As per DelveInsight, the global Spinal Cord Stimulators (SCS) Market was valued at USD 2.25 billion in 2021 and growing at a CAGR of 8.70% during the forecast period (2022 to 2027) and is expected to reach USD 3.72 billion by 2027. Some of the key factors, such as the growing number of patients with chronic pain and neuropathic pain and the launch of technologically advanced devices, are expected to boost the global Spinal Cord Stimulator (SCS) Market growth in the coming years. Moreover, favorable government regulations for commercialization and launching products in the market and the rising geriatric population will also drive the Spinal Cord Stimulators Market. Some of the key MedTech giants in the Global Spinal Cord Stimulators Market include Boston Scientific Corporation, Medtronic PLC, Abbott Laboratories, Nevro Corp., Cirtec Medical, Stimwave LLC, NeuroSigma, Inc., Synapse Biomedical, Inc., Greatbatch, Inc., Saluda Medical Pty Ltd., Beijing PINS Medical Co., Ltd., and others.
DelveInsight’s “Spinal Cord Stimulators (SCS) Market” research report provides the current and forecasted Spinal Cord Stimulators Market size, share, and trends analysis for the next five years, upcoming innovations in the segment, and major market drivers & barriers. The report also covers the key competitors and emerging devices in the domain.
Global Spinal Cord Stimulators (SCS): Overview
A spinal cord stimulator is an implanted device consisting of a thin wire which carries out current from the pulse generator to the nerve fibers of the spinal cord. Spinal Cord Stimulators are mounted under the skin and transmit electrical signals of low levels of electricity directly into the spinal cord to relieve pain.
The “Spinal Cord Stimulators Market” report provides in-depth information into the market based on the segmentation such as by product type (rechargeable, non-rechargeable, others), by application (Failed Back Syndrome, Degenerative Disk Disease, Complex Regional Pain Syndrome, others), by end-user (hospitals, clinics, ambulatory surgical centers), and geography (North America, Europe, Asia-Pacific, and Rest of the World).
As per DelveInsight’s assessment, rechargeable products will hold a major chunk of the market share in 2020. The cost-saving opportunities with the use of rechargeable stimulators as compared to non-rechargeable ones are expected to lead to the high adoption of rechargeable devices. Moreover, the favorable insurance approval policies in developing countries and growing adoption rates due to its minimally invasive tendencies are expected to enhance the market potential of this equipment.
Spinal Cord Stimulators (SCS) Market Analysis
As per DelveInsight, Spinal Cord Stimulators Market is expected to grow owing to the rise in chronic diseases worldwide. The growth in injuries and traumas after going through spinal surgeries and changes in social behavior are also expecte to contribute to the rising demand for Spinal Cord Stimulators. As per American Chiropractic Association, nearly 80% of the population will experience back pain at some time in their lives. The rising cases of chronic diseases like back pain and back surgery failure will contribute to the Global Spinal Cord Stimulators Market growth. Moreover, the rise in collaboration and merger & acquisition among key players, the shift in trend from non-rechargeable to rechargeable equipment, and technological advancement in the field of Spinal Cord Stimulators are likely to boost the market growth.
The COVID-19 pandemic impacted elective and non-urgent surgeries across the countries. Hence, the government decided to postpone these surgeries, significantly affecting the Global Spinal Cord Stimulators market growth. As the situation is getting normalized, the Spinal Cord Stimulators market is expected to get on track in the coming years. However, certain factors such as product recall, side effects and risks associated with the devices, and also the high cost of the devices may impact the growth of the Spinal Cord Stimulators market.
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Spinal Cord Stimulators (SCS) – Global Market Assessment and Forecast
North America is expected to dominate the Spinal Cord Stimulators market during the forecast period. Some of the key factors, such as the improved reimbursement policies by the government and greater preference for technologically advanced products owing to the rise in healthcare expenditure, are expected to drive the Spinal Cord Stimulator (SCS) Market. The active presence of a large number of key players and rising product launches and commercialization agreements among the key manufacturers and other companies are also anticipated to boost the market growth.
Moreover, the Europe and Asia-Pacific region are also expected to showcase immense growth during the study period. Some of the key factors, such as the favorable policies by the government in easy approval for bringing new products into the market and uncomplicated reimbursement policies in the European region countries and Asian countries, will propel the market growth. Moreover, the huge popularity and high adoption rate of Spinal Cord Stimulators in both regions and rising spinal diseases will also drive the market growth.
Interested in knowing how the Global Spinal Cord Stimulators Market will grow by 2027? Click to get a snapshot of Spinal Cord Stimulators Market Trends and Developments
Spinal Cord Stimulators (SCS) Market – Key Developments and Breakthroughs
Over the years, the Spinal Cord Stimulators Market has evolved significantly owing to the active participation of global MedTech companies and technological advancements in the domain.
- In September 2021, the Auburn Surgery Center in Cape Girardeau, Mo., performed the region’s first procedure using Medtronic’s recharge-free Vanta spinal cord stimulator.
- In May 2021, Medtronic announced the launch of CareGuidePro, a new mobile application and web portal that serves as a virtual guide for patients throughout their spinal cord stimulation therapy journey.
- In June 2021, Medtronic scored FDA approval for its latest spinal cord stimulation implant Vanta, used for chronic pain. It is a non-rechargeable device promising nearly double the battery life of previous hardware.
As per DelveInsight, the ongoing clinical & commercial development activities and research in the domain will contribute immensely to the Spinal Cord Stimulators Market in the coming years.
Key Companies In the Spinal Cord Stimulators (SCS) Market
Some of the key companies actively operating in the Spinal Cord Stimulators Market include Boston Scientific Corporation (NYSE: BSX), Medtronic PLC (NYSE: MDT), Abbott Laboratories (NYSE: ABT), Nevro Corp. (NYSE: NVRO), Cirtec Medical, Stimwave LLC, NeuroSigma, Inc., Synapse Biomedical, Inc., Greatbatch, Inc., Saluda Medical Pty Ltd., Beijing PINS Medical Co., Ltd., and others.
As per DelveInsight, due to the very high growth rate and positive return, several new players are expected to enter the Spinal Cord Stimulators Market in the coming years. The entry of new players and the launch of emerging products will immensely drive market growth.
Learn how new players’ entries will transform the Spinal Cord Stimulators Market in the coming years at Spinal Cord Stimulators’ Competitive Landscape
Scope of the Spinal Cord Stimulators (SCS) Market Report:
- Geography Covered – Global
- Study Period – 2019-2027
- Spinal Cord Stimulators Market –
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- By Product – Rechargeable, Non-Rechargeable, others
- By Application – Failed Back Syndrome (FBS), Degenerative Disk Disease (DDD), Complex Regional Pain Syndrome (CRPS), others
- End User – Hospitals, Clinics, Ambulatory Surgical Centers
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- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View
Table of Content
| 1 | Report Introduction |
| 2 | Executive summary |
| 3 | Regulatory and Patent Analysis |
| 4 | Spinal Cord Stimulators Market Key factors analysis |
| 5 | Spinal Cord Stimulators Porter’s Five Forces Analysis |
| 6 | COVID-19 Impact Analysis on Spinal Cord Stimulators Market |
| 7 | Spinal Cord Stimulators Market Layout |
| 8 | Spinal Cord Stimulators Global Company Share Analysis – Key 3-5 Companies |
| 9 | Spinal Cord Stimulators Product Profiles and Key Companies |
| 10 | Project Approach |
| 11 | KOL Views |
| 12 | DelveInsight Capabilities |
| 13 | Disclaimer |
| 14 | About DelveInsight |
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Key Takeaways From the Spinal Cord Stimulators Market Report Study
- In-depth analysis of the Spinal Cord Stimulators Market size, share, and key trends.
- Comprehensive analysis of current Spinal Cord Stimulators Market size (2020) and market forecast for 5 years (2022-2027)
- The effect of the COVID-19 pandemic on the Spinal Cord Stimulators Market is significant. To capture and analyze suitable indicators, our experts are closely watching the Spinal Cord Stimulators Market.
- Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last three years
- Key companies dominating the Global Spinal Cord Stimulators Market.
- Various opportunities are available for the other competitors in the Spinal Cord Stimulators Market space.
- What are the top-performing segments in 2020? How these segments will perform in 2027?
- Which are the top-performing regions and countries in the current Spinal Cord Stimulators Market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for Spinal Cord Stimulators Market growth in the coming future?
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About DelveInsight
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