Reports and Data's analysis shows that the global External SNM Devices Market was valued at USD 2,432.9 Million in 2020 and is expected to reach USD 3,498.2 Million by 2028, at a CAGR of 4.94%.
The research presents a comprehensive examination of External SNM Devices and their application in treating overactive bladder. This condition, characterized by symptoms such as urgency, frequency, and incontinence, affects a substantial portion of the population, particularly as they age. For the past twenty years, External SNM Devices, also referred to as sacral nerve stimulation, have emerged as a popular and efficacious treatment option for overactive bladder and bowel issues. Essentially, the primary objective of External SNM Devices is to enhance the communication between the brain and the bladder/bowel for improved coordination.
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The global market is driven by factors such as an increasing geriatric population, a rise in neurological diseases, and the failure of conventional treatments (exercise, changes in lifestyle, diet) to cure External SNM Devices. However, adverse effects and complications in some External SNM Devices treatments are the major hindrances for market growth from 2019 to 2028.
According to the report, the External SNM Devices market is dominated by North America, which generates the highest revenue and holds 35.5% of the total market share. This is attributed to the region's technological advancements and increased awareness about External SNM Devices. Europe follows closely with 31.2% of the total market share. Implantable External SNM Devices are preferred globally compared to external devices, with implantable devices accounting for 62.5% of the total market share, while external devices make up 33.3%.
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Medtronic is the dominating player in manufacturing External SNM Devices instruments and devices in the global market. In 2015, Medtronic had net sales worth USD 3.8 billion in neuromodulation, with gastrointestinal and urological devices being the prime factors for the rapid growth of Medtronic. Axonics Modulation Technologies acquired investments in External SNM Devices worth USD 38.5 million to study OAB implants extensively in North America and Europe and is expected to surpass medical device giant Medtronic’s popular and successful Interstim system in the coming future.
Axonics' External SNM Devices system is rechargeable, has a guaranteed lifetime of up to 15 years (three times longer than Medtronic's Interstim), and is 60% smaller than the Interstim device.
The report also highlights that there are tremendous opportunities for companies like Axonics to enter the market since only a handful of players are currently in the market. Revenue from the sale of External SNM Devices devices is estimated to rise around USD 600 million annually, with nearly 30,000 devices implanted in patients in 2014 alone. Revenue for this market is estimated to grow to over USD 1 billion by the end of 2019.
The key players in the global market are Cyberonics, St Jude Medicals, Boston Scientific, and Medtronic. The report segments the External SNM Devices market based on product, application, and region. The product segments include External SNM Devices and external SNM devices, while the application segment includes urinary incontinence and urge incontinence. The regional outlook includes North America, Europe, Asia Pacific, the Middle East Africa, and Latin America.
Despite the potential growth opportunities in the market, associated side effects related to External SNM Devices treatments and a lack of awareness about External SNM Devices are likely to hinder the market growth during the forecast period.
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