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 2027
Spinal Cord Stimulator Market Overview
The Global Spinal Cord Stimulator Market is likely to surpass its 2018 value of USD 1.99 billion and is touted to register a growth of 8.95% over the review period between 2019 and 2025.
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The market is expected to expand due to increasing demand for minimally invasive procedures, an increase in the number of patients suffering from failed back surgery syndrome, an increase in the number of patients suffering from chronic and neuropathic pain, and the rising prevalence of degenerative disc disease (DDD). The increasing prevalence of degenerative disc disease, increasing R&D investment by companies to develop innovative cord stimulators, growing geriatric population, and rising technological advances are all contributing to the global spinal cord stimulator market’s growth. Additionally, rising demand for minimally invasive procedures, an increase in the number of patients suffering from failed back surgery syndrome, and an increase in the number of patients suffering from chronic and neuropathic pain are expected to drive market growth over the forecast period. The launch of an MRI conditional spinal cord stimulator will give the global spinal cord stimulator market a boost in the near future. Aside from that, the need for spinal cord stimulation therapy is being fuelled by a decline in the use of opioid drugs.
However, the global spinal cord stimulator market is expected to be restrained by a lack of qualified clinicians, lack of knowledge about the use of spinal cord stimulators for the treatment of neuropathic pain, a heavy reliance on conventional therapies for treatment, and strict government regulations related to product approvals. There are actually only a few medical device firms manufacturing spinal cord stimulator products on the market. Other industry participants should see attractive opportunities to enter the spinal cord stimulator market as a result of this.
The Global Spinal Cord Stimulator Market has been segmented based on Technology Type Application, and End User.
Based on the technology type, the global spinal cord stimulator market has been segmented into a conventional implantable pulse generator, rechargeable implantable pulse generator, and radiofrequency stimulator. In 2018, the traditional implantable pulse generator (IPG) segment had the largest market share, owing to its high preference among hospitals and excellent long-term relief in 60 percent to 80 percent of chronic pain patients.
The global spinal cord stimulator market, based on application, has been segmented into failed back surgery syndrome, complex regional pain syndrome, arachnoiditis, sciatica, degenerative disc disease and others. Owing to the growing prevalence of failed back surgery syndrome (FBSS) worldwide, the failed back surgery syndrome (FBSS) segment held the largest market share in 2018. The global incidence of Failed Back Syndrome is rising, necessitating the creation of new and successful treatments for chronic back pain.
The market based on end-user has been segmented into hospitals & clinics, ambulatory surgical centers, and others. Leading to a rise in patient visits, the hospitals and clinics segment held the largest market share in 2018.
The market has been segmented into four regions: the Americas, Europe, Asia-Pacific, and Middle East and Africa. Because of the rising prevalence of degenerative disc disease and the growing acceptance of technologically advanced products in the region, the Americas region held the largest market in 2018. In the Americas, the spinal cord stimulator industry has been split into North America and Latin America, with the North American market divided into the United States and Canada.
Europe has overtaken North America as the global market’s second-largest region over the projected era. The demand for spinal cord stimulation in Europe is expected to be fueled by rapid technological advances in spinal cord stimulation systems. One of the main factors facilitating the growth of the spinal cord stimulator market in Europe is the region’s favourable health reimbursement policies.
In Asia-Pacific, the spinal cord stimulator market is divided into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The Asia-Pacific market is projected to rise at the fastest rate due to a rising number of patients suffering from chronic and neuropathic pain, as well as a growing geriatric population. The high demand and rapid acceptance of spinal cord stimulation in the area are driving the market.
Some of the key players in the global spinal cord stimulator market are Boston Scientific Corporation (US), Abbott (US), Nevro Corp. (US), Medtronic (Ireland), Stimwave LLC (US), Nuvectra (US), Beijing PINS Medical Co., Ltd (China), Cirtec (US), NeuroSigma, Inc. (US), Synapse Biomedical Inc. (US), and others.
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