NEWARK, Del, Sept. 28, 2022 (GLOBE NEWSWIRE) -- The global spinal cord stimulators market is anticipated to showcase lucrative growth opportunities over the projection period from 2022 to 2032, with a robust CAGR of 7.5%. The market reached a valuation of US$ 2.4 Bn by the end of 2021. The rechargeable stimulator product led the spinal cord stimulators market with a market share of 67.3% in the year 2021.
According to Future Market Insights (FMI) analysis, the spinal cord stimulator market is expected to surge as people become more aware of the benefits of these technologies for pain treatment. In order to benefit the geriatric population and poor people, there are several favorable policies and schemes offered by the government to help them get treated at reasonable costs are key contributing factors to the market expansion.
Spinal cord stimulation is considered one of the most effective methods to cure chronic pain management. Owing to the rising prevalence of chronic pain and cost-effectiveness of spinal cord stimulators, better reimbursement policies, companies’ focus on promoting their product, and the effectiveness of spinal cord stimulators in reduction of opioid analgesics use are expected to boost the spinal cord stimulators market.
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Key Takeaways
- The growth of the spinal cord stimulation market is expected to be driven by regular enhancements in technologies, the broad availability of healthcare facilities, and non-invasive treatments/surgeries. The government’s initiatives and policies are also acting in the favor of the market.
- Meticulous research and development enable manufacturers to cope with the growing demand and utilize newer technologies in the market. Various treatments like stem cell therapy and functional electrical stimulation (FES) have shown promising results in paralyzed patients. FES treatment utilizes a computer and electrodes in order to give small electronic bursts to paralyzed muscles for their stimulation and movement.
- According to the studies, the most utilized therapy is known as “HF10” which is proven to be a successful treatment in spinal cord stimulation. This technology is deployed for conditions typically treated with spinal cord stimulators (SCS), especially chronic low back and leg pain. Owing to its effective and instant relief, this type of treatment is gaining traction rapidly.
- In addition to that, there is a significant rise in awareness among physicians & patients and the introduction of technologically advanced devices is the major factor driving the growth of the spinal cord stimulators market.
- Failed back surgery syndrome is efficiently treated by spinal cord stimulators, complex regional pain syndrome, and ischemic limb pain. Spinal cord stimulation therapy is designed in such a way that delivers low-voltage electrical pulses to stimulate the spinal cord nerve fibers that are involved in the body’s neural pain signal pathway. By stimulating these nerves, the delivery of pain messages to the brain is interrupted, therefore, providing the patient with a diminished sensation of pain.
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Key Players:
- Medtronic Public Limited Company,
- Boston Scientific Corp,
- St Jude Medical LLC and Nevro Corp,
- Nuvectra Corporation and Stimwave,
- Neurosigma Inc.,
- Synapse Biomedical Inc.,
- Abbott Laboratories,
- Beijing PINS Medical Co., Ltd,
- Cirtec Medical Corporation,
- Gimer Medical,
- Bluewind Medical,
- Bioinduction,
- Greatbatch, Inc.,
- Saluda Medical Pty Ltd.
More Insights into the Spinal Cord Stimulators Market
The U.S. is expected to dominate the global spinal cord stimulators market over the forecast period as it accounted for about US$ 1.8 Bn in 2021. The dominance of the North American region is expected due to favorable schemes and policies provided by the government and technological advancements in the healthcare sector.
Germany is the second leading market which accounted for US$ 56.0 Mn in 2021. Increased healthcare funding by organizations and insurances on medical care & nurse care is one of the significant factors improving the growth in the market.
Japan is expected to witness phenomenal growth over the assessment period as it possessed about US$ 117.9 Mn revenue in 2021 and is anticipated to surge at a CAGR of 7.1% surpassing US$ 246.9 Mn by 2032. Growth is due to the rising number of patients experiencing neuropathic pain and opting for spinal procedures as a result of trauma and injuries.
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Spinal Cord Stimulators Segments:
Products:
- Rechargeable
- Non-Rechargeable
Application:
- Failed back Surgery Syndrome
- Complex Regional Pain Syndrome
- Ischemic Limb pain
- Others
End User:
- Hospitals
- Ambulatory Surgical Centers
- Clinics
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
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