Spinal Cord Stimulation Devices Market to grow at an Impressive CAGR During the Forecast Period
Rising prevalence of chronic pain
syndrome is driving the Global Spinal Cord Stimulation Devices Market, in the
forecast period.
According
to TechSci Research report, “Global Spinal Cord Stimulation
Devices Market By Product Type
(Rechargeable v/s Non-Rechargeable) By Application (Failed
Back Syndrome, Complex Regional Pain Syndrome, Degenerative Disk Disease, Unsuccessful
Disk Surgery, Others) By End User (Hospitals &
Clinics, Ambulatory Care Centers, Others) By Region, Competition Forecast
& Opportunities, 2026”,
the global spinal cord stimulation devices market is projected to grow at an
impressive CAGR in the forecast period, 2022-2026, owing its growth to the
attributes like rising geriatric population with spinal injuries. Also, spinal
cord injury among the adult population is also increasing due to various
factors like the lifestyle habits of prolonged sitting, lack of proper diet and
workouts. These factors are increasing the demand of spinal cord stimulation
devices market in the next five years. Also, rising number of the patients
suffering from the neurological disorder and suffering from pain are boosting
the growth of the global spinal cord stimulation devices market.
Spinal
cord stimulation devices are the devices that are specifically used in neuro
stimulation therapy that is a treatment plan for certain pain conditions like
targeted pain and chronic pain. The device works with blocking the electrical
signals from the pain centered core from reaching the brain. The device is
installed within the patients skin and it modifies the pain signal before it
reaches the brain. Since the brain does not receive any pain signals the person
does not feels the discomfort from excruciating pain. Spinal cord stimulation
devices contain small wires that carry the electrical signals and transmits it
toward the nerve fibers of the spinal cord.
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The global spinal cord stimulation devices market
is segmented by product type, application, end
user, regional distribution,
and competitional landscape. Based on application the market is further
bifurcated into failed back syndrome, complex regional pain syndrome,
degenerative disk disease, unsuccessful disk surgery, and others. Complex
regional pain syndrome (CRPS) is anticipated to dominate the market segment due
to increasing number of patients suffering from severe targeted pain. These
patients also face skin color change and temperature mobility. Nerve damages in
blood flow controlling nerves and abnormal microcirculation causes the temperature
and skin color changes. Spinal injuries and trauma like sprains, fractures,
limb immobilization, and soft tissue injuries causes the CRPS and thereby
driving the market growth.
Based
on end user, the market is further categorized into hospitals & clinics,
ambulatory care centers, and others. Hospitals & clinics are the dominant
sub-segment of the market owing to the availability of the complete facilities
for the installation of the devices, monitoring post-surgery and redressal
procedures at one single place. Moreover, hospitals provide favorable health
reimbursement policies with the help of government aids toward the patient that
is a major growth factor for the hospitals to dominate the market. Also, awareness
among the patients for the availability of the devices is favoring the market
growth of the global spinal cord stimulation market.
Some
of the major competitors in the market are Boston Scientific Corporation,
Abbott Laboratories, Inc., Neurosigma Inc., Medtronic Plc., Nevro Corp, Synapse
Biomedical Inc, Stimwave Technologies Inc, Nuvectra Corporation, Autonomic
Technologies, Inc., Integer Holdings Corporation, among others. Other
strategies include investments over technologically advanced devices under the
research and development and the partnerships among top players.
The
top players are involved in various research and development processes that is
dedicated to decrease the size of spinal cord stimulation devices. Stimwave LCC
has recently launched a Freedom Spinal Cord Stimulation System that is about 5%
of the size of Implantable Pulse Generator that are currently available in the
market.
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“With the emerging government aid and
favors toward the non-invasive surgery procedures is driving the North American
region to be the promising region for the market development in the next five
years. Moreover, government guidelines are favoring the technological advanced
devices, these factors are effectively responsible for the market growth. Asia
Pacific region is actively incorporating neuromodulation therapies also the
geriatric population of the region is majorly responsible for the fastest
market growth. New players are advised to invest accordingly,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based Global
management consulting firm.
“Global Spinal Cord
Stimulation Devices Market By Product Type (Rechargeable v/s Non-Rechargeable) By
Application (Failed Back Syndrome, Complex Regional Pain Syndrome, Degenerative
Disk Disease, Unsuccessful Disk Surgery, Others) By End User (Hospitals &
Clinics, Ambulatory Care Centers, Others) By Region, Competition Forecast &
Opportunities, 2026”, has evaluated the future
growth potential of global spinal cord stimulation devices and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global spinal cord stimulation devices.
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