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Spinal Cord Stimulation Devices Market Outlook 2024
Spinal Cord Stimulation Devices Market Outlook
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According to The Business Research Company's, The spinal cord stimulation market size has grown strongly in recent years. It will grow from $2.85 billion in 2023 to $3.12 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to aging population, increasing prevalence of chronic pain, rising awareness about spinal cord stimulation, growing demand for non-invasive pain management techniques..
The spinal cord stimulation market size is expected to see strong growth in the next few years. It will grow to $4.31 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to development of innovative stimulation therapies, expanding indications for spinal cord stimulation, rising demand for minimally invasive procedures, increasing investment in research and development, reimbursement policies. Major trends in the forecast period include integration of artificial intelligence in spinal cord stimulation devices, emergence of non-paresthesia-based stimulation, focus on expanding market presence in emerging economies, adoption of rechargeable stimulators, emphasis on patient-centric approaches in product development..
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Market Drivers and Trends:
The increasing prevalence of spinal cord injuries is expected to propel the growth of the spinal cord stimulation market going forward. Spinal cord injuries refer to any damage to the spinal cord or nerves at the spinal canal's end. Spinal cord injuries rise due to traumatic causes and domestic accidents. Spinal cord injuries are treated by spinal cord stimulation, which delivers low-voltage electricity to the spinal cord to alleviate pain. For instance, in May 2022, according to the National Library of Medicine, a US-based government library, spinal cord injuries affected between 250,000 and 500,000 people annually worldwide. Around 17,000 new spinal cord injuries are reported in the US annually, and 282,000 Americans are thought to be spinal cord injury survivors. Therefore, the increasing prevalence of spinal cord injuries is propelling the growth of the spinal cord stimulation market.
Technological innovations are a key trend gaining popularity in the spinal cord stimulation market. Major companies operating in the spinal cord stimulation market are focused on developing technologically advanced solutions to sustain their position in the market. For instance, in December 2022, Abbott Laboratories, a US-based medical device company, launched the Eterna spinal cord stimulation system for chronic treatment. It is the most miniature implantable, rechargeable spinal cord stimulator for the management of chronic pain currently on the market. Abbott's low-dose BurstDR stimulation, the only SCS waveform technology with the highest level of clinical proof (1A evidence), is used in Eterna SCS and has been shown to relieve pain 23% greater than conventional waveform technology methods.
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Major Key Players of the Market:
NeuroPace Inc., Abbott Laboratories, Medtronic PLC, Stryker Corporation, Boston Scientific Corp., LivaNova PLC, Globus Medical Inc., ZimVie Inc., Avanos Medical Inc. , Inspire Medical Systems Inc., Nevro Corp., Axonics Modulation Technologies Inc., SPR Therapeutics Inc., BlueWind Medical, Bioness Inc., Saluda Medical Pty. Ltd., Soterix Medical Inc., Synapse Biomedical Inc., NeuroMetrix Inc., NDI Medical LLC, Neuros Medical Inc., Cirtec Medical Corp., Mainstay Medical International plc, Gimer Medical, NeuroSigma Inc.
Spinal Cord Stimulation Market 2024 Key Insights:
• The spinal cord stimulation market size is expected to see strong growth in the next few years. It will grow to $4.31 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Surging Prevalence Of Spinal Cord Injuries Drives Growth In The Spinal Cord Stimulation Market
• Abbott Laboratories Unveils Eterna Spinal Cord Stimulation System, Redefining Chronic Pain Management
• North America was the largest region in the spinal cord stimulation market in 2023
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