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The global peripheral nerve stimulators market is expected to post a CAGR of more than 5% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global peripheral nerve simulators market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global peripheral nerve stimulators market is the high demand for peripheral nerve stimulators over oral medications. The use of oral medications such as Pamelor, Sinequan, and Elavil in neurological disorder patients is associated with harmful side effects and may also lead to addiction to drugs. Thus, the peripheral nerve stimulator is being highly preferred as an alternative pain control options as it provides effective treatment over oral medications. It reduces or eliminates the use of narcotic drugs and can be implanted in patients which allows them to perform their nonimpact recreational activities such as swimming. Peripheral nerve stimulators provide target specific treatment in patients with refractory or chronic pain conditions. Hence, the high demand for peripheral nerve stimulators over oral medications will drive market growth during the forecast period.
As per Technavio, the development of wireless PNS will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global peripheral nerve stimulators market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global peripheral nerve stimulators market: Development of Wireless PNS
The peripheral nerve stimulators market is witnessing the emergence of a new generation wireless PNS device. This device allows seamless transmission of impulses to the implanted electrode. Wireless PNS devices do not require wires and bulky battery implant, which allows physicians to monitor and program the devices remotely. It offers benefits such as minimal anesthesia requirement, short hospital stay, and low healthcare expenses by eliminating the need for painful, extensive tunneling and placement of internal batteries inside the body. These factors are expected to drive the demand for wireless PNS, which in turn, will fuel the market growth during the forecast period.
“PNS manufacturers have been constantly focusing on developing innovative products and technologies over the years to enhance their capabilities. As a result, the market has witnessed the emergence of miniaturized and less invasive PNS devices with benefits such as decreased trauma, less invasive placement, lack of extensive tunneling in some patients, and reduced discomfort due to less size and weight of the device. Such ongoing technological advances will fuel the growth of the PNS market during the forecast period,” says a senior research analyst at Technavio.
Global peripheral nerve stimulators market: Segmentation analysis
This market research report segments the global peripheral nerve stimulators market by product (transcutaneous, percutaneous, and implantable), stimulating feature (PNS-TOF, and PNS) and geographic regions (North America, Europe, Asia, and ROW).
The North American region led the market in 2018, followed by Europe, Asia, and ROW respectively. The market growth in North America can be attributed to the factors such as the presence of well-established healthcare infrastructure, availability of highly skilled professionals, presence of extensive healthcare insurance coverage, increasing R&D expenditure of vendors, high adoption of technologically advanced products, and less invasive treatment.
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Five Forces Analysis
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