Spinal Cord Stimulator Market Highlights
According to MRFR analysis, Global Spinal Cord Stimulator Market is expected to register a CAGR of 8.95% during the forecast period of 2019 to 2025 and was valued at USD 1,994.16 Million in 2018.
Spinal cord stimulator is an implantable neuromodulation device used for the treatment of certain pain conditions. The device functions by sending electric signals to the areas of the spinal cord that are in pain.
The growth of the global spinal cord stimulator market can be attributed to the rising prevalence of degenerative disc disease, increasing R&D expenditure by companies to develop innovative cord stimulators, growing geriatric population, and rising technological advancements. For instance, technology has resulted in reduced cost of the final product for end-user while increasing the capabilities of the system. Technological advancement in spinal cord stimulation (SCS) represent some of the most developments in pain management. Additional developments in this field include high-frequency spinal cord stimulation (SCS), a novel spinal cord stimulation (SCS) system that permits a pulse rate up to 10 kHz with more effective anatomic positioning, providing paresthesia-free pain relief; percutaneous leads and paddles, which permit tailored stimulation patterns for patients with chronic pain.
Furthermore, the increasing demand for minimally invasive procedures, rise in the number of patients suffering from failed back surgery syndrome, and the growing number of patients suffering from chronic & neuropathic pain is also expected to fuel the market growth during the forecast period. However, the dearth of skilled professionals, lack of awareness regarding the use of spinal cord stimulators for the treatment of neuropathic pain, major dependence on traditional therapies for treatment, and stringent government regulations related to the product approvals are expected to restrain the growth of the global spinal cord stimulator market.
Spinal Cord Stimulator Market Regional Analysis
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas region is held the largest market in 2018 owing to the rising prevalence of degenerative disc disease and the increasing adoption of technologically advanced products in the region. The spinal cord stimulator market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. For instance, market players like FDA approved Medtronic devices, the company holds up to 38% of the US market, according to recent studies.
The European spinal cord stimulator market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The spinal cord stimulator market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing number of patients suffering from chronic & neuropathic pain and a growing geriatric population, the market in Asia-Pacific is expected to be the fastest-growing. The spinal cord stimulator market in the Middle East & Africa has been divided into the Middle East and Africa.
Spinal Cord Stimulator Market Segmentation
The Global Spinal Cord Stimulator Market has been segmented based on Technology Type Application, and End User.
Based on the technology type, the global spinal cord stimulator market has been segmented into a conventional implantable pulse generator, rechargeable implantable pulse generator, and radiofrequency stimulator. The conventional implantable pulse generator (IPG) segment held the largest market share in 2018 owing to its high preferred type by hospitals, and excellent in long-term relief in 60%-80% patients suffering from chronic pain.
The global spinal cord stimulator market, based on application, has been segmented into failed back surgery syndrome, complex regional pain syndrome, arachnoiditis, sciatica, degenerative disc disease and others. The failed back surgery syndrome (FBSS) segment held the largest market share in 2018 due to the increasing prevalence of failed back surgery syndrome (FBSS) worldwide.
The market based on end-user has been segmented into hospitals & clinics, ambulatory surgical centers, and others. Hospitals & clinics segment held the largest market share in 2018 owing to the rising in visits of patients.
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Spinal Cord Stimulator Market Key Players
Some of the key players in the global spinal cord stimulator market are Boston Scientific Corporation (US), Abbott (US), Nevro Corp. (US), Medtronic (Ireland), Stimwave LLC (US), Nuvectra (US), Beijing PINS Medical Co., Ltd (China), Cirtec (US), NeuroSigma, Inc. (US), Synapse Biomedical Inc. (US), and others.