The peripheral nerve stimulators market is estimated to be valued at USD 0.68 Bn in 2024 and is expected to reach USD 1.09 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.

The peripheral nerve stimulators market is expected to witness a positive growth trend over the forecast period. The major factor driving the growth of the market includes the rising prevalence of neuropathic pain and other chronic pain disorders. Neuropathic pain arises due to the damage or dysfunction of the somatosensory nervous system and usually requires long term treatment options. Peripheral nerve stimulators are emerging as an effective therapeutic modality for relieving various types of neuropathic pain. Their advantages over traditional pain therapies such as reduced systemic side effects, non-invasiveness and customizable therapy are expected to support the increasing adoption of these devices.

Market Driver - Increased prevalence of chronic pain

Chronic pain affects millions of people worldwide and can significantly diminish quality of life. It is often associated with conditions like arthritis, diabetes, cancer, and back injuries. As life expectancies continue rising across populations, cases of chronic pain will likely rise proportionately due to higher rates of age-related health issues. Peripheral nerve stimulators are gaining acceptance as a treatment option for patients whose pain cannot be managed by medication alone.

Chronic pain not only causes ongoing discomfort but can also lead to depression and interfere with normal daily activities and sleep. Traditional medication-based approaches often come with unwanted side effects and may stop working overtime as the body develops tolerance. Peripheral nerve stimulation offers an alternative by delivering mild electric pulses to nerves near the spinal cord or limbs. This disrupts the transmission of pain signals to the brain and induces pleasant sensations that can lessen pain severity. The treatment is minimally invasive compared to other options and allows dosages to be adjusted as needed.

Patients are increasingly willing to consider peripheral nerve stimulation since it provides effective long-term relief without drugs. The treatment option is suitable for joints, limbs, and areas of the body impacted by various pain conditions. It especially benefits those seeking non-narcotic solutions or who need ongoing therapy to maintain quality of life. Growing awareness of this solution as a mainstream treatment choice will likely expand its provider base and uptake. As chronic pain prevalence increases, peripheral nerve stimulators can play an important role in pain management as a preferred choice over or alongside pharmacological approaches.

Market Opportunity - Growing geriatric and obese populations

Age and weight-related health issues contribute significantly to chronic pain conditions. There are more older citizens globally now than ever before, and advanced age often brings ailments like arthritis that cause debilitating joint and back pain. Obesity is also a rising epidemic worldwide, with excess weight stressing the body in ways that can trigger chronic pain over time. Peripheral nerve stimulators see growing demand from these demographics.

For geriatric patients especially, effective long-term pain relief is a high priority. They want options allowing an active lifestyle without disruptions from discomfort. Traditional pain therapies may present more risks for the elderly or have inconvenient dosage schedules. Minimally invasive nerve stimulation provides an attractive solution, with outcomes often on par or superior to drug-based approaches. Hospital visits or complex usage requirements are replaced with simple remote-controlled treatment at home. This independence matches the priorities of most older consumers.

Rising rates of obesity similarly imply growing numbers of individuals at risk of pain arising from weight-related issues like diabetes or musculoskeletal problems. Peripheral stimulators can make lifestyle modification programs for weight loss more achievable by addressing underlying soreness. Their ability to safely deliver long-lasting relief empowers more obese patients to stick with dietary changes or exercise routines that might otherwise exacerbate pain levels. As these demographics continue expanding sharply, corresponding needs for effective treatment will proportionately increase the appeal of peripheral nerve stimulation technology.

Market Challenge - High cost of devices and challenges associated with PNS

One of the major challenges currently impeding the growth of the peripheral nerve stimulators market is the high cost of peripheral nerve stimulation devices. These devices are expensive to manufacture due to the intricate electrical components and sophisticated programming features required. The costs are then passed on to patients, as peripheral nerve stimulators are not always covered by insurance and Medicare reimbursement policies vary greatly between different providers. This financial barrier prevents many patients from accessing this treatment option. In addition, proper placement of PNS leads requires a minimally invasive surgical procedure to be performed by a skilled physician, further adding to the overall cost of treatment and putting it out of reach for price-sensitive patients and healthcare systems. Training physicians to implant these devices also takes significant resources. With healthcare budgets under intense pressure globally, high treatment expenditures associated with PNS pose a significant challenge to its acceptance and uptake.

Market Opportunity - Technological advancements in PNS for market opportunity 

Technological advancements have the potential to open up significant growth opportunities for the peripheral nerve stimulators market. Continuous improvements are being made to develop less invasive and more user-friendly PNS systems. Miniaturized, wireless and injectable PNS devices are some concepts being explored, which could help drive down costs of the technology as well as simplify the surgical implantation process. There is also scope for more sophisticated programming options that could allow for tailored, responsive stimulation parameters according to changing patient needs. Cloud-based programming capabilities may help improve remote monitoring and management of PNS therapy as well. As new innovations enhance the effectiveness and ease of use of PNS while lowering its resource requirements, its acceptance for treating various chronic pain conditions is likely to improve greatly. This could translate into expansion of approved clinical indications and adoption rates in the coming years.

One of the most successful strategies adopted by market leaders like Medtronic and Boston Scientific has been continuous investment in R&D to develop innovative and advanced neurostimulation devices. For example, in 2018, Medtronic launched Intellis, the first rechargeable peripheral nerve stimulator approved for pain management. Intellis offers patients up to 5x more battery life compared to other devices. This new product helped Medtronic gain market share as Intellis addressed a major patient pain point around battery life.

Companies like Stimwave and LivaNova have focused on marketing their devices directly to patients through digital campaigns and customer engagement programs. For example, in 2020, Stimwave launched a social media campaign called # NerveStimulatorStories where they shared real patient testimonials. This helped create awareness while humanizing the brand. As a result, Stimwave saw a 20% increase in sales within 6 months of this campaign.

Market leaders like Abbott adopted an acquisition strategy to complement their product pipeline. For example, in 2019, Abbott acquired Cephea Valve Technology to expand into neuromodulation therapies for heart failures. This strategic acquisition allowed Abbott to leverage Cephea's technology and enter a new high-growth application area. Similarly, partnership with healthcare providers has helped companies like NeuroMetrix gain customer referrals and feedback to further refine their products.

Insights, By Product Type: Rising preference for implant peripheral nerve stimulators

In terms of product type, implant sub-segment contributes the highest share of 57.4% in the market owing to their effectiveness over long term chronic pain management. Implant nerve stimulators offer precise stimulation of targeted nerves for pain relief and directly deliver electrical pulses to nerves under the skin or near the spinal cord. As chronic pain conditions are long term in nature, implant devices have emerged as the preferred treatment option for chronic pain patients. Their ability to provide continuous therapy throughout the day without requiring frequent device replacement has made them popular among patients battling chronic diseases like failed back surgery syndrome and complex regional pain syndrome. The convenience and comfort offered by implantable devices have boosted compliance for long term nerve stimulation therapy.

Additionally, technological advancements have enabled more sophisticated, rechargeable and smaller implantable devices that are less invasive and cause minimum discomfort. This has further augmented their acceptance among patients and healthcare providers.

Insights, By End-User: Upgraded infrastructure for advanced surgical procedures in hospitals

In terms of end-user, hospitals sub-segment contribute the highest share of 48.6% owing to their upgraded infrastructure for advanced surgical procedures and pain management therapies. Being tertiary care centers, hospitals have the necessary expertise, facilities and personnel for carrying out complex implantation surgeries. They are equipped with state-of-the-art operation theatres, recovery units, and have specialists like neurosurgeons, anesthesiologists involved in guiding patients through the implant procedure. Additionally, hospitals have dedicated pain management departments or clinics for post-operative care, programming of implanted pulse generators, and regular reviews to ensure appropriate therapy delivery. This coordinated multi-disciplinary approach provided by hospitals favorably impacts clinical outcomes. Their role in offering insurance coverage for expensive implant devices under recommended treatment protocols also influences demand concentration.

• The market for peripheral nerve stimulators is driven primarily by the rising prevalence of chronic pain, particularly musculoskeletal conditions like low back pain, which affects millions globally. The increased geriatric population and obesity rates also contribute to market growth, as these demographics are more likely to suffer from chronic pain.

The major players operating in the peripheral nerve stimulators market include B. Braun Melsungen AG, Bioventus, AVNS, Nalu Medical Inc., Stimwave LLC, Vygon, and Medilogix.

• In March 2021, Bioventus Inc. acquired Bioness Inc., a leader in neuromodulation therapy, which enhances Bioventus’s rehabilitation solutions through PNS.
• In February 2022, Nalu Medical secured $104 M equity financing to expand its minimally invasive solutions for neuropathic pain, potentially impacting the chronic pain treatment market.
• In September 2020, Micron Medical received FDA clearance for the MOVENTIS PNS system, enhancing wireless stimulation for urological conditions.

• By Product Type
  • Implant
  • Percutaneous
• By End-User
  • Hospitals
  • Ambulatory Surgical Centers
  • Others