MRI Safe Neurostimulation Systems Market Size is anticipated to show substantial consumption from 2022 to 2028 on account of the rising technological developments. The significantly growing geriatric population had led to the rising count of age-related neurological disorders and numerous multi-factorial chronic pain issues.
MRI (magnetic resonance imaging) safe neurostimulation systems are primarily minimally invasive and are largely used in the treatment of chronic pain, gastroparesis, epilepsy, hearing loss, Parkinson’s disease, and obesity. There has been a considerable rise in the number of patients having implanted neurostimulation systems in their bodies. The rising progressions in the healthcare and biotechnology industry along with the thriving need for effectively replacing standard drug therapeutics will foster market growth.
Based on products, the market demand for implantable MRI-safe neurostimulation systems is set to expand with growing penetration in healthcare facilities. MRI is safely performed in patients with the help of implanted neurostimulation systems with running parameters. The higher prevalence of neurological disorders has also led to growing product adoption. Increasing preference over transcutaneous neurostimulation to offer reliable treatment results and extended life of the device will also favor the market progression. However, limited manufacturers and higher investments of implantable neurostimulators, in the developing and under-developed countries will restrict the MRI safe neurostimulation systems market growth to some extent.
With respect to applications, the MRI safe neurostimulation systems market size from the deep brain stimulation segment will grow with higher adoption in the treatment of Parkinson’s disease. These systems are magnetic resonance conditional and safe if certain conditions are met. However, if these conditions are not met, significant risks can result in tissue lesions from component heating, leading to serious and permanent injuries, like coma, paralysis, or death. The expanding geriatric population and growing burden of chronic migraine & pain, Alzheimer’s disease, and autism, considering the fast-changing lifestyles will lead to market development.
Regionally, North America is likely to emerge as a profitable avenue for MRI safe neurostimulation systems market owing to the rapidly expanding geriatric population. The increasing prevalence of Alzheimer’s disease in the region is expected to play an ideal role in the market expansion. According to the CDC (Centers for Disease Control and Prevention), over 5.8 million individuals in the U.S. were living with Alzheimer’s disease in 2020. Factors, like changing consumer lifestyles and growing instances of neurostimulation implants will further add to the regional market growth.
On the other hand, the industry share in Europe is anticipated to rise through 2028 on account of the escalating expenditure in the field of biotechnology and healthcare. The rising number of investments by some notable neurostimulators manufacturers will additionally push the market expansion.
The MRI safe neurostimulation systems market comprises the presence of players, such as Cyberonics, Medtronic, Codman & Shurtleff’s (Johnson & Johnson, DePuy Synthes Companies), Boston Scientific, Neuronetics, Biotronik, Nevro Corporation, Sorin, St. Jude Medical (St. Jude Medical Luxembourg Holding S.a r.l.), and AADCO Medical.
These firms are actively taking up various strategic moves, such as acquisitions, investments, and partnerships for achieving competitive benefits. They are also constantly focusing on new product launches and approvals to meet the growing healthcare requirements.
For instance, in July 2021, Nevro announced the FDA (Food and Drug Administration) Approval of its Senza® System used in the treatment of chronic pain related to PDN (Painful Diabetic Neuropathy). This approval is specific to the firm’s unique 10 kHz high-frequency-based spinal cord stimulation therapy.
In response to the COVID-19 outbreak, the demand for MRI safe neurostimulation systems observed a profoundly negative impact given the declined funding to R&D activities. However, the growing regulatory support and higher efforts undertaken by major industry players towards innovations added an edge to the market development amid the pandemic.
For instance, in March 2020, the FDA approved the MRI labeling for the RNS® System, a closed-loop and brain-responsive neurostimulation system that helps reduce the frequency of seizures in adults suffering from partial-onset seizures.
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