Pune, India, Nov. 26, 2020 (GLOBE NEWSWIRE) -- According to the report, the global spinal cord stimulation market size was worth USD 2,268.9 Million in 2018. The global market is anticipated to progress at a CAGR of 8.1% and value USD 4,236.2 Million by the end of 2026. The report offers a comprehensive overview on various segments of the global spinal cord stimulation market. 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.
Spinal Cord Stimulation Key Industry Developments:
- In September 2019, Abbott announced the USFDA approval of PROCLAIM XR, a recharge-free neurostimulation system for treatment of patients with chronic pain.
- In January 2019, Boston Scientific launched SPECTRA WAVEWRITER spinal cord stimulator system in Europe. The system is used for treatment against chronic pain and debilitating pain.
- In August 2018, Nevro Corp. received USFDA approval for next-generation SENZA II Spinal Cord Stimulation (SCS) System used to deliver HF10 therapy.
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Innovation in Spinal Cord Stimulation Therapy to Drive Market
In the near future, the global spinal cord stimulation market will gain significant impetus from the introduction of MRI conditional spinal cord stimulator. Besides this, reduction in the consumption of opioid medication is fuelling the demand for spinal cord stimulation therapy.
Exposure to radiations and side effects associated with spinal cord stimulation therapy are a few factors that may restrain the global spinal cord stimulation market during the forecast period.
Regional Analysis:
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. Rapid technological advancements in the spinal cord stimulation systems is a primary factor expected to fuel the demand for spinal cord stimulation in Europe. Besides this, Asia Pacific is anticipated to report highest CAGR during forecast period.
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The market in the region is driven by the high demand and rapid adoption of spinal cord stimulation in the region. This is likely to enable growth in the global spinal cord stimulation market.
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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Abbot and Boston to Lead the Global Market
Abbott and Boston Scientific Corporation hold a significant share and are together leading the global spinal cord stimulation market. These companies are projected to lead the global market during the forecast period also. The growth witnessed is attributable to successful completion of acquisition of St. Jude Medical Inc. by Abbott.
Product launch by Boston Scientific Corporation is also contributing towards the growth. St. Jude Medical Inc., was acquired by Abbot in 2017, which further gave Abbot access to St. Jude Medical’s product portfolio and market share. Strategic collaborations are intended at expanding footprint and product portfolio.
Key companies covered in the report
- Medtronic
- Abbott
- Boston Scientific Corporation
- Stimwave LLC
- Nevro Corp.
- Nuvectra
- Other players
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Segmentation of the Global Spinal Cord Stimulation Market:
By Product
• Implantable Pulse Generator
o Rechargeable
o Non-rechargeable
• Radiofrequency System
By Disease Indication
• Failed Back Syndrome (FBS)
• Degenerative Disk Disease (DDD)
• Complex Regional Pain Syndrome (CRPS)
• Arachnoiditis
• Others
By End User
• Hospital
• Ambulatory Surgical Centers
• Specialty Clinics
By Geography
• North America (USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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SECONDARY DATA SOURCES THAT WE REFER TO:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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