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Spinal Cord Stimulator Market Report Explored in Latest Research 2017 – 2025
Spinal cord stimulation received approval from the U.S. FDA in 1989 for indications such as nerve damage in the trunk, arms, or legs. According to a study conducted by the Institute of Medicine of The National Academies, 100 million people in the U.S. suffer from chronic pain. Moreover, the study states that the incidence rate of lower back pain is the maximum. Lower back pain accounted for around 30% of all kinds of chronic pain.
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The spinal cord stimulators market is large-sized and relatively untouched. Spinal cord stimulators possess high potential to treat widespread chronic back pain. The global spinal cord stimulators market is anticipated to witness significant growth in the next few years due to rising geriatric population, increasing demand for minimally invasive surgeries, and technological advancements across the world. In May 2015, Nevro Corporation received the U.S. FDA’s approval for its Senza spinal cord stimulator (SCS) system.
This implantable and rechargeable system helps in relieving chronic pain in the limbs and the trunks. The upcoming product innovations and new product launches are expected to boost the market from 2017 to 2025. However, factors such as unfavorable reimbursement scenario, lack of trained professionals, and high cost of products and treatment are hindering the market for spinal cord stimulators. According to a survey conducted by ECRI Institute in January 2015,
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The global spinal cord stimulators market has been classified based on product, application, end-user, and geography. Based on product, the market has been segmented into rechargeable spinal cord stimulator systems and non-rechargeable spinal cord stimulator systems. Compact size, user-friendly nature, and launch of new rechargeable systems are some of the factors fueling the rechargeable systems segment.
Based on application, the global spinal cord stimulators market has been divided into sciatica, failed back syndrome (FBS), arachnoiditis, degenerative disk disease, and others. High prevalence of chronic back pain and disk surgery and increasing demand for devices providing rapid relief are major factors likely to increase the demand for spinal cord stimulators during the forecast period. The market is anticipated to witness high growth in the next few years, due to rise in the number of health care organizations and clinics and commercialization of products across the globe. Hospitals is anticipated to be a major end-user segment of the SCS systems market and is anticipated to dominate the market during the forecast period.
Geographically, the global spinal cord stimulators market has been classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The U.S. was the largest market in terms of revenue in 2016. while the market in is likely to expand at the most rapid pace during the forecast period.
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Boston Scientific, St. Jude Medical, Medtronic Plc, Nevro Corporation are key players operating in the global market for spinal cord stimulators. They are making investments in research activities to launch new devices. Several new entrants such as Stimwave, Greatbatch, Autonomic Technologies, Inc., and Cyberonics are planning to expand in the global spinal cord stimulators market in the near future.
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