Patient Stimulators Market: Strategies Adopted by Key Players and Emerging Economies to Offer Attractive Opportunities

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.

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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.

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• 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

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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.

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