The global spinal cord stimulation devices market was significantly large in 2022, and is expected to continue to register a rapidly inclining revenue CAGR between 2023 and 2032. Key factors responsible for driving market revenue growth are insurance approval policies, favorable compensations, rising senile population. In addition to this, emergence of novel technologies in the field of minimally invasive procedures will open up lucrative opportunities for key market participants.
Spinal cord stimulation devices are medical equipment that are implanted beneath the skin for delivering an electric current to the spinal cord. This device is made up of a small wire that transports current from a pulse generator to the nerve fibers of the spinal cord. As a result, spinal cord stimulation devices help to reduce pain caused by electrical pulses by masking the pain signal from reaching a patient’s brain.
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Major Factors Driving Growth Of The Global Spinal Cord Stimulation Devices Market:
Revenue growth of the global spinal cord stimulation devices market is significantly driven by increased prevalence of Complex Regional Pain Syndrome (CRPS), failed back syndrome, and chronic pain across the globe. These further propels demand for newer technologies for better treatment. CRPS is a health condition that causes chronic pain in the limbs, usually after an injury. The National Institute of Neurological Disorders and Stroke (NINDS) mentioned that around 90.0 percent of CRPS cases are caused by trauma or injury globally and the condition is very common in women of any age. Thus, increasing number of patients suffering from chronic pain is set to boost market growth in the upcoming years. Furthermore, technological advancements and rising awareness of health among people, are driving growth of the global spinal cord stimulation devices market.
Factors Restraining Growth Of The Global Spinal Cord Stimulation Devices Market:
The global spinal cord stimulation devices market growth is substantially hampered by several unfavorable factors. High trial and implantation costs are stifling growth. In the United States, the average cost of implanting spinal cord stimulators ranges from USD 21,000 to USD 58,000. The cost of this procedure is also determined by whether the patient has private health insurance, public health insurance, or is spending out of pocket.
Apart from that, the patient must pay annual maintenance costs, which include the cost of the hardware, health care personnel fees, pulse generator replacement, hospital treatment, and more. Depending on complications, the annual maintenance cost ranges from USD 5000 to USD 21,000 per year. The majority of health insurance plans require the patient to go through numerous trials to see if a spinal cord stimulation device is a good treatment option, which can cost up to USD 8000 before the implantation procedure is entirely covered. As a result, the high cost of spinal cord stimulation devices is expected to stifle market growth.
Opportunities For Players Operating In The Global Spinal Cord Stimulation Devices Market:
In various developed and developing countries, increasing R&D activities on spinal cord stimulation by public and private sectors is expected to provide lucrative growth opportunities to key market players in the spinal cord stimulation devices market globally during the forecast period. Additionally, growing demand for non-invasive surgeries due to patient preference for more comfort is likely to increase opportunities in the spinal cord stimulation devices market. Furthermore, the ever-increasing prevalence of neurological disorders and spinal cord injuries is expected to provide a variety of opportunities for the global spinal cord stimulation devices market in the upcoming years.
Global Spinal Cord Stimulation Devices Market Revenue Led By Product Segment:
Based on products, the spinal cord stimulation devices market is segmented into rechargeable and non-rechargeable. Amongst these, rechargeable segment is likely to register the largest revenue share in the forthcoming years because of the ability of rechargeable spinal cord stimulation devices to control wireless remote and pain management techniques. These devices are also highly flexible and cost-effective. These are capable of sending mild electrical signals near the painful areas to the spinal cord for blocking neuropathic pain.
Global Spinal Cord Stimulation Devices Market Leading Application Segment:
Based on application, the global spinal cord stimulation devices market is segmented into Degenerative Disk Disease (DDD), Complex Regional Pain Syndrome (CRPS), Failed Back Syndrome (FBS), arachnoiditis or lumbar adhesive arachnoiditis, unsuccessful disk surgery, and multiple back operations. Out of these, the Complex Regional Pain Syndrome (CRPS) segment is anticipated to lead in the near future, owing to increasing number of patients suffering from chronic pain worldwide.
Asia Pacific Accounts For Largest Revenue Share In Global Spinal Cord Stimulation Devices Market:
The Asia Pacific spinal cord stimulation devices market is expected to register the largest revenue share over the forecast period. Increasing reimbursement policies for device innovations, such as wireless remote technique, are positively influencing market growth in the region. Asia Pacific is also expected to exhibit the highest CAGR due to increasing number of patients suffering from neuropathic pain, particularly after spinal surgeries, as well as chronic pain in the arms, legs, and feet.
North America Continues To Lead In Terms Of Revenue CAGR:
The North America spinal cord stimulation devices market is expected to register the fastest CAGR over the forecast period. Increasing prevalence of chronic pain, CRPS, and failed back syndrome in the region would propel growth. Additionally, availability of highly skilled doctors & operators, presence of well-established medical facilities, rising awareness of the benefits of spinal cord stimulation therapy, and evolution of technologies would also drive growth in this region. Furthermore, the early adoption of innovative products is expected to fuel growth of the spinal cord stimulation devices market in North America.
Major Companies Profiled In The Report:
- NeuroSigma, Inc.
- Synapse Biomedical, Inc.
- Boston Scientific Corp.
- Nevro Corp.
- Medtronic PLC
- Stimwave LLC
- Abbott Laboratories (St. Jude Medical)
Strategies And Objectives Of Major Companies:
- The Spine and Nerve Center Organization released results of its double-blind trial in February 2020, and these results suggest that ESAP-controlled closed-loop spinal cord stimulation is more effective than open-loop stimulation. Patients who received closed-loop stimulation had a higher responder threshold for leg and back pain.
- Researchers conducted studies in February 2020 to assess the durability and efficacy of BurstDR spinal cord stimulation devices in analgesic consumption and abdominal pain reduction. They examined patients\’ medical records to determine which diseases were causing the abdominal pain.
What Our Report Provides And Why Our Offering Is Better:
This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2023 to 2032. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the global market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.
Detailed Segmentation In Our Report:
For the purpose of this report, global spinal cord stimulation devices market is segmented on the basis of product, application, and region:
Product Outlook (Revenue, USD Billion; 2023-2032)
- Rechargeable
- Non-rechargeable
Application Outlook (Revenue, USD Billion; 2023-2032)
- Degenerative Disk Disease (DDD)
- Complex Regional Pain Syndrome (CRPS)
- Failed Back Syndrome (FBS)
- Arachnoiditis or Lumbar Adhesive Arachnoiditis
- Unsuccessful Disk Surgery
- Multiple Back Operations
Region Outlook (Revenue, USD Billion; 2023-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
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