Spinal Cord Stimulation Market 2018 Size, Share, Growth Predictions, Latest Innovation, Application and 2024 Forecast | Top Players: St. Jude Medical, Boston, Medtronic, Stimwave
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The rising incidence of neurological disorders and spinal cord injury (SCI) drives the growth of the spinal cord stimulation market. According to WHO, between 250,000 and 500,000 people suffer from spinal cord injury (SCI) every year. The Spinal cord stimulation is a conventional therapy used to chronic pain without invasive surgery. The US Food and Drug Administration (FDA) has approved the use of Spinal Cord Stimulation (SCS) System in non-opioid chronic pain therapy. The American Association of Neurological Surgeons Conferring that more than 50,000 neurostimulators are implanted worldwide each year. The acceptance of SCS is rising rapidly that is anticipated to escalate the growth of global spinal cord stimulation market.
Spinal cord stimulation offers several benefits over the surgical process including, short recovery time, good outcomes, Least-invasive procedure, almost 50 to 70 percent reduction in pain. This therapy improves the mobility of patients in daily activities. In addition, rising demand for minimally invasive surgeries is anticipated to boost the demand for spinal cord stimulation market.
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Market Segmentation by Products
Spinal cord stimulation market by products is segregated into rechargeable and Non-rechargeable spinal cord stimulator. Among these Non-rechargeable devices are the conventional systems that required to replace the power source when it runs out. This maintenance part has to done by the medical expertise as it required a minor surgical procedure to replace the power source. In the case of rechargeable stimulators, patients are responsible for recharging the power source of the stimulator. A rechargeable system typically lasts longer than a conventional system. Ongoing technological advancements in the stimulation technology drive the rechargeable spinal cord stimulators market.
Market Segmentation by Applications
The report highlighted by applications of spinal cord stimulation market into Failed Back Surgery Syndrome, Ischemic Limb Pain, Complex Regional Pain Syndrome, and others. Failed Back Surgery Syndrome is a term generally used to describe the chronic back or neck pains that did not resolve with surgery. The spinal cord stimulation is a very effective method to treat the pain conditions that do not cure by physical therapy, surgeries, or chronic pain management programs. The acceptance of spinal cord stimulation therapy to treat failed back surgeries is rising rapidly than expected to contribute to the growth of this market.
North America held a substantial revenue share in the global spinal cord stimulation market in 2017. According to the American Academy of Pain Medicine, about 100 million Americans are suffering from chronic pains. Rising demand for innovative and effective therapies in the treatment of chronic pains drives the growth of North America spinal cord stimulation market. Additionally, the presence of key manufacturers and high adoption of this therapy among the population contributes to the growth of spinal cord stimulation in North America.
The Asia Pacific is the fastest growing region in the spinal cord Stimulation market. Countries like China, India, and Japan are the major countries of the Asia Pacific region having significant market share. The factors such as the rising prevalence of neurological diseases, Growing Healthcare infrastructure, and the introduction of advanced neurostimulation technologies are attributed in the growth of Asia Pacific spinal cord stimulation market. In addition, rapid growth in the geriatric population, and increasing awareness of the spinal cord stimulation techniques are expected to fuel the growth of this market in upcoming years.
The report provides profiles of the companies in the global spinal cord stimulation market such as ST. JUDE MEDICAL, Boston, Medtronic, Stimwave, Nevro, Greatbatch and others. Among these players, ST. JUDE MEDICAL, Boston, and Medtronic together dominate the market of spinal cord stimulation. These dominating players are more focusing on the merger, Acquisition and new product launch as a key strategy to improve their profit margins.
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