MRI Safe Neurostimulation Systems Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4048
MRI Safe Neurostimulation Systems Market size is expected to grow significantly from 2019 to 2025.
MRI safe neurostimulation systems market growth is primarily driven by rising burden of neurological diseases and rapidly ageing population base worldwide. Growing prevalence of neurological disorders including autism, chronic migraine, Parkinson’s disease, chronic pain and Alzheimer’s disease among others due to lifestyle changes will stimulate MRI safe neurostimulation systems business growth. Surge in demand for surgical procedures will thus increase the demand for safe neurostimulation systems that allow MRI scans anywhere on the body. Such factors will drive MRI safe neurostimulation systems industry growth during the analysis period.
Furthermore, rigorous investment by industry players in R&D activities to develop technologically advanced products will positively impact MRI safe stimulation industry growth. For instance, in March 2018, Nevro Corp developed full body MRI conditional labeling for its Nevro Senza spinal cord stimulation system that delivers HF10 therapy to relieve pain without paresthesia. Availability of such advanced products will spur MRI safe neurostimulation systems market size. However, high cost associated with implantable neurostimulators may hamper MRI safe industry growth to certain extent.
Implantable neurostimulators segment held significant revenue share in 2018 and is projected to witness lucrative growth during the forecast period. Focus of major industry on development of advanced implantable neurostimulation systems will favor segment growth. For instance, PrimeAdvanced SureScan MRI neurostimulator, developed by Medtronic is a 16-electrode nonchargeable device that allows patient’s safe access to MRI. Wide adoption of such systems in the treatment of chronic intractable limb or back pain will thus augment segment growth.
Deep brain stimulation segment accounted for substantial revenue share in 2018 owing to wide application of MRI safe neurostimulation systems in the treatment of Parkinson’s disease. Rising prevalence of Parkinson’s disease in developed as well as developing countries will surge the demand for deep brain stimulation surgical procedures to ease motor symptoms and minimize medication. Such factors will accelerate segment growth during the forthcoming years.
Hospital segment is estimated to witness tremendous growth over the analysis timeframe, attributed to growing burden of neurological disease and growing investments in hospitals across the globe. Surge in demand for hospital surgeries owing to favorable reimbursement policies for procedures being performed in hospital settings will primarily drive the segment growth. Furthermore, increasing public and private investments in healthcare infrastructure development will prove beneficial for segment growth.
North America MRI safe neurostimulation systems market held momentous revenue in 2018 and is estimated to show similar trend over the analysis period. Increasing prevalence of neurological diseases coupled with rising geriatric population in the region will stimulate the business growth. Strong foothold of key industry players in North America and increasing healthcare expenditure in the region will further boost regional industry growth.
Some notable players operating in MRI safe neurostimulation systems market include AADCO Medical, Biotronik, Boston Scientific, Cyberonics, Medtronic and St. Jude Medical. Industry players focus on novel product launch and various inorganic strategies including collaborations, acquisitions and partnerships to capitalize on market opportunities and sustain market competition.
MRI Safe Neurostimulation Systems Market By Product Type, 2014-2025 (USD Million)
- Transcutaneous neurostimulators
- Implantable neurostimulators
MRI Safe Neurostimulation Systems Market By Application, 2014-2025 (USD Million)
- Sensory nerve stimulation
- Spinal cord stimulation
- Intracranial stimulation
- Deep brain stimulation
- Motor cortex stimulation
- Vagus nerve stimulation
MRI Safe Neurostimulation Systems Market By End-use, 2014-2025 (USD Million)
- Ambulatory surgical centers
- Diagnostic laboratories
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- AADCO Medical
- Boston Scientific
- Codman & Shurtleff’s
- Nevro Corporation
- St. Jude Medical
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