Spinal Cord Stimulator Market is Projected to Grow at A CAGR of 8.2% During, 2020-2026

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OVERVIEW

Spinal Cord Stimulator Market was valued at $2,387.5 million in 2019 with a CAGR of 8.2% from 2020 to 2026.

Spinal cord stimulator is an implanted device that sends low levels of electricity directly into the spinal cord to relieve pain. Spinal Cord Stimulator (SCS) systems are used most often after nonsurgical pain treatment and to treat chronic pain. The spinal cord stimulator (SCS) system is surgically placed under the skin and sends a mild electric current to the spinal cord.

Rising incidence of chronic pain and neuropathic pain has driven the demand for the spinal cord stimulator market. For instance, according to the Centers for Disease Control and Prevention, more than 50 million U.S. adults are suffering from chronic pain, and 19.6 million U.S. adults had high-impact chronic pain in 2018. In Australia, 3.24 million people were living with chronic pain in 2018, and it is expected to be 5.23 million people by 2050. Neuropathic pain is more often occurs in women and patients >50 years of age, and mostly affects the lower back and lower limbs, neck, and upper limbs. According to the International Association for the Study of Pain, in the United States, around 3 million people suffer from neuropathic pain and 7.7 million people in Europe suffered from neuropathic pain sometime in their life. Further, increasing regulatory approval for spinal cord stimulator is a key driving factor of the market. For instance, Nevro has received CE mark approval for its Senza Omnia spinal cord stimulator (SCS) system for the management of chronic pain. Omnia Spinal Cord Stimulation has received FDA approval for chronic pain. The Senza Omnia is the first to deliver all frequencies from 2 to 10,000 Hz, compared to the 1-1,200 Hz range provided by traditional spinal cord stimulator.

Rechargeable and Non-Rechargeable is the type segment of the market scope. By application, the market is divided into Degenerative Disk Disease (DDD), Failed Back Syndrome (FBS), Multiple Back Operations, Complex Regional Pain Syndrome (CRPS), and Others. By end-user, the market is further divided into Hospitals, Clinics, and Ambulatory Surgical Units. The report covers value of the global market by type, application, and end-user.

Non-Rechargeable has shown significant growth for the spinal cord stimulator market in 2019, due to the increasing commercialization of new spinal cord stimulator, rising investment for R&D activities for spinal cord stimulator, and regulatory approval of non-rechargeable spinal cord stimulator.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global spinal cord stimulator value figures. While North America is further categorized into enhancing the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America was dominating the global spinal cord stimulator market in 2019, due to the rising incidence of chronic pain and neuropathic pain, commercialization of regulatory approved spinal cord stimulator system, the collaboration between companies to develop and supply spinal cord stimulator at the global scale, and rising investment for the development of the products.

Major players operating in the spinal cord stimulator industry include Medtronic, Boston Scientific Corp., St. Jude Medical, Nevro Corp, Nuvectra Corporation, Saluda Medical PTY Limited, Greatbatch, Inc., NeuroPace, Synapse Biomedical, and Stimwave.

Increasing regulatory approval of spinal cord stimulator, the partnership between companies to develop and commercialize new spinal cord stimulator, increasing investment to develop new spinal cord stimulator, increasing research studies on spinal cord stimulator, and the increasing commercialization of new spinal cord stimulator are some of the strategies adopted by major companies.