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.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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