulator market are Boston Scientific Corporation, St Jude Medical, Cochlear Ltd, NeuroPace, Inc., Medtronic plc, Inc., Cyberonics, Inc., Aleva Neurotherapeutics SA, and others.

Market Segmentation:

The global nerve stimulator market has been segmented on the basis of type, application and end-users. Based on type, the nerve stimulator market is segmented into deep brain stimulator (DBS), vagus nerve stimulator (VNS), and spinal cord stimulator (SCS). Based on application, the nerve stimulator market is segmented into chronic pain, depression, dystonia, epilepsy, Parkinson’s disease, and others. Based on end-users, the nerve stimulator market is segmented into ambulatory surgical centers, hospital & clinics, and trauma centers.

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Regional Analysis:

The global nerve stimulator market is segmented into four major regions such as Americas, Europe, Asia Pacific and the Middle East and Africa. The America region is dominating the global nerve stimulator market owing to the rapid technological advancement in medical devices and increasing healthcare expenditure. The nerve stimulator market in the Europe region is projecting significant growth due to paradigm shift towards adoption of non-invasive nerve stimulation procedures over synthetic drugs and medications and increasing government support for development of advanced and affordable nerve stimulators in this region. Availability of low-cost nerve stimulators and rising geriatric population is fueling the growth of nerve stimulator market in the Asia Pacific region. Lack of awareness and less technological penetration in the underdeveloped area of the Middle East and Africa region is negatively impacting the growth of nerve stimulator market in this region.

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