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