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MRI Safe Neurostimulation Systems Market size is anticipated to showcase lucrative growth between 2023 to 2032 on the back of rising technological developments in medical imaging.
MRI (magnetic resonance imaging) safe neurostimulation systems are largely used in the treatment of clinical conditions such as chronic pain, hearing loss, gastroparesis, epilepsy, Parkinson’s disease, and obesity. The prevalence of such medical conditions is expected to intensify with significant gains in the geriatric population worldwide.
Rising cases of neurological disorders and multi-factorial chronic pain issues would elevate the demand for these systems. A considerable rise in the number of patients implanted with neurostimulation systems and noteworthy advancements in the field of healthcare and biotechnology will foster MRI safe neurostimulation systems market revenue.
Based on application, the market size from the deep brain stimulation segment is estimated to collate strong progressionby 2032. Deep brain stimulation (DBS) procedures are largely performed for the treatment of Parkinson’s disease. These procedures can help improve symptoms of stiffness, tremors, slowness, and movement problems. A rise in the geriatric population and the growing burden of Alzheimer’s disease, chronic migraine & pain, and autism, will lead to market development.
As per the product, the MRI safe neurostimulation systems market from the implantable segment is set to expand at an exponential rate in view of growing system penetration in healthcare facilities. The higher incidence of neurological disorders is expected to elevate system adoption. Implantable systems are increasingly preferred over transcutaneous neurostimulation to offer reliable treatment results and the extended life of the device. However, higher investments and limited manufacturers of implantable neurostimulators, in developing and under-developed countries will restrict industry progress.
In terms of regional share, North America is likely to emerge as a profitable avenue for MRI safe neurostimulation systems industry. The rapidly expanding geriatric population and increasing prevalence of Alzheimer’s disease in the region are expected to play an ideal role in the market expansion. Growing cases of neurostimulation implants and changing consumer lifestyles will add to the regional market outlook.
The global MRI safe neurostimulation systems market is operated by companies such as Medtronic, Cyberonics, Codman & Shurtleff’s, Boston Scientific, Biotronik, Neuronetics, Nevro Corp., St. Jude Medical, Sorin, and AADCO Medical. These businesses are actively incorporating various strategic moves, such as investments, acquisitions, and partnerships for expanding their market footprint.
Growing healthcare requirements have motivated industry players to focus on new product launches and approvals.
Rapid upgradation of healthcare infrastructure and the introduction of advanced medical imaging solutions will complement the MRI safe neurostimulation systems market forecast over the estimated timeframe. Regulatory approval by various healthcare agencies and the development of minimally invasive MRI procedures with high success rates will prompt system adoption.