The global Spinal Cord Stimulators Market, valued at USD 1.9 billion in 2021, is poised for substantial growth with a projected CAGR of 8.5% during the forecast period. Spinal cord stimulators (SCS), also known as dorsal column stimulators, have emerged as a groundbreaking neuromodulation tool for treating chronic pain. These implantable devices release electric signals that intercept pain signals, effectively altering and inhibiting pain impulses before they reach the brain.
The prevalence of chronic disorders has surged in recent years, driven by factors such as accidents, spinal operations, and treatments, resulting in approximately 54 cases of spinal cord injuries per million people in the United States each year, as reported by the National Spinal Cord Injury Statistical Centre. This rise in chronic conditions is expected to fuel the growth of the spinal cord stimulators market.
Technological advancements, a wide range of healthcare facilities, and non-invasive procedures have further propelled market expansion. Government programs and policies aimed at ensuring affordable healthcare for the elderly and the underprivileged are also significant drivers of this growth.
One of the key innovations in this field is Functional Electrical Stimulation (FES), which uses computer-controlled electrodes to stimulate paralyzed muscles, offering promising improvements for paralyzed patients. However, despite these advancements, the high cost of spinal cord stimulator implantation, ranging from $21,000 to $58,000, remains a potential hindrance to market expansion.
The COVID-19 pandemic temporarily impacted the spinal cord stimulators market, as elective and non-urgent procedures were delayed. However, the market is set to rebound, driven by factors such as the growing elderly population and ongoing research and development efforts. According to the United Nations, the global population aged 60 and older is set to quadruple in the next 30 years, making the elderly more susceptible to chronic ailments like neurological disorders.
The markets future growth is further bolstered by continuous research and development initiatives. For instance, researchers at Brown University are working on an intelligent spinal interface to help individuals with spinal cord injuries regain movement and bladder control, funded by a $6.3 million grant from the US Defense Advanced Research Projects Agency.
Despite these promising prospects, the market faces challenges related to complications arising from stimulator implantation, with approximately 30% to 40% of patients experiencing issues, as noted by the American Society of Regional Anesthesia and Pain Medicine (ASRA). Additionally, the high cost of these devices, estimated at around $16,957, may pose barriers to market expansion.
Segment Insights:
- Rechargeable devices are expected to witness rapid growth due to their affordability, adaptability, and wireless remote control capabilities.
- Complex Regional Pain Syndrome (CRPS) currently dominates the market, driven by the high number of patients suffering from chronic pain.
Regional Outlook:
- North America leads the market, with well-established healthcare facilities and a high level of awareness about spinal cord stimulation therapy.
- Asia Pacific is anticipated to have the highest CAGR, owing to its growing senior population and the increasing adoption of neuromodulation therapy.
- Other regions, including the Middle East and Africa, Latin America, and more, offer substantial growth potential driven by the rising prevalence of chronic pain and the demand for minimally invasive therapies.
Key Players: The Spinal Cord Stimulators Market boasts several key players, including Medtronic Public Limited Company, Boston Scientific Corp, St Jude Medical LLC, Nevro Corp, Nuvectra Corporation, Stimwave, Synapse Biomedical Inc., Neurosigma Inc., Abbott Laboratories, Bluewind Medical, Beijing PINS Medical Co., Ltd, Cirtec Medical Corporation, Gimer Medical, Bioinduction, Greatbatch, Inc., and Saluda Medical Pty Ltd.
The Spinal Cord Stimulators Market is poised for transformative growth, thanks to innovation, an aging population, and an unwavering commitment to improving the lives of those suffering from chronic pain.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/spinal-cord-stimulators-market
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This press release first seen on Brilad
COMTEX_442467045/2840/2023-10-26T02:15:50
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