Spinal Cord Stimulator Market Research Report: Information by Technology Type (Conventional Implantable Pulse Generator, Rechargeable Implantable Pulse Generator, Radiofrequency Stimulator), Application (Failed Back Surgery Syndrome, Complex Regional Pain Syndrome, Arachnoiditis, Sciatica, Degenerative Disc Disease, Others), End-User (Hospitals & Clinics, Ambulatory Surgical Centers and others) and Region (Americas, Europe, Asia-Pacific, and Middle East & Africa) – Forecast till 2025
Spinal Cord Stimulator Market Overview
The global spinal cord stimulators market size is projected to rise by 8.95% over the review period (between 2019 and 2025), securing a higher market value from USD 1,994.16 million recorded in 2018. Increasing demand for minimally invasive procedures, an increase in the number of patients suffering from failed back surgery syndrome, an increasing number of patients suffering from chronic & neuropathic pain and an augmented prevalence of degenerative disc disease (DDD) are the factors that are slated to drive the growth of the spinal cord stimulators market. In addition, demand growth is also projected to accelerate as companies raise their R&D investment to produce novel cord stimulators, increasing geriatric population, and raise technical advancements.
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There are actually a few medical equipment firms on the spinal cord stimulators market that are in the manufacturing of stimulator products for the spinal cord. This is supposed to give other companies in the sector attractive incentives to enter the stimulator market for the spinal cord. Furthermore, the increasing demand for minimally invasive drugs, the rise in the number of patients suffering from failed back surgery syndrome, and the increasing number of patients suffering from chronic & neuropathic pain are all expected to fuel the market growth during the forecast period. However, it is expected that the scarcity of trained physicians, lack of awareness on the use of spinal cord stimulators to relieve neuropathic pain, high reliance on conventional treatment therapies, and stringent government regulations related to drug approvals will hinder the growth of the global spinal cord stimulator market.
Spinal Cord Stimulator Market Segmentation
The Global Spinal Cord Stimulator Market has been segmented based on Technology Type, Application, and End User.
The global market for spinal cord stimulator was segmented into a conventional implantable pulse generator, a rechargeable implantable pulse generator, and a radiofrequency stimulator based on the type of technology. Due to its high preferred form by hospitals, the traditional implantable pulse generator (IPG) segment held the largest market share in 2018 and was excellent in long-term relief in 60 percent to 80 percent chronic pain patients.
Based on application, the global spinal cord stimulator market has been segmented into complex regional pain syndrome, sciatica, arachnoiditis, degenerative disk disease, failed back surgery syndrome, and others. The segment of the failed back surgery syndrome (FBSS) held the largest market share in 2018 due to the increasing prevalence of the worldwide failed back surgery syndrome (FBSS).
The end-user-based spinal cord stimulator market was segmented into hospitals & clinics, outpatient surgical centers, among others. The segment Hospitals & Clinics held the largest market share in 2018 due to the increase in patient visits.
Spinal Cord Stimulator Market Regional Overview
Owing to the growing prevalence of degenerative disc disease and the increasing acceptance of technologically advanced goods in the region, the Americas region is held the largest market in 2018. Throughout the Americas, the spinal cord stimulator industry was eventually branched into North America and South America, with the North American segment split between the United States and Canada.
Owing to the growing prevalence of neuropathic pain and well-developed infrastructure in the area, the spinal cord stimulator market in Europe held the second-largest role in 2018.
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The APAC region is poised to dominate as the fastest-growing regional spinal cord stimulator market over the prognosis period. Growth of the demand for spinal cord stimulators in this area is due to the increasingly rising occurrence rate of complex regional pain syndrome and the growing acceptance by health care providers of technically innovative treatment options. The Asia-Pacific market is projected to be the fastest-growing due to the rising number of patients suffering from chronic & neuropathic ache and a rising geriatric population.
Spinal Cord Stimulator Market Competitive Dashboard
Some of the eminent players in the global spinal cord stimulator market are Nevro Corp. (US), Boston Scientific Corporation (US), Medtronic (Ireland), Abbott (US), Nuvectra (US), Stimwave LLC (US), Cirtec (US), NeuroSigma, Inc. (US), Beijing PINS Medical Co., Ltd (China), Synapse Biomedical Inc. (US), and others.
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