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Global Spinal Cord Stimulation Market Size to Grow at a CAGR of 8.10% in the Forecast Period of 2023-2028

03-31-2023 06:11 AM CET | Health & Medicine

Press release from: Expert Market Research

Global Spinal Cord Stimulation Market Size to Grow at a CAGR

The 'Global Spinal Cord Stimulation Market Growth, Trends, Size, Share, Price, Report and Forecast 2023-2028' by Expert Market Research gives an extensive outlook of the global spinal cord stimulation market, assessing the market on the basis of its segments like types, diseases, end users, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.

Spinal Cord Stimulation Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Historical Market Size (2022): USD 2.71 billion
• Forecast CAGR (2023-2028): 8.10%
• Forecast Market Size (2028): USD 4.32 billion

The increasing prevalence of complex regional pain syndrome (CRPS), degenerative disc disease (DDD), and spinal cord-related conditions, is driving the global spinal cord stimulation market. The growing cases of chronic pain among the working population, induced by the sedentary lifestyles, lack of proper nutrition, and increasing prevalence of injuries, are further escalating the hospitalisation rates.

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The rising awareness pertaining to the benefits offered by spinal cord stimulation, which includes greater chances of improvement of quality of life, lower pain levels in the patient's body, targeted relief, little or no side effects, and no need for refills, among others, is boosting the demand for spinal cord stimulators across the healthcare units. Moreover, the increasing inclination towards minimally invasive procedures and growing restrictions on opioid medication for pain relief are the crucial drivers fuelling the spinal cord stimulation market.

Approvals by various governments, along with positive feedback of patients are encouraging spinal cord stimulation, adding to the market growth. The increasing geriatric population and surge in the cases of failed back surgery syndrome (FBSS) and ischemic limb pain are expected to propel the demand for efficient spinal cord stimulation treatment infrastructure across hospitals and ambulatory surgical centres.

Spinal Cord Stimulation Industry Definition and Major Segments

Spinal cord stimulation is defined as a process in which a spinal cord stimulator is placed surgically under the skin, transmitting low electricity levels to the spinal cord to reduce pain caused due to an injury or condition. It is an effective pain treatment procedure which decreases pain and can be used with other treatments, reducing the need for drugs.

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Based on type, the market is bifurcated into:

• Rechargeable
• Non- Rechargeable

By disease, the market is segmented into:

• Failed Back Surgery Syndrome (FBSS)
• Degenerative Disc Disease (DDD)
• Complex Regional Pain Syndrome (CRPS)
• Arachnoiditis
• Ischemic Limb Pain
• Others

On the basis of end user, the market is divided into:

• Hospitals
• Ambulatory Surgical Units
• Specialty Clinics

Based on region, the market is categorised into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Spinal Cord Stimulation Market Trends

The key trends in the global spinal cord stimulation market include the growing research and development activities aimed towards developing therapies and medications targeted towards specific neurological areas of the body. In addition, technological advancements are being carried out which are targeted towards making spinal cord stimulators more compact and efficient, increasing the reliability of this procedure. The increasing penetration of internet of things (IoT) across the healthcare infrastructure is another critical trend of the market enabling wireless connectivity using smartphones and computing systems, improving accuracy.

Growing healthcare expenditure, rising population, increasing health awareness, and favourable reimbursement policies of various governments are encouraging the populations to go for regular check-ups. Increasing efforts by various governments to improve treatment and diagnostic facilities across the healthcare units are anticipated to bolster the market growth of spinal cord stimulation in the forecast period.

In geographical terms, North America and Europe hold a significant share in the market, owing to the policies of the governments in the regions against opioid medication which are leading to a transition towards alternatives for pain relief. High healthcare expenditure across the well-established economies of these regions is another factor propelling the spinal cord stimulation market.

Key Market Players

The major players in the global spinal cord stimulation market report are

• Abbott Laboratories
• Medtronic Plc
• Boston Scientific Corporation
• Nevro Corp.
• Stimwave LLC
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Media Contact:

Company Name: Claight Corporation
Contact Person: Alex, Business Consultant
Toll Free Number: US +1-415-325-5166 | UK +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA

About Us:

Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skilful analysis and interpretation of data, the company offers its clients extensive, latest and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.

EMR customises syndicated reports according to clients' requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.

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