The spinal cord stimulation market size in Latin America was worth USD 244.38 million in 2022 and estimated to reach USD 372.74 million by the end of 2027, with a growing potential of 8.81% CAGR.
The Latin American spinal cord stimulation (SCS) market is estimated to be propelled by an increasing number of patients suffering from chronic pain and neuropathic pain in their arms, feet, and legs due to injuries and damage caused by spinal surgeries. The Latin American spinal cord stimulation market is predicted to rise as the procedure becomes more popular due to its non-invasive nature, significant reduction of certain pains, and few or no adverse effects.
As more technologically advanced SCS devices are utilized, the market is rising. In addition, the availability of medical specialists, healthcare facilities, and growing public awareness of potential spinal cord stimulation therapies are also important factors driving the growth of the Latin American spinal cord stimulation market.
During the forecast period, the increasing public and private sector focus on spinal cord stimulation research and development activities in various developed and developing countries are expected to provide lucrative growth opportunities for key players in the spinal cord stimulation market across Latin America.
Due to patient need for comfort, the spinal cord stimulation market is predicted to grow due to increased demand for non-invasive surgery methods. Furthermore, the rising frequency of neurological disorders and spinal cord injuries is expected to expand the Latin American spinal cord stimulation market.
The growing economies of developing countries like Brazil and Mexico and the rising prevalence of chronic diseases in these regions are expected to create appealing opportunities for major participants during the forecast period.
The most significant factor inhibiting the expansion of the Latin American spinal cord stimulation business is the high costs connected with procedures. In addition, unfavorable rules and regulatory frameworks are significant hurdles for key companies and other stakeholders in the industry, impeding the growth of the Latin American spinal cord stimulation market.
Strong interference, such as that caused by a defibrillator or an MRI (if the spinal cord stimulation device is not MRI-safe), might damage the generator, resulting in severe burns, severe other harm, or death. In addition, as a result of the charging, skin irritation may occur near the generator. Headaches can also be caused by spinal fluid leakage.
This research report on the Latin American spinal cord stimulation market has been segmented & sub-segmented into the following categories:
By Product Type:
By End Users:
During the forecast period, the Latin American region is expected to rise rapidly due to an increase in the adoption rate of cutting-edge treatment procedures and a growing awareness of the importance of enhancing healthcare quality. The government's increased support for the spinal cord stimulation market by releasing new goods and implementing varied reimbursement rules in favor of the public are some of the contributing causes. Furthermore, various treatment techniques are prevalent in the Latin American region.
Brazil is expected to dominate the Latin American Spinal Cord Stimulation market during the projected period. The increased prevalence of spinal cord injuries, neurological disorders, and chronic back pain is driving the Brazilian spinal cord stimulation market. Furthermore, the increased demand for less invasive operations and the growing geriatric population are driving the growth of the spinal cord stimulation market in this area.
Following Brazil, Mexico is predicted to have the largest share of the Latin American Spinal Cord Stimulation market, thanks to rising demand for minimally invasive surgeries, improved healthcare infrastructure, and increased healthcare spending. Furthermore, ongoing spinal cord stimulation research and development is likely to increase the market and service new chances during the forecast period.
KEY MARKET PLAYERS:
Companies playing a prominent role in the Latin American spinal cord stimulation market are Boston, Medtronic, Nevro, St. Jude Medical, Greatbatch, and Stimwave.
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