The Spinal Cord Stimulation Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Spinal Cord Stimulation Global Market Report 2024, The spinal cord stimulation market size has grown strongly in recent years. It will grow from $2.85 billion in 2023 to $3.12 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to aging population, increasing prevalence of chronic pain, rising awareness about spinal cord stimulation, growing demand for non-invasive pain management techniques.
The spinal cord stimulation market size is expected to see strong growth in the next few years. It will grow to $4.31 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to development of innovative stimulation therapies, expanding indications for spinal cord stimulation, rising demand for minimally invasive procedures, increasing investment in research and development, reimbursement policies. Major trends in the forecast period include integration of artificial intelligence in spinal cord stimulation devices, emergence of non-paresthesia-based stimulation, focus on expanding market presence in emerging economies, adoption of rechargeable stimulators, emphasis on patient-centric approaches in product development.
The increasing prevalence of spinal cord injuries is expected to propel the growth of the spinal cord stimulation market going forward. Spinal cord injuries refer to any damage to the spinal cord or nerves at the spinal canal’s end. Spinal cord injuries rise due to traumatic causes and domestic accidents. Spinal cord injuries are treated by spinal cord stimulation, which delivers low-voltage electricity to the spinal cord to alleviate pain. For instance, in May 2022, according to the National Library of Medicine, a US-based government library, spinal cord injuries affected between 250,000 and 500,000 people annually worldwide. Around 17,000 new spinal cord injuries are reported in the US annually, and 282,000 Americans are thought to be spinal cord injury survivors. Therefore, the increasing prevalence of spinal cord injuries is propelling the growth of the spinal cord stimulation market.
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The spinal cord stimulation market covered in this report is segmented –
1) By Product: Rechargeable, Non-rechargeable
2) By Application: Failed Back Surgery Syndrome (FBSS), Degenerative Disc Disease (DDD), Complex Regional Pain Syndrome (CRPS), Arachnoiditis, Other Disease Indications
3) By End User: Hospitals, Ambulatory Surgery Centers, Specialty Clinics
Technological innovations are a key trend gaining popularity in the spinal cord stimulation market. Major companies operating in the spinal cord stimulation market are focused on developing technologically advanced solutions to sustain their position in the market. For instance, in December 2022, Abbott Laboratories, a US-based medical device company, launched the Eterna spinal cord stimulation system for chronic treatment. It is the most miniature implantable, rechargeable spinal cord stimulator for the management of chronic pain currently on the market. Abbott’s low-dose BurstDR stimulation, the only SCS waveform technology with the highest level of clinical proof (1A evidence), is used in Eterna SCS and has been shown to relieve pain 23% greater than conventional waveform technology methods.
The spinal cord stimulation market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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