Global Spinal Cord Stimulators Market Is Expected To Grow At A CAGR Of 7.8% Over The Forecast Period (2024 – 2034): A Report By TNR, The Niche Research

(MENAFN- GlobeNewsWire - Nasdaq) Global Spinal Cord Stimulators Market is Driven by the Increasing Demand for Non-Opioid Pain Management Solutions amid Rising Chronic Pain Conditions

Wilmington, Delaware, Aug. 06, 2024 (GLOBE NEWSWIRE) -- The spinal cord stimulators market is a rapidly evolving segment within the neuromodulation industry, driven by advancements in technology and a growing demand for non-pharmacological pain management solutions. These medical devices are used to manage chronic pain by delivering electrical impulses to the spinal cord, effectively modulating pain signals before they reach the brain.

The SCS market is poised for significant growth, fueled by several key opportunities and emerging trends. One of the primary drivers is the increasing prevalence of chronic pain conditions, such as neuropathic pain and failed back surgery syndrome, which are inadequately managed by traditional methods. As the aging population continues to expand, the demand for effective pain management solutions is expected to rise.

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Technological advancements are also shaping the market landscape. Innovations such as rechargeable SCS systems, which offer longer-lasting battery life and improved patient convenience, are gaining traction. Additionally, the development of new and more refined electrode designs and stimulation patterns is enhancing the effectiveness and personalization of SCS therapy.

The integration of advanced materials and miniaturization of devices are further contributing to market growth. Next-generation stimulators are becoming more sophisticated, offering greater precision and customization to meet individual patient needs. The growing acceptance of minimally invasive surgical techniques is also playing a role in the increased adoption of SCS devices, as these methods are associated with shorter recovery times and reduced surgical risks.

Global Spinal Cord Stimulators Market: Key Datapoints

Market Value in 2023	US$ 4.3 Bn
Market Value Forecast by 2034	US$ 9.9 Bn
Growth Rate	7.8%
Historical Data	2016 – 2022
Base Year	2023
Forecast Data	2024 - 2034

Rising awareness among healthcare professionals and patients about the benefits of spinal cord stimulation over traditional pain management therapies is a significant driver. Clinical evidence supporting the efficacy of SCS in reducing pain and improving quality of life is leading to greater acceptance and utilization of these devices. Supportive reimbursement policies and increased healthcare expenditure are contributing to market growth. As more insurance providers recognize the value of SCS in managing chronic pain, access to these technologies is improving, thus driving adoption.

The global spinal cord stimulators market was significantly affected by the COVID-19 pandemic. Initially, the pandemic led to disruptions in elective procedures and a decline in patient visits, which temporarily affected the market. However, it also accelerated the adoption of telemedicine and remote monitoring, which could enhance future patient management and follow-up for spinal cord stimulation therapies. Overall, while the pandemic posed challenges, it also opened opportunities for innovation and adaptation in the spinal cord stimulators market.

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The spinal cord stimulators market is set for substantial growth, driven by technological advancements, increasing patient demand, and supportive healthcare policies. Despite the challenges posed by the COVID-19 pandemic, the sector is well-positioned to capitalize on emerging opportunities and trends in the coming years.

Key Takeaways of the Report:

• Non-rechargeable spinal cord stimulators by product type is expected to grow at a CAGR of 6.4% in the spinal cord stimulators market due to their lower initial cost and simplicity compared to rechargeable models. These devices cater to patients seeking effective pain management solutions with fewer concerns about battery maintenance. Additionally, their reliability and established technology appeal to both patients and healthcare providers. As awareness of non-rechargeable stimulators' benefits increases, their adoption is anticipated to rise, driving steady market growth.
• Complex regional pain syndrome (CRPS) by application dominated the spinal cord stimulators market with a substantial revenue share of 37.4% due to the high prevalence and severe nature of the condition, which often results in debilitating, chronic pain. Spinal cord stimulators provide effective relief by modulating pain signals, making them a preferred treatment option for CRPS patients. The substantial share reflects growing recognition of spinal cord stimulators as a viable solution for managing CRPS, alongside increasing patient and provider awareness.
• Specialty clinics segment by end user is anticipated to grow fastest over the forecast period due to to their focused expertise in pain management and advanced treatment options. These clinics often offer specialized services and personalized care, making them a preferred choice for patients requiring spinal cord stimulators. Additionally, their ability to provide targeted therapies and access to cutting-edge technologies enhances their appeal. As the demand for specialized pain management solutions rises, specialty clinics are well-positioned to drive significant market growth.
• In 2023, Latin America is anticipated as fourth leading region in the global spinal cord stimulators market due to increasing healthcare investments and improving access to advanced medical technologies. The increasing incidence of chronic pain conditions and heightened awareness of spinal cord stimulators are fueling demand in the region. Additionally, expanding healthcare infrastructure and a growing middle-class population contribute to the market's growth, positioning Latin America as a key player in the global spinal cord stimulators industry.

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Following are the major companies active within the spinal cord stimulators market:

• Abbott Laboratories
• Axonics Modulation Technologies, Inc.
• Boston Scientific Corporation
• Cyberonics, Inc.
• Inspire Medical Systems, Inc.
• Integer Holdings Corporation
• LivaNova PLC
• Medtronic
• NeuroSigma, Inc.
• Nevro Corp.
• Nuvectra Corporation
• ReShape Lifesciences Inc.
• Saluda Medical Pty Ltd
• SPR Therapeutics, Inc.
• StimGuard LLC.
• Stimwave LLC
• Stryker Corporation
• Synapse Biomedical Inc.
• Zynex, Inc.
• Other Industry Participants

Global Spinal Cord Stimulators Market

By Product Type

• Rechargeable
• Non-Rechargeable

By Application

• Complex Regional Pain Syndrome (CRPS)
• Degenerative Disc Disease (DDD)
• Failed Back Surgery Syndrome (FBSS)
• Arachnoiditis
• Others

By End User

• Hospitals
• Ambulatory Surgical Centers
• Specialty Clinics
• Others

By Region

• North America (U.S., Canada, Mexico, Rest of North America)
• Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
• Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
• Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
• Latin America (Brazil, Argentina, Rest of Latin America)

Consult with Our Expert:

Jay Reynolds

The Niche Research

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