The global SCS market size is predicted to be worth USD 3070 million by 2027 from USD 2032.5 million in 2022, growing at a CAGR of 8.6% during the forecast period.
Spinal cord stimulation blocks the sensation of pain by using a low voltage stimulation to like a mild tingling in the area of pain. It helps the patients to manage symptoms better and will potentially decrease the use of pain medications. It may also be an option if you have arm pain or chronic leg and have not found relief with other therapy's spine. It is a small device implanted in the body to transmit an electrical current to the spinal cord. When it turns on, the stimulation feels.
Impact of COVID-19 on the global spinal cord stimulation market:
The pandemic of COVID-19 has caused havoc on the healthcare system. Patients are flooding hospitals from ICUs to regular wards, putting a strain on healthcare staff and resources. As a result, the government decided to postpone all elective and non-urgent procedures to reallocate healthcare resources to manage COVID-19 patients. The unique COVID-19 outbreak has brought a complicated array of obstacles across the healthcare system, from the significant personal risks of exposure to the difficulty in treating patients. The spinal surgery sector has also been affected by pandemic-related interruptions, owing to financial constraints and worries about hospital capacity. These disruptions during the epidemic may have posed barriers to the market's continuous progress. Increased risks of virus-related problems among patients with spinal cord injury, on the other hand, could help the sector recover faster than expected throughout the forecast period. Spinal cord injury can disrupt the autonomic nervous system, which governs the immune system, decreasing its ability to manufacture antibodies to manage the infection. As a result, increased awareness of the risk of severe viral infection among these patients will likely increase the use of SCS (Spinal Cord Stimulation) devices.
MARKET DRIVERS:
Y-O-Y rise in the number of patients affected with chronic pain and neuropathic pain in arms, feet, and legs due to injuries and trauma after spinal surgeries propelling the global spinal cord stimulation (SCS) market.
The increasing adoption rate of spinal cord stimulation due to its non-invasive nature, significant reduction of targeted pains, and minimal or no side effects boost the growth of the global spinal cord stimulation market. In addition, increasing the adoption of technologically advanced SCS devices contributes to the growth of the overall market. Other key factors driving the development of the global spinal cord stimulation market are medical professionals' availability, availability of healthcare facilities, and increasing awareness among people regarding available therapies for stimulation of the spinal cord.
Advancements in spinal cord stimulators are estimated to promote the global SCS market growth.
Manufacturers have stepped up their research efforts to reduce the size of spinal cord stimulators. For example, Stimgenics, a business based in the United States, created a new SCS waveform dubbed Differential Target Multiplexed (DTM) SCS. Another essential technique utilized to generate the impulse is HF10 therapy, which is more effective than typical spinal cord stimulation therapies. Aside from that, platforms like WaveCrest and Intellis, which can be remotely connected with smartphones and tablets to modify dose levels, promote SCS usage.
The rising prevalence of chronic neurological illnesses like Parkinson's disease, epilepsy, and others in developed and developing economies is propelling the worldwide spinal cord stimulators market. Other vital drivers projected to fuel the growth of the worldwide spinal cord stimulators market throughout the forecast period include an increase in the incidence of lifestyle-related disorders such as sedentary lifestyle, stress, high blood pressure, and growing use of spinal cord stimulators over opioids. In addition, the expanding elderly population, increased cases of persistent lower back pain, and increased healthcare investment are the key trends driving market expansion throughout the forecast period.
Furthermore, the increasing focus of public and private sectors in various developed and developing countries for research and development activities in spinal cord stimulation are supposed to provide lucrative growth opportunities to key market players in the spinal cord stimulation market during the forecast period across the world. In addition, increasing demand for non-invasive surgery techniques due to patient preference for comfort is likely to boost opportunities for the spinal cord stimulation market. Also, continually growing the account of neurological disorders and spinal cord injuries is expected to provide several options for developing the global spinal cord stimulation market. Furthermore, developing countries like India and China and the rising prevalence of chronic diseases in these regions are likely to create lucrative opportunities for the key players during the forecast period.
MARKET CHALLENGES:
High costs associated with the surgeries are the major challenge limiting the growth of the global spinal cord stimulation market. Another major challenge for the key players and other stakeholders in the industry is unfavorable rules and regulatory framework, which is resisting the growth of the worldwide spinal cord stimulation market. Additionally, the global spinal cord stimulation (SCS) market faces significant challenges, including product recalls, side effects and hazards related to the devices, and the high cost of the equipment. Furthermore, potential problems associated with SCS implantation, such as nerve injury, hemorrhage, and paralysis, could hamper the market's steady growth during the forecast period. The strict criteria for authorizing innovative treatments are putting a significant hurdle in the way of substantial enterprises like Saluda Medical's growth.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 to 2027 |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2027 |
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Segments Covered |
By Product Type, Application, End Users, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
This research report on the global spinal cord stimulation market has been segmented and sub-segmented based on the product type, application, end-user, and region.
Spinal Cord Stimulation Market - By Product Type:
Based on product type, the rechargeable device segment is dominating the market and is likely to grow at a brisk pace during the estimated period due to the benefits associated with the rechargeable devices, such as wireless control, flexibility, cost control, and these devices can block neuropathic pain and easy to replace the battery.
Spinal Cord Stimulation Market - By Application:
Based on application, the CRPS segment is leading the global spinal cord stimulation market by contributing a significant share of revenues to the market and is expected to witness substantial growth during the forecast period owing to the factors such as the broad base of patients affected with chronic pains due to trauma, limb mobilization, or injuries occurred to soft tissues.
The degenerative disk disease segment contributes a significant share of revenues to the Global Spinal Cord Stimulation Market. Furthermore, it is likely to be growing rapidly over the prediction period due to the rising patient pool of such diseases.
Spinal Cord Stimulation Market - By End User:
Based on End-User, hospitals accounted for more than half of the market, and they are likely to continue to do so for the rest of the forecast period. Because SCS is a surgical technique, it is primarily performed in hospitals, a significant driver driving the hospital segment's rise. Additionally, favorable health reimbursement rules and an expanding patient pool are expected to propel the market forward.
Spinal Cord Stimulation Market - By Region:
Among all those regions, North America has the highest share in the market, followed by Europe and Asia-Pacific, due to the top manufacturers in the area. Some of the attributing factors in the spinal cord stimulation market are the government's rise in support by launching new products and providing various reimbursement policies in favor of the public. Additionally, there is huge popularity in the North American region over the availability of different treatment processes. Moreover, technology is so advanced in the North American area. The dominance of the North American region is due to the government's improved reimbursement procedures and the high adoption of technological developments due to the US government's increased healthcare spending. Furthermore, the United States is the world's largest market, with many key businesses operating in the region. Due to rising product launches and commercialization agreements among leading manufacturers and other companies, the market is expected to develop.
The Asia-Pacific region is forecasted to have the highest CAGR due to the increasing prevalence of pain over the forecast period. Growth in the aging population and the rise in cancer-related disease incidences. Moreover, the presence of contributing countries like China and India, due to the high population, increase in the investments in R&D activities of life sciences.
In upcoming years, the European region is anticipated to have robust growth due to the increase in the adoption rate in treatment procedures of the latest techniques growing prevalence of improving healthcare quality.
KEY MARKET PLAYERS:
A few of the notable companies in the global spinal cord stimulation market are Boston, Medtronic, Nevro, St. Jude Medical, Greatbatch, and Stimwave.
RECENT MARKET HAPPENINGS:
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Application
5.1.1 Introduction
5.1.2 Degenerative Disk Disease (DDD)
5.1.3 Failed Back Syndrome (FBS)
5.1.4 Unsuccessful Disk Surgery
5.1.5 Complex Regional Pain Syndrome (CRPS)
5.1.6 Multiple Back Operations
5.1.7 lumbar adhesive Arachnoiditis
5.1.8 Y-o-Y Growth Analysis, By Application
5.1.9 Market Attractiveness Analysis, By Application
5.1.10 Market Share Analysis, By Application
5.2 Product Type
5.2.1 Introduction
5.2.2 Non-Rechargeable
5.2.3 Rechargeable
5.2.4 Y-o-Y Growth Analysis, By Product Type
5.2.5 Market Attractiveness Analysis, By Product Type
5.2.6 Market Share Analysis, By Product Type
5.3 End-users
5.3.1 Introduction
5.3.2 Hospitals
5.3.3 Ambulatory Surgery Centers (ASC’s)
5.3.4 Clinics
5.3.5 Y-o-Y Growth Analysis, By End users
5.3.6 Market Attractiveness Analysis, By End users
5.3.7 Market Share Analysis, By End users
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Application
6.1.3.3 By Product Type
6.1.3.4 End users
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Application
6.1.4.3 By Product Type
6.1.4.4 By End users
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Application
6.1.5.3 By Product Type
6.1.5.4 By End users
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Boston
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Medtronic
8.3 Nevro
8.4 St. Jude Medical
8.5 Greatbatch
8.6 Stimwave
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
FAQ's
As per our research report, the global spinal cord stimulation market size is projected to be worth USD 3070 million by 2027.
The global SCS market is projected to witness a CAGR of 8.6% from 2022 to 2027.
Based on product type, the rechargeable devices segment led the global spinal cord stimulation market in 2021.
Boston, Medtronic, Nevro, St. Jude Medical, Greatbatch, and Stimwave are playing a noteworthy role in the global spinal cord stimulation market.
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