With 8.0% CAGR, Spinal Cord Stimulation Market Size to Surpass USD 4.12 Billion by 2027

Pune, India, Jan. 30, 2023 (GLOBE NEWSWIRE) — The global spinal cord stimulation market is expected to gain from increasing per capita income. Recently Fortune Business insights, published a report, titled “Spinal Cord Stimulation: Global Market Analysis, Insights and Forecast, 2020-2027,” which studies in detail various factors influencing the market’s growth trajectory. According to the report, the global spinal cord stimulation market was worth USD 2.88 billion in 2019. The global market is anticipated to progress at a CAGR of 8.0% and value USD 4.12 billion by the end of 2027. North America, Europe has emerged as the second-leading region in the global market during the forecast period.

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Report Scope & Segmentation

Key Takeaways

• The value of the global market was USD 2.88 billion in 2019.
• The market is projected to rise at a CAGR of 8.0% during the forecast period (2020-2027).
• The Failed Back Surgery Syndrome (FBSS) is the leading segment in this market.
• The technological advancements in spinal cord stimulators and emerging government guidelines for SCS are the key factors driving the global market.
• Medtronic, Boston Scientific Corporation, and Abbott are the top players in the global market.
• The shift towards non-opioids alternative therapies is a key trend in the market.

Driving Factors

The manufacturers have intensified their research efforts in an effort to make spinal cord stimulators smaller. For instance, the size of the current Implantable Pulse Generators (IPG) on the market is about 5% smaller than the Freedom SCS system made by Stimwave LCC. The growth of the spinal cord stimulation market is being driven by this as well as improvements in impulse generation.

Differential Target Multiplexed (DTM) SCS is a brand-new SCS waveform that was created by the American company Stimgenics. In January 2020, Medtronic purchased the firm. Significant pain relief was observed in a study comparing Differential Target Multiplexed (DTM) SCS to traditional ones.

The HF10 therapy, which has been shown to be more effective than the conventional spinal cord stimulation therapies, is another notable technology that is being used to generate the impulse. The availability of platforms like WaveCrest and Intellis that can wirelessly connect with smartphones and tablets to adjust dosage settings is another factor that is encouraging the adoption of SCS.

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As per the report the global spinal cord stimulation market was dominated by North America in 2018. The North America market was valued at US$ 1,086.7 Mn in 2018. The region is anticipated to remain dominant through the forecast period. Favorable health reimbursement policies available in the region is one of the key factors enabling expansion of the spinal cord stimulation market in North America. Trailing North America, Europe has emerged as the second-leading region in the global market during the forecast period.

In terms of disease indication, The Failed Back Syndrome segment is estimated to emerge dominant in the global spinal cord stimulation market during the forecast period. The global prevalence of the Failed Back Syndrome is increasing further generating demand for the development of new and effective therapy to treat chronic back pain.

Government bodies across the world have introduced several policies encouraging expansion of the healthcare infrastructure. These are facilitating the smooth development of new spinal cord stimulation therapy as well. This is likely to increase the growth rate of the global market.

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Spinal Cord Stimulation Market Segmentation

By Product

• Rechargeable
• Non-rechargeable

By Disease Indication

• Failed Back Surgery Syndrome (FBSS)
• Degenerative Disc Disease (DDD)
• Complex Regional Pain Syndrome (CRPS)
• Arachnoiditis
• Others

By End User

• Hospitals
• Ambulatory Surgical Centers
• Specialty Clinics

By Geography

• North America
• Europe
• Asia Pacific
• Rest of World

List of Key Companies Profiled:

• Boston Scientific Corporation (Massachusetts, U.S.)
• Medtronic (Dublin, Ireland)
• Abbott (Illinois, U.S.)
• Nevro Corp (California, U.S.)
• Nuvectra (Texas, U.S.)
• Stimwave LLC (Florida, U.S.)

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