Peripheral Nerve Stimulators (PNS) Market Report, By Product Type (Implantable Peripheral Nerve Stimulators, External Peripheral Nerve Stimulator), By Application (Chronic Pain Management, Neurological Disorders, Musculoskeletal Disorders, Others), By End-User (Hospitals, Ambulatory Surgical Centers, Pain Management Clinics, Rehabilitation Centers and Others) and Regions 2024-2032

Market Overview:

"The global peripheral nerve stimulators (PNS) market size reached US$ 0.7 billion in 2023. Looking forward, Reports and Insights expects the market to reach US$ 1.2 billion in 2032, exhibiting a growth rate (CAGR) of 5.9% during 2024-2032."

Peripheral nerve stimulation (PNS) is a minimally invasive medical procedure involving small electrodes to stimulate peripheral nerves, which helps manage chronic pain and other neurological disorders. Demand is primarily driven by the increasing prevalence of chronic pain conditions, such as neuropathic pain, and the rapidly expanding geriatric population worldwide. These devices offer a safer and less invasive alternative to traditional pain management methods, such as medication and surgery.

However, challenges such as high costs associated with these devices and the need for skilled healthcare professionals can negatively impact market revenue growth in certain regions. Implantable nerve stimulators offer long-term pain relief and are highly preferred over other types for chronic pain management. Non-implantable devices provide temporary relief and are commonly used for diagnostic and therapeutic purposes.

North America dominates other regional markets in terms of market revenue share contribution to the global peripheral nerve stimulators market due to high incidence of chronic pain conditions and presence of well-established healthcare infrastructure. Market share from Europe, Asia Pacific, and other regions is also significantly high, driven by increasing healthcare expenditure and growing patient population.

Peripheral Nerve Stimulators Market Report Overview:

The report provides comprehensive insights into driving factors, restraints, opportunities, and trends, with provision of in-depth supporting information, data, and statistics and actionable insights. Though covered and provided extensively across the report, the data and information format are simple, yet dynamic to ensure ease of reading and understanding, as well as presenting and maximizing leverage and use.

Revenues are provided in detail for previous years to showcase the evidence upon which our estimations and forecasts are based. Revenue growth rates and differences, as well as comparisons and relatable data are provided to further support all findings. Data points are provided for each year – from historical to end of forecast period – and this format is followed for each segment region and respective countries, as well as sub-segments and others. Vital details of major companies in the market are provided in the company profile section of the report. Cover includes financials, recent developments, strategies, product launches, agreements, expansion, mergers & acquisitions, and others. 

The global peripheral nerve stimulators market research report is segmented on the basis of product type, application, end-user, technology, mode of purchase, and regions and countries. Regional segmentation includes North America (United States and Canada); Europe (Germany, United Kingdom, France, Italy, Spain, Russia, Poland, BENELUX, NORDIC, and Rest of Europe); Asia Pacific (China, India, Japan, South Korea, ASEAN, Australia & New Zealand, & Rest of Asia Pacific); Latin America (Brazil, Mexico, Argentina, & Rest of Latin America); Middle East & Africa (Saudi Arabia, South Africa, United Arab Emirates, Egypt, Israel, and Rest of MEA).

Peripheral Nerve Stimulators Market Trends and Drivers:

Increasing prevalence of chronic pain: Rising incidence of chronic pain conditions, such as neuropathic pain, is a major factor driving peripheral nerve stimulators demand. As more individuals suffer from chronic pain, demand and use of such devices is expected to witness significant increase over the forecast period.

Advancements in technology: Technological advancements in peripheral nerve stimulators have led to the development of more efficient and user-friendly devices in recent times. Some advancements include improved electrode designs, wireless connectivity, and advanced programming capabilities. Such innovations have positively impacted market growth by enhancing the effectiveness and convenience of these devices.

Shift towards non-pharmacological pain management: Trend towards non-pharmacological approaches for pain management due to concerns over opioid abuse and addiction is driving preference for PNS devices. Peripheral nerve stimulators offer a non-pharmacological alternative that can effectively manage chronic pain without the need for medications. This shift in preference towards non-pharmacological methods is expected to continue to drive demand for peripheral nerve stimulators.

Increasing healthcare expenditure: Rising healthcare expenditure, particularly in emerging economies, is contributing to growth of the global peripheral nerve stimulators market. Increased investment in healthcare infrastructure and availability of advanced medical technologies are facilitating surge in adoption of peripheral nerve stimulators in countries in various regions.

Growing aging population: The global population is aging, leading to a higher prevalence of chronic pain and neurological disorders. Older adults are more prone to conditions such as neuropathy and back pain, which can be effectively managed with peripheral nerve stimulators. The expanding aging population is expected to drive demand for these devices and contribute significantly to increase in revenue share from different device type segments over the forecast period.

What Factors Are Restraining Growth of Peripheral Nerve Stimulators Market?

Some key factors causing a negative impact on revenue growth of the global peripheral nerve stimulators market include high device costs, limited reimbursement coverage, regulatory challenges, shortage of skilled healthcare professionals, and patient safety concerns. Addressing these challenges will be crucial for companies in the market to leverage revenue opportunities.

High cost of peripheral nerve stimulators: The cost of peripheral nerve stimulators can be a significant restraint on market revenue growth. These devices are often expensive, making them less affordable for patients, particularly in regions with limited healthcare resources or low-income populations. The high cost can limit market penetration and adoption rates, thereby further impacting revenue growth.

Limited reimbursement coverage: Reimbursement coverage plays a crucial role in the adoption of medical devices. However, the reimbursement landscape for peripheral nerve stimulators may be limited in some regions, leading to decreased affordability for patients and reducing potential market growth. Limited reimbursement coverage can act as a barrier for healthcare providers and patients seeking to utilize these devices.

Regulatory challenges and approval process: Obtaining regulatory approvals for medical devices, including peripheral nerve stimulators, can be a time-consuming and costly process. Stringent regulations and requirements set by regulatory bodies can delay the introduction of new devices into the market. These challenges can hinder revenue growth by restricting the availability of innovative products and slowing down market expansion.

Lack of skilled healthcare professionals: The successful implementation and utilization of peripheral nerve stimulators require trained and skilled healthcare professionals. However, there may be a shortage of healthcare providers with expertise in using these devices, particularly in certain regions. The lack of skilled professionals can limit the adoption of peripheral nerve stimulators and impede revenue growth.

Patient safety concerns: Peripheral nerve stimulators are generally considered safe, but there may be certain risks and complications associated with their use. Concerns about device-related adverse events, such as infections, lead migration, or tissue damage, can impact patient confidence and adoption rates. Heightened safety concerns may impact market growth as healthcare providers and patients accept these devices with some level of reluctance.

What are the Opportunities for Leading Peripheral Nerve Stimulators Manufacturers?

PNS device manufacturers can capitalize on opportunities such as expanding into emerging markets, technological advancements, focusing on non-opioid pain management alternatives, strategic partnerships, and exploring additional therapeutic applications. By leveraging these opportunities, companies can enhance their market presence, drive revenue growth, and stay ahead in a competitive landscape.

Expansion into emerging markets: The global peripheral nerve stimulators market presents opportunity for companies to expand their operations into emerging markets. Developing countries with growing healthcare infrastructure and increasing healthcare expenditure offer potential untapped markets for peripheral nerve stimulator manufacturers. By entering these markets, companies can tap into new revenue streams and expand their customer base.

Technological advancements and innovation: Continuous technological advancements in peripheral nerve stimulators open up opportunities for companies to develop and introduce innovative products to the market. Companies that invest in research and development to improve device capabilities, enhance user experience, and introduce novel features can gain a competitive edge. The introduction of technologically advanced devices can attract healthcare providers and patients, and thereby drive revenue growth.

Focus on non-opioid pain management alternatives: With the global concerns surrounding opioid abuse and addiction, there is a growing demand for non-opioid pain management alternatives. Peripheral nerve stimulators offer a non-pharmacological approach to pain management, making them an attractive option for patients and healthcare providers. Companies that focus on marketing their devices as safe and effective alternatives to opioids can capitalize on this opportunity and generate revenue.

Strategic partnerships and collaborations: Collaborating with healthcare organizations, pain management clinics, and research institutions can create opportunities for companies operating in the peripheral nerve stimulators market. Strategic partnerships can enable companies to leverage their respective strengths, such as research expertise, clinical networks, and marketing capabilities, to drive product adoption and revenue growth. Joint ventures and collaborations can also facilitate market expansion into new geographical regions.

Increasing adoption in additional therapeutic applications: While the primary use of peripheral nerve stimulators is for chronic pain management, there are potential opportunities for their application in other therapeutic areas. Companies can explore and expand the use of peripheral nerve stimulators in the treatment of neurological disorders, such as Parkinson's disease, epilepsy, and stroke rehabilitation. Diversifying the applications of peripheral nerve stimulators can open up new revenue streams and expand market reach

Regional Analysis:

Regional analysis varies according to differing dynamics and preferences and regulations and advancements. The key regions and countries with significant potential in the peripheral nerve stimulators market include North America, Europe, Asia Pacific, and Latin America. Developed countries such as the United States and Germany register high product demand due to advanced healthcare infrastructure, while emerging markets in Asia such as China and India are registering increasing sales and demand, driven by healthcare development and rising patient preference for non-pharmacological pain management solutions.

What are the Factors Driving the Growth of Peripheral Nerve Stimulators Market in North America region?

Demand for peripheral nerve stimulators is high in North America due to a large population with chronic pain conditions and a well-established healthcare infrastructure in countries in the region. Presence of international product manufacturers and local players catering to the market is expected to have an overall favourable impact. Preference for non-pharmacological pain management solutions is high, supported by technological advancements and government initiatives to address the opioid crisis and promote non-opioid alternatives.

Why is Europe a Prominent Market for Peripheral Nerve Stimulators?

Demand for peripheral nerve stimulators in Europe is high, driven by a rising prevalence of chronic pain conditions and a robust healthcare system in some countries in the region. Focus on effective pain management with minimal invasiveness is a priority among patients. Advancements in technology, such as wireless connectivity and improved electrode designs is also high. Government healthcare initiatives and high focus on patient safety and product efficacy are other key factors.

What are the Factors Driving the Growth in Peripheral Nerve Stimulators Sales in Asia Pacific Region?

Asia Pacific presents a rising demand for peripheral nerve stimulators, driven by improving healthcare infrastructure, increasing patient awareness regarding new and more efficient and convenient procedures, and rising prevalence of chronic pain and need for treatment. Presence of a mix of global and local manufacturers are contributing to addressing demand currently. Consumer preference in Asia Pacific towards non-pharmacological pain management solutions is also gaining traction, supported by advancements in technology and collaborations between industry players and healthcare institutions.

What is the Outlook on Peripheral Nerve Stimulators Sales in Latin America?

Latin America is registering moderate demand for peripheral nerve stimulators due to a rising burden of chronic pain conditions and improving access to healthcare services in some countries in the region. Global manufacturers are expanding their presence in countries in the region, and preference for non-pharmacological pain management options is increasing. Technological advancements and increasing awareness among healthcare providers regarding new options and techniques and tools in the market coupled with government initiatives with focus on improving healthcare infrastructure and promoting non-opioid alternatives for pain management are other factors expected to result in increasing revenue share contribution from the Latin America PNS market.

Why Middle East & Africa Region is Characterized by a Diverse Market Landscape?

Demand for peripheral nerve stimulators in countries in the Middle East & Africa region is expected to increase, driven by a rising prevalence of chronic pain conditions and increasing investments in healthcare infrastructure in major countries in the region. Shift towards non-pharmacological pain management options and the industry being is in the early stages of growth, coupled with advancements in technology and collaborations among research institutions and companies are expected to contribute significantly to market share increase. Government initiatives focus on improving healthcare access and promoting innovative medical technologies are other factors to consider.

Leading Peripheral Nerve Stimulators Manufacturers & Competitive Landscape:

The landscape of the global peripheral nerve stimulators market is highly competitive, with a number of large brands holding majority market share. Companies such as Medtronic, Abbott Laboratories, Boston Scientific Corporation, and Nevro Corp dominate other players in the market. These companies focus on product innovation, strategic partnerships, and mergers and acquisitions to maintain a competitive edge and expand market presence.

Company List:

• Medtronic
• Abbott Laboratories
• Boston Scientific Corporation
• Nevro Corp
• Nuvectra Corporation
• Stimwave Technologies
• Bioness Inc.
• Soterix Medical Inc.
• Synapse Biomedical Inc.
• SPR Therapeutics
• BioMedical Design Inc.
• NeuroSigma Inc.
• Neuronetics Inc.
• Saluda Medical Pty Ltd.
• St. Jude Medical Inc. (now part of Abbott Laboratories)

Major Companies & Recent Developments:

• In April 2022, Medtronic announced the launch of its Intellis platform, which is a next-generation spinal cord stimulation system. The Intellis platform provides personalized pain management through its proprietary AdaptiveStim technology. Medtronic focuses on expanding its portfolio of advanced therapies for chronic pain and strengthening its position as a leader in the peripheral nerve stimulators market.
• In January 2022, Abbott Laboratories received FDA approval for its Proclaim XR recharge-free spinal cord stimulation system. The Proclaim XR system offers longer battery life and advanced therapy options for patients with chronic pain. Abbott is focused on developing innovative technologies and expanding its presence in the peripheral nerve stimulators market through product advancements and strategic collaborations.
• In October 2021, Boston Scientific announced the acquisition of GV Therapeutics, which is a company specializing in bioelectronic therapies for peripheral vascular diseases. The acquisition aims to enhance Boston Scientific's offerings in peripheral nerve stimulation for the treatment of vascular conditions. Boston Scientific focuses on developing comprehensive solutions for patients and expanding its capabilities in the peripheral nerve stimulators market.
• In June 2021, Nevro Corp received FDA approval for its Senza system with Nuvectra MRI-conditional labeling. The Senza system provides high-frequency spinal cord stimulation for chronic pain relief. Nevro Corp is focused on driving innovation in the field of peripheral nerve stimulation and expanding its market presence through regulatory approvals and strategic initiatives.
• In November 2020, Nuvectra Corporation announced the completion of its merger with Stimwave Technologies. The merger enabled Nuvectra to expand its product portfolio with Stimwave's wireless neuromodulation technology. Nuvectra aims to provide a comprehensive range of neuromodulation solutions and enhance patient outcomes in the peripheral nerve stimulators market.

Research Scope

Report Metric	Report Details
Market size available for the years	2021-2032
Base Year	2023
Forecast Period	2024-2032
Compound Annual Growth Rate (CAGR)	5.9%
Segment covered	Product Type, Application, End-user, Technology, Mode of Purchase, and Regions
Regions Covered	North America:  The U.S. & Canada   Latin America: Brazil, Mexico, Argentina, & Rest of Latin America    Asia Pacific: China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific    Europe: Germany, The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe   The Middle East & Africa:  Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, and Rest of MEA
Fastest Growing Country in Europe	Germany
Largest Market	North America
Key Players	Medtronic, Abbott Laboratories, Boston Scientific Corporation, Nevro Corp, Nuvectra Corporation, Stimwave Technologies, Bioness Inc., Soterix Medical Inc., Synapse Biomedical Inc., SPR Therapeutics, BioMedical Design Inc., NeuroSigma Inc., Neuronetics Inc., Saluda Medical Pty Ltd., St. Jude Medical Inc. (now part of Abbott Laboratories)

Market Segmentation:

By Product Type:

• Implantable Peripheral Nerve Stimulators
• External Peripheral Nerve Stimulator

By Application:

• Chronic Pain Management
• Neurological Disorders
• Musculoskeletal Disorders
• Others

By End-User:

• Hospitals
• Ambulatory Surgical Centers
• Pain Management Clinics
• Rehabilitation Centers
• Others

By Technology:

• Electrical Stimulation
• Pulsed Radiofrequency
• Transcutaneous Electrical Nerve Stimulation (TENS)
• Others

By Mode of Purchase:

• Disposable Devices
• Rechargeable Devices

Segmentation By Region:

North America:

• United States
• Canada

Europe:

• Germany
• United Kingdom
• France
• Italy
• Spain
• Russia
• Poland
• BENELUX
• NORDIC
• Rest of Europe

Asia Pacific:

• China
• Japan
• India
• South Korea
• ASEAN
• Australia & New Zealand
• Rest of Asia Pacific

Latin America:

• Brazil
• Mexico
• Argentina
• Rest of Latin America

Middle East & Africa:

• Saudi Arabia
• South Africa
• United Arab Emirates
• Israel
• Rest of MEA