What is the Global market size of the Spinal Cord Stimulation Market?

Global Spinal Cord Stimulation Market size was valued at USD 3.02 billion in 2021 and is poised to grow from USD 3.25 billion in 2022 to USD 5.83 billion by 2030, growing at a CAGR of 7.58% in the forecast period (2023-2030).

Global Spinal Cord Stimulation Market Size, Share, Growth Analysis, By Technology Type(Rechargeable, Non-Rechargeable), By Application(Failed back surgery syndrome, Complex Regional Pain Syndrome) - Industry Forecast 2024-2031

Report ID: SQMIG35A2711 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 65 | Figures: 74

Global Spinal Cord Stimulation Market Insights

Spinal Cord Stimulation Market size was valued at USD 3.02 billion in 2019 and is poised to grow from USD 3.25 billion in 2023 to USD 5.83 billion by 2031, growing at a CAGR of 7.58% in the forecast period (2024-2031).

The spinal cord stimulator (SCS), also called the dorsal column stimulator is a neuromodulation tool that is implanted in the body to treat chronic pain. By emitting electric signals that block pain signals, the device stops the brain from being able to perceive pain. The purpose of having a stimulator is to manage the pain related to spinal cord, back, arms, and legs. Medically, it is used in treating chronic pain conditions that fail to respond to medication and other massage therapies. Thus, the SCS therapy follows neurostimulation that enables electrical impulses to relieve chronic pain in the joints.

Due to technical improvement, the emergence of legislative guidelines for SCS operations, and the quick uptake of minimally invasive therapies, SCS is drawing more attention globally. The market is booming at present and is expected to create move avenues in the forthcoming years based on high adoption of neurostimulation and a high prevalence of chronic pain in the population owing to the pursuit of sedentary lifestyle.

US Spinal Cord Stimulation Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Spinal Cord Stimulation Market Report Snapshots

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Due to the company's strong emphasis on research and development (R&D) as well as significant acquisitions that will help it in creating cutting-edge devices to manage chronic pain, Medtronic dominated the market by having accounting for a huge revenue share. Healthcare professionals prefer Medtronic spinal cord stimulators because they are easy to use, have long battery lives, produce superior clinical results, and come with outstanding customer support. 'Medtronic', 'Boston Scientific Corporation', 'Abbott Laboratories', 'Stimwave LLC', 'Nuvectra Corporation', 'Saluda Medical Pty Ltd', 'Synapse Biomedical Inc.', 'NeuroSigma, Inc.', 'Axonics Modulation Technologies, Inc.', 'SPR Therapeutics, Inc.', 'Cyberonics, Inc.', 'Inspire Medical Systems, Inc.', 'ReShape Lifesciences Inc.', 'LivaNova PLC', 'Integer Holdings Corporation', 'Nevro Corp.', 'Stryker Corporation', 'Zynex, Inc.', 'StimGuard LLC.'

The makers have intensified their research efforts in an effort to make spinal cord stimulators smaller. For instance, the Stimwave LCC-produced Freedom SCS system is roughly 5% smaller than the existing Implantable Pulse Generators (IPG) on the market. The rise of the spinal cord stimulation market is being driven by this as well as improvements in impulse production.

Government Initiatives to Reduce Opioid Dependence: The governments of the U.S., Europe, and other countries have stepped up their efforts to lessen opioid dependence. Due to this, alternative therapies that do not need opioids are gradually becoming more popular, and demand for spinal cord stimulation devices is increasing. For instance, firms requesting a quick approval procedure for devices that can be used in place of opioids for pain management submitted more than 200 submissions to the FDA. In order to take advantage of this potential, medical device companies like Medtronic, Abbott, and Boston Scientific are constantly conducting research

North America is dominating the global market owing to market expansion as a result of new government regulations and favourable health reimbursement. The market in North America is being driven by the strategic presence of major competitors in the U.S. and new product launches.

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Global Spinal Cord Stimulation Market Size, Share, Growth Analysis, By Technology Type(Rechargeable, Non-Rechargeable), By Application(Failed back surgery syndrome, Complex Regional Pain Syndrome) - Industry Forecast 2024-2031

Global Spinal Cord Stimulation Market Insights

Global Spinal Cord Stimulation Market Report Snapshots

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