The global MRI-safe neurostimulation systems market is expected to have risen to about US$1,158.9 million. According to Future Market Insights, this recovery would cause the market to expand at an astounding Compound Annual Growth Rate (CAGR) of 15.3%, from its estimated US$278.5 million size in 2023 to its current size.
A ground-breaking method of treating neurological conditions is the use of MRI-safe neurostimulation systems. Modern devices such as these can provide tailored brain stimulation while still being compatible with Magnetic Resonance Imaging (MRI) examinations. This is a big benefit for continuous patient monitoring and care.
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Comparing implantable neurostimulation systems to conventional medical therapy, such as MRI-Safe, demonstrates higher acceptability and success rates and is less intrusive. Applications for MRI-safe neurostimulation devices include epilepsy, chronic pain, gastroparesis, Parkinson’s disease, hearing loss, and obesity. Furthermore, during the next few years, it is anticipated that the U.S. market for implantable neurostimulation devices would grow dramatically due to the increasing prevalence of neurological disorders. The advent of MRI-safe neurostimulation technology has allowed patients to have an MRI without fear of any possible side effects. Additionally, it is anticipated that this will raise demand for neurostimulation devices that are safe for MRIs, increasing market revenue creation.
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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
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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