Press release
Spinal Cord Stimulator Market Forecast By End-use Industry 2016-2026
Spinal Cord Stimulator Market: Drivers and Restraints
The spinal cord stimulator market is vast and remains relatively untouched as SCS shows huge potential to treatchronic back pain. The global SCS market is expected to increase in the coming years due to factors such as rising geriatric population, increasing demand for minimally invasive surgeries and rise in ageing demographics. Factors such as unfavorable reimbursement situation, lack of trained professionals and high cost associated with therapy are expected to hinder the market growth.
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Spinal Cord Stimulator Market: Segmentation
The global Spinal Cord Stimulator Marketis segmented on the basis of application, product type, end user, and geography.
Based on application type, the global Spinal Cord Stimulator Marketis segmented into the following:
Degenerative disk disease (DDD)
Sciatica
Arachnoiditis
Failed back syndrome (FBS)
Multiple back operations
Arachnoiditis
Based on product type, the global Spinal Cord Stimulator Marketis segmented into the following:
Conventional system
Radiofrequency system
Rechargeable system
Based on end user, the global Spinal Cord Stimulator Marketis segmented into the following:
Hospitals
Healthcare clinic
Spinal Cord Stimulator Market: Overview
High prevalence of painful diseases such as chronic back pain, disk surgery, and increasing demand for fast relief providing devices are major factors that are expected to increase the demand of Spinal cord stimulator. Spinal cord stimulator holds the largest product segment valued at US$ 2,300 million in 2015. This product is expected to witness high demand due to extensive use of applications, growing demand in healthcare institutions and clinics, and subsequent commercialization of products in faster growing product segments. Hospitals are major end-users of SCS devices and accounted for around 75% of the total market share during 2015.
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Spinal Cord Stimulator Market: Regional Overview
Region wise, the global Spinal cord stimulatormarket is classified into regions namely, North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, and Middle East and Africa. The Americas is the largest revenue-contributing region in the SCS devices market and is expected to occupy around 59% of the overall market revenue during the forecast period. The U.S. is expected to dominate the industry due to technological advancements and the availability of reimbursement facilities in the country. Europe is the second largest revenue generating region, while APEG region is likely to grow at a relatively faster rate during the forecast period.
Spinal Cord Stimulator Market: Key Players
The existing companies like Boston Scientific, Medtronic Plc, Nevro Corporation, and St. Jude Medical are making investments in several research activities to launch new devices. Several new entrants like Stimwave, Greatbatch expected to grow in the market in coming years.
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