The anticipated size of the MRI-safe neurostimulation systems market in 2022 was US$ 248.3 million and is estimated to be US$ 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 US$ 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) | US$ 248.3 million |
| Projected Forecast Value (2023) | US$ 278.5 million |
| Projected Forecast Value (2033) | US$ 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.
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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 US$ 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 |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| 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 US$ 1,158.9 million in 2033.
Hospitals & Clinics are the leading end user in the market.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Product, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Product, 2023 to 2033
5.3.1. Implantable
5.3.2. Transcutaneous
5.4. Y-o-Y Growth Trend Analysis By Product, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Product, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Application, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2023 to 2033
6.3.1. Spinal Cord Stimulation (SCS)
6.3.2. Peripheral Nerve Stimulation
6.3.3. Intracranial Stimulation
6.3.4. Deep Brain Stimulation
6.3.5. Motor Cortex Stimulation
6.3.6. Sensory Nerve Stimulation
6.3.7. Vagus Nerve Stimulation
6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By End User , 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By End User , 2023 to 2033
7.3.1. Hospitals & Clinics
7.3.2. Diagnostic Labs and Centers
7.3.3. Ambulatory Surgical Centers
7.3.4. Research Laboratories
7.4. Y-o-Y Growth Trend Analysis By End User , 2018 to 2022
7.5. Absolute $ Opportunity Analysis By End User , 2023 to 2033
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
8.3.1. North America
8.3.2. Latin America
8.3.3. Western Europe
8.3.4. Eastern Europe
8.3.5. South Asia and Pacific
8.3.6. East Asia
8.3.7. Middle East and Africa
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. USA.
9.2.1.2. Canada
9.2.2. By Product
9.2.3. By Application
9.2.4. By End User
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Product
9.3.3. By Application
9.3.4. By End User
9.4. Key Takeaways
10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Product
10.2.3. By Application
10.2.4. By End User
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Product
10.3.3. By Application
10.3.4. By End User
10.4. Key Takeaways
11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. United Kingdom.
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Western Europe
11.2.2. By Product
11.2.3. By Application
11.2.4. By End User
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Product
11.3.3. By Application
11.3.4. By End User
11.4. Key Takeaways
12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. Poland
12.2.1.2. Russia
12.2.1.3. Czech Republic
12.2.1.4. Romania
12.2.1.5. Rest of Eastern Europe
12.2.2. By Product
12.2.3. By Application
12.2.4. By End User
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Product
12.3.3. By Application
12.3.4. By End User
12.4. Key Takeaways
13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. India
13.2.1.2. Bangladesh
13.2.1.3. Australia
13.2.1.4. New Zealand
13.2.1.5. Rest of South Asia and Pacific
13.2.2. By Product
13.2.3. By Application
13.2.4. By End User
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Product
13.3.3. By Application
13.3.4. By End User
13.4. Key Takeaways
14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. China
14.2.1.2. Japan
14.2.1.3. South Korea
14.2.2. By Product
14.2.3. By Application
14.2.4. By End User
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Product
14.3.3. By Application
14.3.4. By End User
14.4. Key Takeaways
15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
15.2.1. By Country
15.2.1.1. GCC Countries
15.2.1.2. South Africa
15.2.1.3. Israel
15.2.1.4. Rest of MEA
15.2.2. By Product
15.2.3. By Application
15.2.4. By End User
15.3. Market Attractiveness Analysis
15.3.1. By Country
15.3.2. By Product
15.3.3. By Application
15.3.4. By End User
15.4. Key Takeaways
16. Key Countries Market Analysis
16.1. USA.
16.1.1. Pricing Analysis
16.1.2. Market Share Analysis, 2022
16.1.2.1. By Product
16.1.2.2. By Application
16.1.2.3. By End User
16.2. Canada
16.2.1. Pricing Analysis
16.2.2. Market Share Analysis, 2022
16.2.2.1. By Product
16.2.2.2. By Application
16.2.2.3. By End User
16.3. Brazil
16.3.1. Pricing Analysis
16.3.2. Market Share Analysis, 2022
16.3.2.1. By Product
16.3.2.2. By Application
16.3.2.3. By End User
16.4. Mexico
16.4.1. Pricing Analysis
16.4.2. Market Share Analysis, 2022
16.4.2.1. By Product
16.4.2.2. By Application
16.4.2.3. By End User
16.5. Germany
16.5.1. Pricing Analysis
16.5.2. Market Share Analysis, 2022
16.5.2.1. By Product
16.5.2.2. By Application
16.5.2.3. By End User
16.6. United Kingdom.
16.6.1. Pricing Analysis
16.6.2. Market Share Analysis, 2022
16.6.2.1. By Product
16.6.2.2. By Application
16.6.2.3. By End User
16.7. France
16.7.1. Pricing Analysis
16.7.2. Market Share Analysis, 2022
16.7.2.1. By Product
16.7.2.2. By Application
16.7.2.3. By End User
16.8. Spain
16.8.1. Pricing Analysis
16.8.2. Market Share Analysis, 2022
16.8.2.1. By Product
16.8.2.2. By Application
16.8.2.3. By End User
16.9. Italy
16.9.1. Pricing Analysis
16.9.2. Market Share Analysis, 2022
16.9.2.1. By Product
16.9.2.2. By Application
16.9.2.3. By End User
16.10. Poland
16.10.1. Pricing Analysis
16.10.2. Market Share Analysis, 2022
16.10.2.1. By Product
16.10.2.2. By Application
16.10.2.3. By End User
16.11. Russia
16.11.1. Pricing Analysis
16.11.2. Market Share Analysis, 2022
16.11.2.1. By Product
16.11.2.2. By Application
16.11.2.3. By End User
16.12. Czech Republic
16.12.1. Pricing Analysis
16.12.2. Market Share Analysis, 2022
16.12.2.1. By Product
16.12.2.2. By Application
16.12.2.3. By End User
16.13. Romania
16.13.1. Pricing Analysis
16.13.2. Market Share Analysis, 2022
16.13.2.1. By Product
16.13.2.2. By Application
16.13.2.3. By End User
16.14. India
16.14.1. Pricing Analysis
16.14.2. Market Share Analysis, 2022
16.14.2.1. By Product
16.14.2.2. By Application
16.14.2.3. By End User
16.15. Bangladesh
16.15.1. Pricing Analysis
16.15.2. Market Share Analysis, 2022
16.15.2.1. By Product
16.15.2.2. By Application
16.15.2.3. By End User
16.16. Australia
16.16.1. Pricing Analysis
16.16.2. Market Share Analysis, 2022
16.16.2.1. By Product
16.16.2.2. By Application
16.16.2.3. By End User
16.17. New Zealand
16.17.1. Pricing Analysis
16.17.2. Market Share Analysis, 2022
16.17.2.1. By Product
16.17.2.2. By Application
16.17.2.3. By End User
16.18. China
16.18.1. Pricing Analysis
16.18.2. Market Share Analysis, 2022
16.18.2.1. By Product
16.18.2.2. By Application
16.18.2.3. By End User
16.19. Japan
16.19.1. Pricing Analysis
16.19.2. Market Share Analysis, 2022
16.19.2.1. By Product
16.19.2.2. By Application
16.19.2.3. By End User
16.20. South Korea
16.20.1. Pricing Analysis
16.20.2. Market Share Analysis, 2022
16.20.2.1. By Product
16.20.2.2. By Application
16.20.2.3. By End User
16.21. GCC Countries
16.21.1. Pricing Analysis
16.21.2. Market Share Analysis, 2022
16.21.2.1. By Product
16.21.2.2. By Application
16.21.2.3. By End User
16.22. South Africa
16.22.1. Pricing Analysis
16.22.2. Market Share Analysis, 2022
16.22.2.1. By Product
16.22.2.2. By Application
16.22.2.3. By End User
16.23. Israel
16.23.1. Pricing Analysis
16.23.2. Market Share Analysis, 2022
16.23.2.1. By Product
16.23.2.2. By Application
16.23.2.3. By End User
17. Market Structure Analysis
17.1. Competition Dashboard
17.2. Competition Benchmarking
17.3. Market Share Analysis of Top Players
17.3.1. By Regional
17.3.2. By Product
17.3.3. By Application
17.3.4. By End User
18. Competition Analysis
18.1. Competition Deep Dive
18.1.1. Medtronic Inc.
18.1.1.1. Overview
18.1.1.2. Product Portfolio
18.1.1.3. Profitability by Market Segments
18.1.1.4. Sales Footprint
18.1.1.5. Strategy Overview
18.1.1.5.1. Marketing Strategy
18.1.2. Cyberonics, Inc.
18.1.2.1. Overview
18.1.2.2. Product Portfolio
18.1.2.3. Profitability by Market Segments
18.1.2.4. Sales Footprint
18.1.2.5. Strategy Overview
18.1.2.5.1. Marketing Strategy
18.1.3. AADCO Medical Inc.
18.1.3.1. Overview
18.1.3.2. Product Portfolio
18.1.3.3. Profitability by Market Segments
18.1.3.4. Sales Footprint
18.1.3.5. Strategy Overview
18.1.3.5.1. Marketing Strategy
18.1.4. Boston Scientific
18.1.4.1. Overview
18.1.4.2. Product Portfolio
18.1.4.3. Profitability by Market Segments
18.1.4.4. Sales Footprint
18.1.4.5. Strategy Overview
18.1.4.5.1. Marketing Strategy
18.1.5. Sorin
18.1.5.1. Overview
18.1.5.2. Product Portfolio
18.1.5.3. Profitability by Market Segments
18.1.5.4. Sales Footprint
18.1.5.5. Strategy Overview
18.1.5.5.1. Marketing Strategy
18.1.6. St. Jude Medical
18.1.6.1. Overview
18.1.6.2. Product Portfolio
18.1.6.3. Profitability by Market Segments
18.1.6.4. Sales Footprint
18.1.6.5. Strategy Overview
18.1.6.5.1. Marketing Strategy
18.1.7. Biotronik
18.1.7.1. Overview
18.1.7.2. Product Portfolio
18.1.7.3. Profitability by Market Segments
18.1.7.4. Sales Footprint
18.1.7.5. Strategy Overview
18.1.7.5.1. Marketing Strategy
18.1.8. Codman & Shurtleff’s
18.1.8.1. Overview
18.1.8.2. Product Portfolio
18.1.8.3. Profitability by Market Segments
18.1.8.4. Sales Footprint
18.1.8.5. Strategy Overview
18.1.8.5.1. Marketing Strategy
18.1.9. Nevro Corporation
18.1.9.1. Overview
18.1.9.2. Product Portfolio
18.1.9.3. Profitability by Market Segments
18.1.9.4. Sales Footprint
18.1.9.5. Strategy Overview
18.1.9.5.1. Marketing Strategy
18.1.10. Boston Scientific Corporation
18.1.10.1. Overview
18.1.10.2. Product Portfolio
18.1.10.3. Profitability by Market Segments
18.1.10.4. Sales Footprint
18.1.10.5. Strategy Overview
18.1.10.5.1. Marketing Strategy
19. Assumptions & Acronyms Used
20. Research Methodology
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MRI-Safe Neurostimulation Systems Market
