Rampantly growing chronic disease prevalence, and soaring incidence of accidents and traumas that require spinal procedures and treatments are predominantly driving the growth of the spinal cord stimulators market. Besides, the expanding elderly population will also contribute toward the expansion of the spinal cord stimulators market. In 2021, the global spinal cord stimulators market revenue was recorded to be around US$1.9 Bn. A new upcoming study of Fairfield Market Research preliminarily projects the market size to see nearly 8.5% growth during 2022 – 2029. Although the market anticipates a strong growth outlook for the spinal cord stimulators market space, the potential complications, and expensive costs of spinal cord stimulator implantation will continue to act as the key roadblocks facing the market in long term, says the report.
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CRPS Dominant in the Spinal Cord Stimulators Market, the Cost Efficiency of Rechargeable Products Remains Favoured
On account of their superior adaptability, cost efficiency, and pain-controlling ability, rechargeable devices are expected to retain dominance in the spinal cord stimulators market throughout the forecast period. While these gadgets are capable of blocking neuropathic pain through electrical stimulation of the spinal cord, they contain a (surgically) changeable battery. Research shows that as the frequent new launches in this category complement the growing number of neuropathic pain patients, demand for rechargeable products will continue to be on an uptrend in the spinal cord stimulators market. On the other hand, the report highlights a measurably large patient pool of complex regional pain syndrome (CRPS) that generates significant demand for spinal cord stimulation devices. It also identifies the lucrative growth potential of the degenerative disc disease segment.
North America’s Prominence Intact in Spinal Cord Stimulators Market, Asia Pacific Awaits Rapid Proliferation
North America’s spinal cord stimulators market currently spearheads the global space and the trend will prevail throughout the period of projection, suggests the report. The market here will demonstrate significant growth on the back of established sophisticated healthcare infrastructure, greater awareness about spinal cord stimulation therapy, and a remarkable number of chronic pain cases. Notable prevalence of chronic conditions like complex regional pain syndrome (CRPS), and failed back surgery syndrome is expected to uphold North America’s top positioning in the global spinal cord stimulators market.
Primary regional analysis of the market also reveals the solid potential of Asia Pacific to exhibit the fastest growth rate during the forecast period. An exceptionally large aging population predominantly boosts the market growth here in addition to the surging uptake of neuromodulation therapy. Moreover, growing patient inclination toward non- or minimally invasive procedures will further drive the expansion of the spinal cord stimulators market across the region.
Leading Players in Global Spinal Cord Stimulators Market
Besides Medtronic Public Limited Company, St Jude Medical LLC, Boston Scientific Corp, and Abbott Laboratories, the global spinal cord stimulators market report cover several other prominent players under its competition analysis section. Nevro Corp, Stimwave, Nuvectra Corporation, Synapse Biomedical Inc., Neurosigma Inc., Bluewind Medical, Cirtec Medical Corporation, Beijing PINS Medical Co., Ltd, Gimer Medical, Greatbatch, Inc., Bioinduction, and Saluda Medical Pty Ltd. constitute some of the profiled companies that are subject to detailed strategic profiling, and competitive analysis.
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