A recent report published by Infinium Global Research on spinal cord neurostimulation implant market provides an in-depth analysis of segments and sub-segments in the global as well as regional spinal cord neurostimulation implant market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional spinal cord neurostimulation implant market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global spinal cord neurostimulation implant market. According to the report, the global spinal cord neurostimulation implant market is projected to grow at a CAGR of 6.9% over the forecast period of 2019-2025.
Spinal cord neurostimulation implant market is expected to grow with a healthy rate in the near future. Adoption of new advanced pain management systems in developed countries is contributing to the growth of the market. Chronic pain affects human life in the day to day activities, the nature of the pain gets worse due to its long lasting nature and unusual recovery time. For example, a pathological pain after spinal cord surgery is not a result of ongoing surgery and is therefore treated as a condition and not as a symptom. It can prevent people from working, eating properly or participating in physical activity. Spinal cord stimulation (SCS) is a pain-relief technique that stimulates a low-voltage electrical current constantly to the spinal cord that blocks the sensation of pain. SCS is FDA approved medical treatment. With its wide acceptance around 50000 neurostimulators are implanted worldwide every year.
Increasing incidence of spinal cord injuries, chronic back pain, and neurological disorder are the major factors driving the growth of spinal cord neurostimulation implant market. Data provided by WHO states that around between 250,000 and 500,000 people suffer from spinal cord injury (SCI) every year. Moreover, the growing adoption of advanced pain management systems is another growth factor for the spinal cord neurostimulation implant market. Dealing with the chronic pain with the conventional medicines for the patient suffering from chronic leg and back pain is a difficult task, while the recent studies state the effectivity of spinal cord neurostimulation implant for the long term pain management over the conventional treatments. On the other hand, the high cost associated with the devices and their timely maintenance can hamper the growth of the market. However, increasing awareness among the people and improvement in the reimbursement policies can provide better opportunities for the market.
Geographically, spinal cord neurostimulation implant market segmented into North America, Europe, Asia-Pacific, and RoW. North America especially the U.S. holds the largest share of the market and expected to stay dominant over the forecast period, followed by Europe. Advanced healthcare facilities and increasing funding for research and development are and well-established reimbursement policies are supporting the growth of the market in these regions. The market in Asia-Pacific is expected to grow with a steady rate, high cost of the treatment and unsupportive reimbursement policies causing the slow growth of the market.
The report on global spinal cord neurostimulation implant market covers segments such as SCS systems, lead type, applications, and end user. On the basis of SCS systems, the sub-markets include conventional system, radiofrequency system, and rechargeable system. On the basis of lead type, the sub-markets include paddle leads, and cylindrical leads. On the basis of applications, the sub-markets include sciatica, degenerative disk disease (DDD), failed back surgery syndrome (FBS), and other applications. On the basis of end user, the sub-markets include hospitals, physiotherapy centers, ambulatory surgical centers, and other end users.
The report provides profiles of the companies in the market such as Boston Scientific Corporation, Medtronic, Inc., Nevro Corporation, Neurosigma, Inc., Neuropace, Inc., St. Jude Medical Inc., Aleva Neurotherapeutics SA, Synapse Biomedical, Inc., Neuronetics, Inc., Cyberonics, Inc., and Other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of spinal cord neurostimulation implant market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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