The global MRI-safe neurostimulation systems market is anticipated to increase dramatically and surpass US$ 1,158.9 million in value by 2033. Future Market Insights estimates that this upturn would result in a 15.3% compound annual growth rate (CAGR), growing the market from its projected US$278.5 million size in 2023.
MRI-safe neurostimulation systems offer a novel approach to treating neurological illnesses. The ability to deliver customized brain stimulation with these state-of-the-art devices while maintaining compatibility with Magnetic Resonance Imaging (MRI) studies is a significant advantage for ongoing patient monitoring.
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Implantable neurostimulation systems, such as MRI-Safe, are less invasive and have demonstrated superior acceptance and success rates when compared to traditional medical therapies. Applications for MRI-safe neurostimulation devices include Parkinson’s disease, hearing loss, obesity, gastroparesis, chronic pain, and epilepsy. Additionally, because neurological illnesses are becoming more common, the U.S. market for implantable neurostimulation systems is expected to rise significantly over the next several years. Patients can now have an MRI without worrying about any potential negative effects thanks to the development of MRI-safe neurostimulation technologies. It is also projected that this will increase demand for MRI-safe neurostimulation devices, which will boost the market’s revenue creation.
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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