The global MRI-safe neurostimulation systems market valued at USD 248.3 million in 2022, is estimated to reach USD 278.5 million in 2023. This remarkable growth is attributed to several factors, including the increasing prevalence of neurological disorders and a heightened awareness of neurodegenerative conditions.
Neurological disorders, such as Parkinson’s disease, epilepsy, and chronic pain, affect millions of individuals worldwide, driving the demand for innovative treatment solutions. Neurostimulation systems have emerged as a promising therapeutic approach, offering relief to patients suffering from various neurological conditions. Furthermore, advancements in technology, coupled with extensive research and development activities, have contributed to the expansion of the neurostimulation market.
Future Market Insights, a renowned market intelligence firm, has projected significant growth for the MRI-safe neurostimulation systems market in the coming years. According to their forecasts, the market is expected to grow at a compound annual growth rate (CAGR) of 15.3% between 2023 and 2033. By the end of 2033, the market is anticipated to reach a staggering value of USD 1,158.9 million.
A ground-breaking method of treating neurological conditions is the use of MRI-safe neurostimulation systems. These modern technologies can provide tailored brain stimulation and are compatible with Magnetic Resonance Imaging (MRI). This offers major benefits for continuing patient care and monitoring.
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Implantable neurostimulation systems have higher success rates, are less intrusive, and have greater tolerability than conventional medical therapy like MRI-Safe. Applications for MRI-safe neurostimulation devices include epilepsy, chronic pain, gastroparesis, Parkinson’s disease, hearing loss, and obesity. Furthermore, it is anticipated that during the next few years, the U.S. market for implantable neurostimulation devices would grow dramatically due to the rising prevalence of neurological disorders. With the advent of MRI-safe neurostimulation technology, patients can now have an MRI without fear of any possible side effects. Additionally, it is anticipated that this will boost market revenue creation by raising demand for neurostimulation devices that are safe for MRIs.
Competition Landscape:
The top businesses in the global market for MRI-safe neurostimulation systems include Boston Scientific, Sorin, Medtronic Inc, Cyberonics, Inc., AADCO Medical Inc., and Biotronik, among others.
Furthermore, a number of significant industry participants in the global MRI-Safe Neurostimulation Systems Market are currently concentrating more on forming alliances, purchasing businesses, and/or engaging in joint ventures in order to increase the size of their individual customer bases.
An important general trend is that enterprises in the market for MRI-safe neurostimulation devices are now searching for nations with advantageous policies in order to establish themselves internationally. Nowadays, companies in the industry are trying to start strategies like CSR initiatives and targeted marketing. Businesses are increasingly choosing to do business in nations with advantageous legislation in an effort to become globally recognized. It enables these companies to cut expenses while hiring industry experts at every pivotal juncture in the operation of their own enterprises.
- In December 2023, Boston Scientific, a manufacturer of medical devices used in interventional medical specialties, constructed a new manufacturing and supply chain facility in Johns Creek, Georgia. The $62.5 million investment is expected to bring roughly 340 new jobs to Fulton County over the next seven years.
- In January 2023, Nevro Corp. a global medical device company delivering comprehensive, life-changing solutions for the treatment of chronic pain, announced a series of data presentations supporting the use of the company’s HFX™ 10 kHz Therapy for patients with chronic pain.
- In July 2023, Boston Scientific has a mystical company behind an ambitious plan for building a $170 million facility in Maple Grove, a project that will significantly help in the expansion of the medical technology company’s presence in the city and will thus lead in the creation of more than 175 new jobs.
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
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Key Segments Profiled in the MRI-Safe Neurostimulation Systems Market
By Product:
- Implantable
- Transcutaneous
By Application:
- Spinal Cord Stimulation (SCS)
- Peripheral Nerve Stimulation
- Intracranial Stimulation
- Deep Brain Stimulation
- Motor Cortex Stimulation
- Sensory Nerve Stimulation
- Vagus Nerve Stimulation
By End User:
- Hospitals & Clinics
- Diagnostic Labs and Centers
- Ambulatory Surgical Centers
- Research Laboratories
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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