In 2019, the market for spinal cord stimulation accounted for USD 2.88 billion worldwide. The effects of COVID-19 have been unprecedented and staggering on a global scale, with spinal cord stimulation experiencing a decline in demand across all geographies as a result of the pandemic. In 2020, the global SCS market will experience a sharp decline of -16.3%, according to our analysis.
The market is anticipated to increase by 8.0% CAGR from USD 2.41 billion in 2020 to USD 4.12 billion in 2027. When the pandemic is over, this market's demand and growth will resume to pre-pandemic levels, which explains the abrupt increase in CAGR.
As per the report, the global Spinal Cord Stimulation Market was dominated by North America in 2018. The North American market was valued at US$ 1,086.7 Mn in 2018. The region is anticipated to remain dominant through the forecast period. Favourable health reimbursement policies available in the region are one of the key factors enabling the 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 spinal cord stimulation systems are a primary factor expected to fuel the demand for spinal cord stimulation in Europe. Besides this, Asia Pacific is anticipated to report the highest CAGR during the forecast period. 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 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 the 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.
Key points for Spinal Cord Stimulation Market
The spinal cord stimulation market is expected to grow significantly in the coming years due to the increasing prevalence of chronic pain conditions and the rising demand for non-invasive pain management options.
Spinal cord stimulation is a minimally invasive procedure that involves the use of electrical impulses to block pain signals from reaching the brain. It is commonly used to treat chronic pain conditions such as lower back pain, neuropathic pain, and failed back surgery syndrome.
The market for spinal cord stimulation is segmented into different categories based on the type of device used, such as rechargeable and non-rechargeable devices. Rechargeable devices are expected to dominate the market due to their ease of use and longer battery life.
Key players in the spinal cord stimulation market include Medtronic, Boston Scientific, St. Jude Medical, Nevro Corporation, and Stimwave Technologies. These companies are constantly innovating and launching new products to stay ahead of the competition.
The spinal cord stimulation market is also expected to benefit from the increasing adoption of telemedicine and remote monitoring in the healthcare industry. This allows patients to receive treatment and check-ups from the comfort of their own homes, making it more convenient and accessible.
Innovation in Spinal Cord Stimulation Therapy to Drive Market
Shortly, the global Spinal Cord Stimulation Market will gain significant impetus from the introduction of MRI conditional spinal cord stimulator. Besides this, a reduction in the consumption of opioid medication is fueling the demand for spinal cord stimulation therapy.
Exposure to radiation 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.
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 the successful completion of the 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 the footprint and product portfolio. Such expansion strategies are expected to bode well for the overall market.
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