Patient Stimulators Market: Introduction
- Patient stimulator is a small electronic device worn externally by a patient and affixed to the skin through electrodes. Patient stimulators can be used for various purposes including treating chronic intractable pain, reducing acute post-operative pain & swelling, reducing spasticity, maintaining muscle tone during temporary extremity immobilization, and assisting spinal cord injured patients to grasp, stand, and walk independently.
Key Drivers of Global Patient Stimulators Market
- The global patient stimulators market is driven by increase in demand for patient stimulators
- Patient stimulators help reduce edema (swelling) and enhance the healing process of damaged or injured tissue, and can also help reduce chronic pain
- Increase in incidence of injuries such as spinal and sports injuries and rise in prevalence of chronic diseases such as obesity and cardiac diseases, and chronic pain boost the growth of the global patient stimulators market
- Rise in interest and research & development in health care, surge in the number of laboratories, and increase in technological advancements are the key factors driving the global patient stimulators market
- Increase in the geriatric population and changes in lifestyle leading to various diseases also fuel the growth of the global patient stimulators market
- However, rise in treatment cost and lack of awareness about technological advancements in the developing countries are projected to hamper the growth of the global patient stimulators market
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Strategies Adopted by Key Players and Emerging Economies to Offer Attractive Opportunities
- Companies operating in the global patient stimulators market focus on catering to the needs of the medical community and patient population by introducing novel products and technologies. Leading players emphasize on research & developmental and engage in acquisitions, mergers, and collaborations to strengthen their position in the global market.
- In January 2020, Medtronic announced the CE Mark for Percept PC neurostimulator; it is the only deep brain stimulation (DBS) system to be launched in the European Union (EU) with BrainSense technology which has the ability to sense and record brain signals while delivering therapy to patients suffering from neurologic disorders, such as Parkinson’s disease.
- In January 2020, Medtronic announced the acquisition of Stimgenics, LLC, a privately-held company based in Bloomington, Illinois, the U.S., that has pioneered a novel spinal cord stimulation (SCS) waveform known as Differential Target Multiplexed (DTM) Spinal Cord Stimulation
- In November 2013, Zynex, Inc., a provider and developer of non-invasive medical devices for electrotherapy, stroke rehabilitation, neurological diagnosis, and cardiac monitoring, announced the introduction of its next generation electrotherapy medical device, the TENSWave. TENSWave is a pain relief electrical stimulator that offers a treatment option based on the type of pain the patient is experiencing.
- Emerging economies present lucrative opportunities in the patient stimulators market owing to increase in patient population, surge in prevalence of chronic diseases, rise in initiatives by governments in the health care sector, increase in the number of laboratories, and rise in research and developmental activities
North America to Account for Major Share of Global Patient Stimulators Market
- North America is projected to account for leading share of the global patient stimulators market due to increase in health awareness, rise in patient population, well-established health care infrastructure, surge in technological advancements, increase in number of well-equipped laboratories, rise in research & developmental activities, and presence of key players
- The patient stimulators market in Asia Pacific is projected to grow at a rapid pace during the forecast period due to increase in the geriatric population, rise in initiatives by governments in the health care sector, surge in incidence of chronic diseases, and increase in interest of key players in expanding market presence in the region
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Key Players Operating in Global Patient Stimulators Market
Leading players in the global patient stimulators market focus on research & development and technological advancements. Their competitors are also emphasizing on various growth strategies such as mergers, acquisitions, product advancements, product launches & approvals, partnerships, and collaborations. Leading players operating in the global patient stimulators market are:
- OMRON Corporation
- Zynex Medical
- DJO Global, Inc.
- RS Medical
- Boston Scientific Corporation
- Nevro Corp.
- NeuroMetrix, Inc.
- Braun Melsungen AG
- Medline Industries, Inc.
Global Patient Stimulators Market: Research Scope
Global Patient Stimulators Market, by Stimulation Type
- Transcutaneous Electrical Nerve Stimulation (TENS)
- Electrical Muscle Stimulation (EMS)
- Neuromuscular Electrical Stimulation (NMES)
Global Patient Stimulators Market, by Application
- Pain Management
- Neurological & Movement Disorder Management
- Musculoskeletal Disorder Management
- Metabolism & GIT Management
- Incontinence Management
Global Patient Stimulators Market, by End-user
- Ambulatory Surgical Centers
Global Patient Stimulators Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.