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2021
Mri Safe Neurostimulation Systems Market

MRI Safe Neurostimulation Systems Market: Global Opportunity Analysis and Industry Forecast, 2020-2027

A10895
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Dec 2021 | 318 Views
   
Author(s) : Onkar Sumant
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COVID-19

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MRI Safe Neurostimulation Systems Market Outlook - 2027

The transition of the activities of human nervous system can be done with the help of non-invasive or invasive techniques including transcranial magnetic stimulation and microelectrodes respectively. This reasonable modulation of neuro-activities related to the nervous system is termed as neurostimulation. Neurostimulation, being an electromagnetic approach, could be conducted by both means that is invasively and non-invasively. Neurostimulation can be referred to as intentional modification of the exercises for sensory system. It is used extensively in treatment of chronic neuropathic pain that relieves the suffering patients and for transition of motor function. Major forms of this phenomenon includes spinal cord stimulation, brain stimulation, peripheral nerve stimulation, sensory nerve stimulation intracranial stimulation and others. This neurostimulation technology effectively enhances the quality of life for extreme cases of paralysis in patients and individuals suffering from damaged or the loss of sensory organs leading to loss of several senses. 

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units 

  Value (USD)

  Segments covered

  Products, Applications, End users and Region

  Regions covered

•             North America (U.S., Canada, Mexico)

•             Europe (France, Germany, UK, Italy, Spain, Rest of Europe)

•             Asia-Pacific (Japan, China, India, Australia, South Korea, Rest          of Asia-Pacific)

•             LAMEA (Brazil, South Arabia, South Africa, Rest of LAMEA)

  Companies covered

AADCO Medical, Boston Scientific Corporation, Cyberonics Inc., Biotronik, Medtronic plc, Nevro Corporation, Sorin, Codman & Shurtleff’s and St. Jude Medical.

 

COVID – 19 scenario analysis:  

  • The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses
  • Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth
  • Over 4 million people affected globally, with 300 thousand losing their lives due to SARS-CoV-2
  • Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers
  • Due to diversion of medical field towards treating COVID-19, the funding to R&D activities related to MRI safe neurostimulation systems has been reduced and this segment have to face negligence subsequently causing negative impact on MRI safe neurostimulation systems market

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Major factors such as growing geriatric populace along with rising incidences of neurological disorders such as Alzheimer’s disease, Parkinson’s disease and other disorders are driving the global MRI safe neurostimulation systems market. Furthermore, technological advancements in healthcare industry and biotechnology segment as well as demand for efficient alternatives to standard drug therapeutics is significantly contributing to boost the development of the global market. For example, Nevro Corp designed MRI conditional labeling covering full body for its Nevro Senza spinal cord stimulation system that offers HF10 therapy which facilitates pain relief without paresthesia. Rise in requirement for implantable MRI-safe neurostimulation systems in the healthcare facilities would surge the demand for these systems thereby augmenting the market growth. A rise in number of individuals with implanted neurostimulation systems for the purpose of treatment of various neurological disorders has been observed over past few year which will have a positive impact on the business. MRI fields potentially can harm the brain and spinal cord as they possess noteworthy threat as it can alter with the previously implanted neurostimulation systems. As a result, it creates a strong need for MRI-safe neurostimulation systems owing to which these systems are gaining popularity at higher rate, thus bolstering the revenue generation practice of MRI-safe neurostimulation systems market. 

On the contrary, high investments related with implantable neurostimulators, especially in developing and under-developed countries and limited manufacturers worldwide can impede MRI-safe neurostimulation systems market growth to some extent. 

Technological developments are expected to amplify the growth opportunities as accessibility to advanced products will spur the adoption rate, thereby propelling the market growth for MRI-safe neurostimulation systems.

Rise in geriatric population to fuel the growth

The geriatric population is often observed to be more prone to health problems comparatively. Chronic health ailments and neurological disorders among many others, constantly require medical care and support, which will have a positive impact on the market globally. The elderly population also suffers from severe joint pain post knee replacement procedures. As per the National Institute of Health (NIH), aged population around the world is expected to grow in an unprecedented manner.  The rising elderly population, advancements in the medical field and reduction in the cost of treatments along with use of various multi-faceted therapies against number of chronic diseases has increased the life expectancy has led to the global population is aging rapidly. As per the report, ‘World Ageing Population, 2019’ the older population, i.e., people belonging to age group 65 and above accounted for approximately 702.9 million around the world and it is expected to hit 1500 million mark. Therefore, increasing geriatric population would contribute to rise in the growth rate of the MRI-safe neurostimulation systems market.

Increasing prevalence of neurological disorders

Growing prevalence of several neurological disorders such as chronic migraine, autism, Parkinson’s disease, Alzheimer’s disease and chronic pain among others, owing to a myriad of factors including major factor lifestyle changes will boost the MRI safe neurostimulation systems industry growth. The growing prevalence of Alzheimer’s disease is further propelling the market especially in America at an exponential rate. As per Alzheimer’s association studies, round 5.8 million people in America belonging to all age groups are suffering from Alzheimer’s disease and the number of cases is increasing at rapid pace. Deep brain stimulation, an effective therapeutic option in management of Alzheimer’s disease is used extensively, specifically in the early stages of this disease. Thus, rising prevalence of neurological diseases would spur the demand for these systems, thereby elucidating the growth of the global MRI-safe neurostimulation systems market in the near future.

Key segments covered:

Segments

Sub-segments

  Product

  • Transcutaneous Neurostimulators
  • Implantable Neurostimulators

 

  Application

 

  • Sensory Nerve Stimulation
  • Spinal Cord Stimulation
  • Intracranial Stimulation
  • Deep Brain Stimulation
  • Motor Cortex Stimulation
  • Vagus Nerve Stimulation
  • Peripheral Nerve Stimulation

 

  End Users

 

  • Hospitals
  • Ambulatory surgical centers
  • Diagnostic laboratories
  • Others Healthcare Facilities

  Region

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

 

Key benefits of the report:

  • This study presents the analytical depiction of the global MRI safe neurostimulation systems industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global MRI safe neurostimulation systems market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global MRI safe neurostimulation systems market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed global MRI safe neurostimulation systems market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the MRI-safe neurostimulation systems Market research report:

  • What are the leading market players active in the MRI-safe neurostimulation systems market?
  • What the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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