Global MRI Safe Neurostimulation Systems Market Overview
Nervous system activities in humans can be modulated with the help of non-invasive and invasive methods which include transcranial magnetic stimulation and microelectrodes respectively. The modulation of activities related to the nervous system is technically termed as neurostimulation. Neurostimulation can be defined as purposeful modulation of the activities of the nervous system. It is an electromagnetic approach to neuromodulation. This technology of neurostimulation effectively improves the quality of life of severely paralyzed patients and patients who are suffering from the loss of sense organs. Neurostimulation can also effectively reduce chronic pain and can improve the quality of life.
MRI can have negative implications in the brain and spinal cord stimulation systems. The electric currents which are induced while performing MRI interacts with the implanted neurostimulators and can potentially result in heating or damage of the implanted device. Henceforth, MRI-safe neurostimulation are gaining more importance at an exponential pace. MRI-safe neurostimulators are gradually replacing standard medical surgeries.
Market Size and Forecast
The global MRI safe neurostimulation systems market is experiencing a vibrant growth on account various advantages associated with it which includes it do not cause damage to the device and also it doesn’t lead to any kind of heating issues of the device. The increment in the geriatric population coupled with the increase in neurological disorders are the prime reasons which are anticipated to drive the global MRI safe neurostimulation systems market. Rise in the expenditure in healthcare and biotechnology sector is also a major reason fuelling the growth of the market. Rising demand for MRI safe neurostimulation systems in diagnostic centers and rising awareness among people are some of the factors which are expected to boost the global MRI safe neurostimulation systems market over the forecast period.
The global MRI safe neurostimulation systems market is anticipated to witness a significant growth rate. The global MRI safe neurostimulation systems market is expected to showcase a vibrant growth by the end of the forecast period. The market is segmented into applications such as sensory nerve stimulation, spinal cord stimulation, intracranial stimulation (deep brain stimulation & motor cortex stimulation) & vagus nerve stimulation out of intracranial stimulation have the largest market share on the back of increasing prevalence of disorders related to neurological system. The neurological diseases include chronic pain, Alzheimer’s disease, autism and many more.
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Growth Drivers
Rising Geriatric Population
The geriatric population or the aging population is more prone to different types of multi-factorial chronic pain issues and they also suffer from neurological disorders. Spinal Cord Stimulation (SCS) is generally used for the specific treatment of chronic pain. The geriatric population often suffers from intense joint pain after knee replacement surgeries. According to the National Institute of Health (NIH), geriatric population across the globe is anticipated to enhance in an unprecedented manner. Across the globe, 8.5% of the total global population (617 million) are aged 65 and over. According to the latest report, this percentage is anticipated to increase approximately 17% of the overall worldwide population by the year 2050 (1.6 billion). This enhancement in the geriatric population is anticipated to grow the global MRI safe neurostimulation systems market.
Growing Prevalence of Alzheimer's Disease
The prevalence of Alzheimer’s disease is enhancing in America and is growing at an exponential pace. Deep brain stimulation is one of the effective treatment option for Alzheimer’s disease. The deep brain stimulation is more effective in the early stages of Alzheimer’s disease. According to Alzheimer’s association, approximately 5.8 million Americans of all age groups are living with the Alzheimer’s disease and is rapidly increasing. The rapid growth of American older age group population is increasing which is rising the existing cases of Alzheimer’s disease. The growing prevalence of Alzheimer’s disease is anticipated to grow the global MRI Safe Neurostimulation Systems Market over the forecast period.
Restraints
Cost Constraints
The implants of the MRI safe neurostimulation system have a very expensive price tag associated with it. Patients in the low and middle income countries find it difficult to purchase it. The high price of the MRI safe neurostimulation system is expected to hinder the growth of the global MRI safe neurostimulation system market.
Market Segmentation
By Product Type
- Transcutaneous Neurostimulators
- Implantable Neurostimulators
By Application
- Sensory Nerve Stimulation
- Spinal Cord Stimulation
- Intracranial Stimulation
- Deep Brain Stimulation
- Motor Cortex Stimulation
- Vagus Nerve Stimulation
By End User
- Hospitals
- Ambulatory Surgical Centers
- Diagnostic Labs
- Others
By Region
On the basis of regional analysis, global MRI safe neurostimulation systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
In the North America region, United States have the largest market share in the global MRI Safe Neurostimulation Systems Market on account of changing lifestyle of people coupled with rising geriatric population. Europe is anticipated to hold the second place in terms of market share of global MRI safe neurostimulation system market on the back of rising expenditure by the key players coupled with increasing expenditure in the field of healthcare and biotechnology. Presence of these factors are anticipated to drive the market growth in the forecast period.
Global MRI safe neurostimulation systems market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Top Featured Companies Dominating The Market
- Boston Scientific
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Sorin
- Cyberonics, Inc.
- AADCO Medical Inc.
- St. Jude Medical
- Biotronik
- Medtronic
- Nevro Corporation
- Neuronetics
- Codman & Shurtleff’s
- Other Prominent Players
