The global nerve stimulator market size was valued at USD 4347.2 million and is estimated to reach a value of USD 5837.1 million by the end of 2028, expanding at a CAGR of 4.3% during the forecast period, between 2021 and 2028. Nerve stimulator is a device that is primarily designed to stimulate nerves in those organs that lack regular function and normal activity. This device sends electrical pulses to the nerves in order to stimulate such major organs including spinal cord, brain, and other peripheral parts that result to effective adoption of treatment options. It is also widely used for pain management, by using these low-voltage electrical currents, either by blocking the transmission of pain signals in the body or by increasing the level of endorphins present in the body. Endorphins are natural pain killers released by the body so that it blocks the perception of body pain. Nerve stimulator provides various advantages such as lower pain ratings and little to no side effects as a result of the recent development in medical technology to make devices more reliable, efficient, and safe.
COVID-19 significantly had a positive impact on the market as the devices are adopted for the treatment of patients suffering from depression. Due to movement restriction and prolonged stay at home impacted by the pandemic-related emergency lockdown, the number of people suffering from anxiety and depression are reported to be rising significantly across the globe. As per reports, around 19.4 million adults in the US had at least one depressive episode and the pandemic has worsen the situation in the country as well as globally.
The report on the global nerve stimulators market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes |
Details |
Report Title |
Global Nerve Stimulator Market - Industry Analysis, Size, Share, Growth, Trends And Forecast |
Base Year |
2020 |
Historic Data |
2018 & 2019 |
Forecast Period |
2021–2028 |
Segmentation |
End-users (Hospitals & Clinics, Ambulatory Centres, Specialty Centres, and Others), Device Types (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, Gastric Electric Stimulator, Transcranial Magnetic Stimulators, and Others), Applications (Pain Management, Hearing Loss, Urinary Incontinence, Parkinson's Disease, Epilepsy, Depression, Dystonia, and Others) |
Regional Scope |
Asia-Pacific, North America, Europe, Latin America, and Middle East & Africa |
Report Coverage |
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast |
Key Players Covered in the Report |
Stimwave LLC; NeuroSigma Inc.; NeuroMetrix Inc; Vygon SA; Medline Industries Inc; SUNMED INC; IDS Medical Systems; Boston Scientific Corporation; Medtronic; Medline Industries Inc; Enteromedics; SPR Therapeutics LLC; ElectroCore Inc.; St. Jude Medical; B. Braun Medical Inc.; and Xavant Technology (Pvt) Ltd. |
Based on end-users, the global nerve stimulator market is segmented into hospitals & clinics, ambulatory centres, specialty centres, and others. The hospitals & clinics segment accounted for more than 35% of the global market share in 2020 and is projected to hold significant market share in the coming years. The segment growth is owing to consumers’ preferences for opting specialised hospitals and clinics for better services and treatment. The urban population basically prefers big and efficient hospitals over small medical centres. Furthermore, the presence of huge diverse staffs, well-skilled, and helpful workforce in hospitals and clinics presents another key factor driving the segment growth.
In terms of devices types, the market is segregated into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, gastric electric stimulator, transcranial magnetic stimulators, and others. The spinal cord nerve stimulators segment is projected to register a high CAGR during the forecast period due to increase in demand for the products among medical staffs in hospitals and clinics. Additionally, technological advancement in spinal cord stimulation therapy is effective for pain management as it offers several benefits in terms of reducing the pain.
Based on applications, the global nerve stimulator market is divided into pain management, hearing loss, urinary incontinence, parkinson's disease, epilepsy, depression, dystonia, and others. The depression segment is projected to represent a large market share of the market during the projected period owing to the prevailing situation of the COVID-19 pandemic that cause the rising cases of depression globally.
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle & East Africa. North America is anticipated to dominate the global market during the projected period due to the large number of geriatric population and increase in the number of patients suffering from neurological disorders especially Alzheimer’s, epilepsy, and dystonia. However, the market of Europe is projected to hold substantial market share during the forecast period due to considerable expending on healthcare by a large number of the population and growing consumer awareness about importance of mental health. Moreover, improved patient management system and new technology are key factors expected to boost the regional market growth.
Segments Covered in the Report:
By End-users:
By Device Types:
By Applications:
By Regions:
By Key Players:
Key players in the global nerve stimulator market are Stimwave LLC; NeuroSigma Inc.; NeuroMetrix Inc; Vygon SA; Medline Industries Inc; SUNMED INC; IDS Medical Systems; Boston Scientific Corporation; Medtronic; Medline Industries Inc; Enteromedics; SPR Therapeutics LLC; ElectroCore Inc.; St. Jude Medical; B. Braun Medical Inc.; and Xavant Technology (Pvt) Ltd. These players are constantly engaged in various business development strategies such as company collaborations, business agreements, mergers & acquisitions, production capacity expansion, new product innovation launches, and partnerships to strengthen their geographical presence and expand their customer base globally.
Segments Covered in the Report:
By End-users:
By Device Types:
By Applications:
By Regions:
By Key Players:
Key players in the global nerve stimulator market are Stimwave LLC; NeuroSigma Inc.; NeuroMetrix Inc; Vygon SA; Medline Industries Inc; SUNMED INC; IDS Medical Systems; Boston Scientific Corporation; Medtronic; Medline Industries Inc; Enteromedics; SPR Therapeutics LLC; ElectroCore Inc.; St. Jude Medical; B. Braun Medical Inc.; and Xavant Technology (Pvt) Ltd. These players are constantly engaged in various business development strategies such as company collaborations, business agreements, mergers & acquisitions, production capacity expansion, new product innovation launches, and partnerships to strengthen their geographical presence and expand their customer base globally.
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