The anticipated size of the MRI-safe neurostimulation systems market in 2022 was USD 248.3 million and is estimated to be USD 278.5 million in 2023. An increase in the prevalence of neurological disorders and a rise in the awareness of neurodegenerative disorders are considered to be the major factors among others driving the neurostimulation market.
Future Market Insights has mentioned in its reports that the MRI-Safe neurostimulation systems market will expand at a CAGR of 15.3% between 2023 and 2033, totaling around USD 1,158.9 million by 2033.
The MRI-safe neurostimulation systems market is expected to show significant growth over the forecast period due to the rising prevalence of neurological disorders. This will further drive the demand for MRI-safe neurostimulation systems. This is further anticipated to increase revenue generation from revenues generated by MRI-safe neurostimulation systems over the forecast period.
As the incidence of neurological disorders increases over the forecast period, demand for MRI-safe neurostimulation systems is expected to rise, which, in turn, is expected to drive revenue generation in the MRI-safe neurostimulation systems market.
MRI-safe neurostimulation systems market growth is expected to be driven by growing awareness about the availability of MRI-safe implantable neurostimulation systems on the market and fewer side effects to patients. Another factor driving the growth of the MRI-safe neurostimulation systems market is the aging population, age-related neurological disorders, and the need for safer alternatives to conventional drugs.
Growing number of clinics and diagnostic centers offering MRI-safe neurostimulation systems and the increased spending by biotech companies to manufacture MRI-safe neurostimulation systems are further anticipated to stimulate the MRI-safe neurostimulation systems market growth.
Few manufacturers are offering MRI-safe neurostimulation systems globally, and the high cost of implanting these systems is some of the challenges hampering their growth.
| Report Attributes | Details |
|---|---|
| Projected Forecast Value (2022) | USD 248.3 million |
| Projected Forecast Value (2023) | USD 278.5 million |
| Projected Forecast Value (2033) | USD 1,158.9 million |
| Growth rate | 15.3% CAGR |
| Forecast period | 2023 to 2033 |
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The global MRI-Safe neurostimulation systems market expanded at a CAGR of 10.5% between 2017 and 2022. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 15.3% between 2023 and 2033.
MRI-Safe Neurostimulation Systems Market companies are increasingly turning to CSR programs, targeted marketing programs, and other approaches to increase their global presence. A considerably noticeable trend is that these firms are aiming to manage a given business venture in a country with favorable business policies. Companies are able to cut costs while still having access to industry experts for every critical moment in terms of their business.
Nations in the region are enacting policies to attract foreign investors into their manufacturing sectors by lowering trade tariffs and duties to spur economic growth. By doing so, they are able to expand their given target bases to different levels on both a global and domestic level. This condition is in conjunction with the development of favorable prospects from emerging nations, stimulating the MRI-safe neurostimulation systems market growth.
Rising Incidence of Neurological Disorders
The MRI-safe neurostimulation systems market has received a lot of traction in the industry.
Market for MRI-safe neurostimulation systems is predicted to grow significantly over the forecast period on account of the rising incidence of neurological disorders. These systems allow patients to undergo in-office MRIs without experiencing any side effects. This is further anticipated to drive the demand for these devices and thereby drive revenue generation for MRI-safe neurostimulation systems.
In the coming years, a growing awareness that MRI-safe implantable neurostimulation systems are available in the market, as well as a decrease in side effects associated with implanting these neurostimulation devices, will drive the market growth for MRI-safe neurostimulation systems.
Another factor propelling the MRI-safe neurostimulation market is the growing geriatric population, the increasing incidence of age-related neurologic disorders, and the demand for effective alternatives to standard drug therapy.
Rise in the Investment by Biotech Companies
Increased investment by biotech companies to manufacture MRI-safe neurostimulation systems and an increase in demand for implantable MRI-safe neurostimulation systems in clinics and diagnostic centers are also expected to drive the growth of the MRI-safe neurostimulation systems market.
High cost associated with implants of MRI-safe neurostimulation systems and the limited manufacturers around the globe is some of the factors inhibiting the growth of the MRI-safe neurostimulation systems market.
Growth in the Number of Implanted Neurostimulation Systems Registered
Within North America, the United States accounts for the dominant market share in the global market with a market share of 37.9% for MRI-safe neurostimulation systems, and North America growing by 42.1% over the last decade, as the country has seen a double growth in the number of implanted neurostimulation systems registered.
Increase in Expenditures by Leading Manufacturers
On account of increasing expenditures by leading manufacturers of neurostimulators, Europe is the second dominant region in the global market for MRI-safe neurostimulation systems, growing at a market share of 34.1% where Germany considerably holds a market share of 7.2% and the United Kingdom is likely to expand at a CAGR of 10.7%.
Rise in Global and Local Markets
Lowering trade tariffs and duties, authorities in emerging countries such as India, China, Taiwan, Indonesia, etc., are attracting foreign investors to their respective manufacturing segments, thereby creating more jobs.
By doing so, they are able to reach both global and local markets, in turn creating lucrative opportunities in the MRI-safe neurostimulation systems market. China is considered to expand at a CAGR of 18.7% whereas India expands at a CAGR of 15.3%.
Hospital & Clinics Hold a Dominant Position in this Market
Hospital and clinics are accounted for 54.5% of the total market share and the trend is expected to continue over the forecast period. High admission rates of patients for proper treatment within hospital settings across the globe will continue pushing sales in this segment over the forecast period.
Peripheral Nerve Stimulation Holds Major Position in the Market
Peripheral nerve stimulation considerably serves as one of the potential non-pharmacologic therapies for treating back pain along with physical therapy, where the application of transcutaneous electrical neurostimulation unit, radiofrequency ablation, epidural etc are done. Peripheral nerve stimulation thus, holds a market share of 72%.
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Since there is a high research and development cost involved in the innovation, there is a narrow entrance for the MRI-safe neurostimulation system market newbies. As a result, the players with high capital investment and competitive products find it easy to cut through the competition and make a mark in the market.
One of the players in the MRI-safe neurostimulation system market, Stimwave received approval for its injectable neurostimulator, which is MRI-safe and compact in nature.
Some of the leading companies operating in the global MRI-safe neurostimulation systems market include Medtronic Inc., Cyberonics, Inc., AADCO Medical Inc., Boston Scientific, Sorin, St. Jude Medical, Biotronik, and others
Additionally, several key market players in the global MRI-Safe Neurostimulation Systems Market sector are now increasingly focused on joining forces, acquiring companies, and/or getting into collaborations to expand their respective consumer bases.
A significant trend being observed across the board is that companies in the MRI-safe neurostimulation systems market are now looking for countries that offer favorable policies in order to gain global prominence. Businesses in the market are now looking to initiate approaches such as targeted marketing, CSR programs, etc. In a bid to gain global prominence, companies are now opting to conduct business in countries that offer favorable policies. It allows these businesses to decrease costs, while also employing industry specialists at every critical point in the functioning of their respective organizations.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 15.3% from 2023 to 2033 |
| Base Year for Estimation | 2023 |
| Historical Data | 2017 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product, Application, End User, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; Asia-Pacific; Japan; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, North Africa |
| Key Companies Profiled | Medtronic Inc.; Cyberonics, Inc.; AADCO Medical Inc.; Boston Scientific; Sorin; St. Jude Medical; Biotronik; Codman & Shurtleff’s; Nevro Corporation; Boston Scientific Corporation |
| Customization & Pricing | Available upon Request |
China is likely to expand at a CAGR of 18.7%.
Sorin, St. Jude Medical, and Biotronik are the prominent market players.
The industry is forecast to register a CAGR of 15.3% through 2033.
The industry is expected to value at USD 1,158.9 million in 2033.
Hospitals & Clinics are the leading end user in the market.
| Market Size (2024E) | USD 1,976 million |
|---|---|
| Market Value (2034F) | USD 4,305.7 million |
| Value-based CAGR (2024 to 2034) | 8.1% |
| Market Value for 2024 | USD 52 billion |
|---|---|
| Market Value for 2034 | USD 102.4 billion |
| Forecast CAGR for 2024 to 2034 | 7% |
| Market Size, 2023 | USD 6,221.2 million |
|---|---|
| Market Size, 2033 | USD 15,417.4 million |
| Value CAGR (2023 to 2033) | 9.5% |
| Market Estimated Size in 2023 | USD 2.6 billion |
|---|---|
| Projected Market Value in 2033 | USD 4.1 billion |
| Value-based CAGR from 2023 to 2033 | 4.7% |
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MRI-Safe Neurostimulation Systems Market
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