MRI-Safe Neurostimulation Systems Market is projected to increase at a CAGR of 15.5% from 2022 to 2032 | Get Insights FMI
[Report of 333 Pages] By 2032, the market for MRI-safe neurostimulation systems is anticipated to be worth US$1,210.0 Million. The market for MRI-safe neurostimulation devices is expanding quickly.
MRI-Safe implantable neurostimulation systems are minimally invasive and have registered highest success rates and acceptance over medical treatments. MRI-safe neurostimulation devices find application in chronic pain, epilepsy, gastroparesis, hearing loss, obesity, Parkinson’s disease and others. Also, U.S. market for implantable neurostimulation systems is poised to register significant growth over the forecast period due to rising incidence of neurological disorders. Introduction of MRI-safe neurostimulation systems allows patients to get their MRI done without any possible side effects. This is further anticipated to drive the demand for MRI-safe neurostimulation systems and thereby increasing revenue generation in MRI-safe neurostimulation systems market.
Activities of our nervous system can be modulated using invasive or non-invasive methods such as microelectrodes and transcranial magnetic stimulation respectively. This purposeful modulation of activities associated with the nervous system is known as neurostimulation. Neurostimulation, in general, is an electromagnetic approach that could be performed both invasively and non-invasively.
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Neurostimulation is carried out to treat chronic neuropathic pain and for modulation of motor function. Major forms of neurostimulation is comprised of brain stimulation, spinal cord stimulation, peripheral nerve stimulation, intracranial stimulation, sensory nerve stimulation and others.
Neurostimulators are categorized on the basis of product type as implantable and transcutaneous neurostimulators. An increase in incidence of patients with implanted neurostimulation systems in their body for the treatment of neurological disorders has been registered over last few years. Neurostimulation systems have variant deigns and inherent functions, owing to which they found variety of problems generated by electromagnetic fields used for performing MRI procedures. MRI fields pose a significant threat to spinal cord and brain stimulation systems as it may interact or interfere with the implanted neurostimulation systems. When a MRI is performed, the electric currents induced from MRI machine interacts with the neurostimulators and may cause lead heating, device damage leading to unintentional stimulation, and magnetic pull that may move the implanted neurostimulators within the body thereby causing severe body damage to the patient.
Thus, MRI-safe neurostimulation systems are gaining importance at an increased rate, thus strengthening the sales of MRI-safe neurostimulation systems market. Few year back standard medical surgery or therapy was considered as the standard treatment for treating neurological disorders. However, this standard medical surgery has been replaced with MRI-safe neurostimulators on the account of which growth of MRI-safe neurostimulation systems market has been spurred across the globe
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MRI-Safe Neurostimulation Systems: Market Dynamics Growing awareness among individuals regarding availability of MRI-safe implantable neurostimulation systems in the market, and less side effects to patient’s body by implanting MRI-safe neurostimulation systems is expected to be the key factor driving the growth of MRI-safe neurostimulation systems market. Rising geriatric population, growing age-related neurological disorders and need for effective alternatives to standard drug therapy are some other factors propelling the growth of MRI-safe neurostimulation systems market. Also, rise in demand for implantable MRI-safe neurostimulation systems in the clinics and diagnostic centers and increasing expenditure of biotech companies to manufacture MRI-safe neurostimulation systems is further expected to drive the growth of MRI-safe neurostimulation systems market. However, the high cost associated with implants of MRI-safe neurostimulation systems and limited manufacturers across the globe are some of the factors restraining the MRI-safe neurostimulation systems market growth.
MRI-Safe Neurostimulation Systems Market: Overview
Based on product type, implantable MRI-safe neurostimulation systems are in major demand over transcutaneous neurostimulation systems in MRI-safe neurostimulation systems market on the account of increased life of the device and reliable treatment results associated with the system type.
On the basis of applications, MRI-safe neurostimulation systems found major applications in deep brain stimulation followed by spinal cord stimulation. Rising prevalence of neurological disorders such as Alzheimer’s disease, autism, chronic pain, chronic migraine due to changing lifestyle and growing geriatric population is one of the factor driving the application of MRI-safe neurostimulation systems in neurological disorders treatment. Brain stimulation dominates the MRI-safe neurostimulation systems market in application segment. However, the neurostimulators have significant applications in spinal cord stimulation as well as peripheral nerve stimulation and accounts for a significant market share in global MRI-safe neurostimulation systems market.
MRI-Safe Neurostimulation Systems Market: Region-wise Outlook
On the basis of geography, global MRI-safe neurostimulation systems market is segmented into five key regions viz. North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. In North America, U.S. holds the largest shares in the global MRI-safe neurostimulation systems market as the country registers a double growth in number of neurostimulation implants registered over the last decade. North America is followed by Europe which is the second dominating region in global MRI-safe neurostimulation systems market worldwide on the account of increasing expenditure by key players in neurostimulators manufacture.
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MRI-Safe Neurostimulation Systems Market: Key Players
Some of the key players present in global MRI-safe neurostimulation systems market are Medtronic Inc., Cyberonics, Inc., AADCO Medical Inc., Boston Scientific, Sorin, St. Jude Medical, Biotronik and others
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
The regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia-Pacific (China, India, ASEAN, Australia & New Zealand)
- The Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
MRI-Safe Neurostimulation Systems Market: Segmentation
The global MRI-safe neurostimulation systems market is segmented by product type, application type, and end user:
Segmentation by Product Type
- Implantable MRI-Safe Neurostimulators
- Transcutaneous MRI-Safe Neurostimulators
Segmentation by Application Type
- Spinal Cord Stimulation (SCS)
- Peripheral Nerve Stimulation
- Intracranial Stimulation
- Deep Brain Stimulation
- Motor Cortex Stimulation
- Sensory Nerve Stimulation
- Vagus Nerve Stimulation
Segmentation by End User Type
- Hospitals & Clinics
- Diagnostic Labs and Centers
- Ambulatory Surgical Centers
- Research Laboratories
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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