Global Spinal Cord Stimulators (SCS) Market Insights, Competitive Landscape, and Forecast Report 2023-2028
Dublin, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The "Spinal Cord Stimulators (SCS) - Global Market Insights, Competitive Landscape, and Market Forecast - 2028" report has been added to * ResearchAndMarkets.com's* offering.
The global spinal cord stimulators (SCS) market was valued at USD 2.25 billion in 2022, growing at a CAGR of 8.70% during the forecast period from 2023 to 2028 to reach USD 3.72 billion by 2028.
The demand for spinal cord stimulators (SCS) is primarily attributed to the growing number of patients with chronic pain, and neuropathic pain in the shoulder, legs, and knee.
The technologically advanced devices that are non-invasive, eliminate targeted pains, and cause a reduction in patient discomfort, with no side effects are likely responsible for a boost in the global spinal cord stimulators (SCS) market growth.
Moreover, favorable government regulations for commercialization and launching products in the market and the rising geriatric population are some of the factors responsible for propelling the growth of the spinal cord stimulators (SCS) market.
*Spinal Cord Stimulators (SCS) Market Dynamics:*
The rising prevalence of patients affected with chronic lower back pain (LBP) and neuropathic pain due to injuries and trauma is anticipated to bolster the market for spinal cord stimulators during the forecasted period.
According to the Centers for Disease Control and Prevention (CDC) 2022, LBP is a very common condition causing more disability around the world than any other condition.
Further, as per the latest study conducted by the American Chiropractic Association, it was estimated that up to 80% of the population will experience back pain at some time in their lives. According to the same source, it was estimated that the majority of people are suffering from LBP due to back surgery failure. Failed back surgery statistics show that anywhere from 10-40% of failed back syndrome patients are affected.
The International Association for the Study of Pain 2021, disability associated with Lower Back Pain increased in all age groups between 1990 and 2019 and was greatest in the 50-54 age group in 2019. Approximately 70% of years lost through disability were in working-aged people (20-65 years) in 2020.
Moreover, a rise in traumatic injuries due to road crashes falls, and others are likely to cause lower back and spine injuries, herniated discs, and others which will further increase the demand for Spinal Cord Stimulators.
As per the data published by the World Health Organization (WHO) 2021, every year between 250,000 and 500,000 people suffer a spinal cord injury (SCI) around the world and the majority of spinal cord injuries are due to road traffic crashes, falls, or violence.
In addition, in January 2020, Stimgenics developed a spinal cord stimulation waveform known as Differential Target Multiplexed Spinal Cord Stimulation. The therapy is delivered through Medtronic's Intellis platform and is a chronic pain treatment option. Such technological advancement in the field of spinal cord stimulators (SCS) is likely to boost the market for the same.
However, certain factors such as risks associated with the devices, and also the high cost of the devices pose a major hurdle to the growth of the spinal cord stimulators (SCS) market.
*Spinal Cord Stimulators (SCS) Market Segment Analysis:*
Spinal Cord Stimulators (SCS) market product segment, the Rechargeable market segment will hold the majority of the Global Spinal Cord Stimulators (SCS) market in 2020. The rapid growth of this product segment can be attributed to the growing demand due to significant cost-savings with the use of rechargeable stimulators as compared to non-rechargeable ones leading to the high adoption of these devices.
Moreover, most of the non-rechargeable SCS devices contain a battery that must eventually be surgically replaced but, with rechargeable SCS, the battery can theoretically last several years longer than with traditional SCS. Therefore, with the growing demand for disease treatment benefits, the market of Spinal Cord Stimulators (SCS), is expected to rise.
In addition, new product approvals are also likely to upsurge the spinal cord stimulators (SCS) market during the forecasted period. For instance, in February 2022, the US FDA approved IntellisT, a rechargeable stimulator for the treatment of chronic pain associated with diabetic peripheral neuropathy (DPN).
Additionally, a rechargeable SCS system is projected to require from 2.6 to 4.2 fewer battery generator replacements for battery depletion than a non-rechargeable SCS system.
Hence, all the above-mentioned factors are expected to drive the segment growth of the Spinal Cord Stimulators (SCS) market.
*North America is expected to dominate the Overall Spinal Cord Stimulators (SCS) Market:*
North America is expected to dominate the overall spinal cord stimulators (SCS) market during the forecast period. This can be attributed to the growing prevalence of lower back pain, the rising prevalence of spinal degenerative disc diseases, and others, thereby propelling the market of spinal cord stimulators in the United States.
*Key Topics Covered:*
*1. Spinal Cord Stimulators (SCS) Market Report Introduction*
*2. Spinal Cord Stimulators (SCS) Market Executive Summary*
2.1. Scope of the Study
2.2. Market at Glance
2.3. Competitive Assessment
*3. Regulatory Analysis*
3.1. The United States
3.2. Europe
3.3. Japan
3.4. China
*4. Spinal Cord Stimulators (SCS) Market Key Factors Analysis*
4.1. Spinal Cord Stimulators (SCS) Devices Market Drivers
4.1.1. Rising technological advancements by key players
4.1.2. Growing burden of chronic pain
4.1.3. Favorable government regulations
4.1.4. Increasing geriatric population
4.2. Spinal Cord Stimulators (SCS) Devices Market Restraints and Challenges
4.2.1. High cost of the devices
4.2.2. Complications associated with the technologically advanced devices
4.3. Spinal Cord Stimulators (SCS) Devices Market Opportunities
4.3.1. Preference of these devices over spinal surgeries
4.3.2. Development of non-invasive, compact, and advanced devices
*5. Spinal Cord Stimulators (SCS) Porter's Five Forces Analysis*
5.1. Bargaining Power of Suppliers
5.2. Bargaining Power of Consumers
5.3. Threat of New Entrants
5.4. Threat of Substitutes
5.5. Competitive Rivalry
*6. Spinal Cord Stimulators (SCS) Market Layout*
6.1. By Product
6.1.1. Rechargeable
6.1.2. Non-Rechargeable
6.1.3. Others
6.2. By Application
6.2.1. Failed Back Syndrome (FBS)
6.2.2. Degenerative Disk Disease (DDD)
6.2.3. Complex Regional Pain Syndrome (CRPS)
6.2.4. Others
6.3. By End-User
6.3.1. Hospitals
6.3.2. Clinics
6.3.3. Ambulatory Surgical Centers
6.4. By Geography
*7. Spinal Cord Stimulators (SCS) Company and Product Profiles*
7.1. Boston Scientific Corporation
7.1.1. Company Overview
7.1.2. Company Snapshot
7.1.3. Financial Overview
7.1.4. Product Listing
7.1.5. Entropy
7.2. Medtronic PLC
7.3. Abbott Laboratories
7.4. Nevro Corp.
7.5. Cirtec Medical
7.6. Stimwave LLC
7.7. NeuroSigma, Inc.
7.8. Synapse Biomedical, Inc.
7.9. Greatbatch, Inc.
7.10. Saluda Medical Pty Ltd.
7.11. Beijing PINS Medical Co., Ltd.
*8. KOL Views*
*9. Project Approach*
For more information about this report visit https://www.researchandmarkets.com/r/69knro
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