Spinal Cord Stimulation Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

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Spinal Cord Stimulation Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

Status : August, 2020 | Medical Devices | PPT format

Report Digest


Global Spinal Cord Stimulation Devices Market: Overview

Spinal cord stimulation devices are effective way of pain relief technique, which works through passing a low voltage electric current to the spinal cord. This process packs the pain signals before reaching the brain and thus avoids the painful sensation. However, these devices are not new to use for spinal cord stimulation therapy. These devices have underwent robust research and development, for sharpening the technology. In addition, increasing government support in the form of reimbursements for devices, new product launches, and wireless remote technique, which are reflecting in terms of growth of the market.

Global Spinal Cord Stimulation Devices Market: Companies Mentioned

Some of the players operating in the global spinal cord stimulation devices market are Boston Scientific Corp., NeuroSigma, Inc., Medtronic PLC, Nevro Corp., Synapse Biomedical, Inc., and Stimwave LLC. The market is estimated to gain benefit from the new product launches, patent approvals, and regulatory approvals from the governmental bodies.

For instance, in 2019, the Nevro Corp has received motion for preliminary injunction. However, the local US court has issued a stay order for Stimwave Technologies, Inc., from infringing patent claims for 3 kHz and 10 kHz by programming Stimwave's SCS systems. Such patent expiration and newer approvals are leading to benefit other companies; thus, the players are looking to improve their products offerings.

However, strict criteria’s for approving the newer techniques is creating barrier in the growth way of the major companies such as Saluda Medical. The company is facing hurdle for getting its spinal cord stimulation device approved by regulators in the US and Australia.

Global Spinal Cord Stimulation Devices Market: Drivers and Restraints

Surge in number of people suffering from several diseases such as chronic pain, failed back syndrome, and Complex Regional Pain Syndrome (CRPS) is creating need for newer technologies for better treatment. This is a key factor propelling growth of the global spinal cord stimulation devices market. The CRPS condition is known for chronic pain of limb majorly after injuries. The National Institute of Neurological Disorders and Stroke (NINDS), suggests that the symptoms of CRPS are majorly found in women of any age and 90.0% of the cases are occurred due to trauma and injury. Thus, increase in number of patients having chronic pain is leading to boost the market growth and is estimated to drive the market in coming years. Additionally, advent of technological advancement coupled with rising awareness among people toward health is driving growth of the global spinal cord stimulation devices market.

Global Spinal Cord Stimulation Devices Market: Geographical Analysis

Based on the region, the spinal cord stimulation devices market is segmented in to five parts such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Of these, North America is anticipated to dominate the spinal cord stimulation devices market in coming years. This growth is attributable to the increased prevalence of chronic pain, CRPS, and failed back syndrome. Additionally, the factors such as increase in awareness about presence of spinal cord stimulation therapy, presence of well-established healthcare facilities along with continuously evolving technologies, and availability of highly skilled doctors and operators are estimated to drive the regional market in coming years. Further, earliest adoption of technologically advanced products is estimated to push the growth of market. However, the Asia Pacific region is expected to witness the highest CAGR owing to surge in number of patients of neuropathic pain especially after the spinal surgeries coupled with chronic pain in arms, legs, and foot. 

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.