The MRI-safe neurostimulation systems market is poised for phenomenal expansion, with 2023 positioned to be a key year. According to recent industry data, the market is expected to reach US$ 278.5 million in 2023, a substantial increase over the figures from the year before. In addition, the market is expected to grow at an impressive 15.3% compound annual growth rate (CAGR) from 2023 to 2033, which will result in a significant market valuation of over US$ 1,158.9 million by that time.
Neurological disorders have become a global health concern, and as awareness of neurodegenerative conditions continues to rise, the demand for MRI-Safe neurostimulation systems has gained substantial momentum. These innovative systems offer a novel approach to diagnosing and treating neurological conditions while ensuring patient safety during MRI procedures, a key factor driving the market’s rapid expansion.
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Key Drivers of Market Growth:
1. Rising Prevalence of Neurological Disorders: The increasing incidence of neurological disorders, including neurodegenerative conditions like Alzheimer’s and Parkinson’s disease, has heightened the demand for advanced diagnostic and treatment solutions.
2. MRI Compatibility: MRI-Safe neurostimulation systems provide a unique advantage, as they enable healthcare professionals to conduct magnetic resonance imaging while simultaneously delivering neurostimulation therapy, enhancing the quality of patient care.
3. Advancements in Medical Technology: Ongoing advancements in medical technology have led to the development of more efficient and user-friendly neurostimulation systems, attracting both healthcare providers and patients.
4. Healthcare Awareness: Greater awareness of the potential benefits of neurostimulation therapy for various neurological conditions has driven its adoption.
Key Companies:
- Medtronic Inc.
- Cyberonics, Inc.
- AADCO Medical Inc.
- Boston Scientific
- Sorin
- St. Jude Medical
- Biotronik
- Codman & Shurtleff’s
- Nevro Corporation
- Boston Scientific Corporation
Key Segments:
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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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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