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