The global MRI-safe neurostimulation systems market is expected to rise significantly, reaching a value of more than US$ 1,158.9 million by 2033. According to Future Market Insights, this upturn implies a Compound Annual Growth Rate (CAGR) of 15.3%, expanding upon an expected market size of US$278.5 million in 2023.
An innovative method of treating neurological disorders is provided by MRI-safe neurostimulation systems. An important benefit for continuous patient monitoring is that these cutting-edge devices can be used to administer tailored stimulation to the brain while still being compatible with Magnetic Resonance Imaging (MRI) studies.
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Market Propelled by Rising Neurological Disorders:
The market is driven by several key factors, including:
- Increasing Prevalence of Neurological Disorders: Conditions like Parkinson’s disease, epilepsy, and chronic pain are becoming more prevalent, creating a growing demand for effective treatment solutions.
- Enhanced Patient Care: MRI-safe neurostimulation allows for post-implantation MRI scans, enabling more precise treatment adjustments and improved patient outcomes.
- Fewer Side Effects: Compared to conventional therapies like medications, these systems offer the potential for fewer side effects, improving patient tolerability.
- Aging Population: As the global population ages, the incidence of age-related neurological disorders is expected to rise, further fueling market growth.
Innovation and Investment Drive Growth:
- Growing Awareness: Increased awareness among medical professionals and patients about the availability and benefits of MRI-safe neurostimulation systems is fostering market adoption.
- Technological Advancements: Biotechnology companies are actively investing in research and development, leading to the creation of more advanced and effective MRI-safe neurostimulation systems.
- Expansion of Treatment Facilities: The growing number of clinics and diagnostic centers equipped with these systems is improving access to treatment for patients worldwide.
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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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