Overview and Scope
Spinal cord stimulation is a relatively new technique that can assist in managing chronic pain when the damage or cause cannot be healed. It delivers electrical pulses directly into the spinal cord to control pain.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
North America was the largest region in the spinal cord stimulation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spinal cord stimulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the spinal cord stimulation market report are NeuroPace Inc., Abbott Laboratories, Medtronic PLC, Stryker Corporation, Boston Scientific Corp., LivaNova PLC, Globus Medical Inc., ZimVie Inc., Avanos Medical Inc. , Inspire Medical Systems Inc., Nevro Corp., Axonics Modulation Technologies Inc., SPR Therapeutics Inc., BlueWind Medical, Bioness Inc., Saluda Medical Pty. Ltd., Soterix Medical Inc., Synapse Biomedical Inc., NeuroMetrix Inc., NDI Medical LLC, Neuros Medical Inc., Cirtec Medical Corp., Mainstay Medical International plc, Gimer Medical, NeuroSigma Inc.
The spinal cord stimulation market report table of contents includes:
1. Executive Summary
2. Spinal Cord Stimulation Market Characteristics
3. Spinal Cord Stimulation Market Trends And Strategies
4. Spinal Cord Stimulation Market – Macro Economic Scenario
5. Global Spinal Cord Stimulation Market Size and Growth
…
32. Global Spinal Cord Stimulation Market Competitive Benchmarking
33. Global Spinal Cord Stimulation Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Spinal Cord Stimulation Market
35. Spinal Cord Stimulation Market Future Outlook and Potential Analysis
36. Appendix
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