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Spinal Cord Stimulation Devices market size, share, growth,
PORTLAND, OR, UNITED STATES, October 8, 2024 /EINPresswire / -- The global spinal cord stimulation (SCS) devices market is witnessing significant growth, projected to increase from $2.1 billion in 2022 to $4.8 billion by 2032, with a compound annual growth rate (CAGR) of 8.4% from 2023 to 2032. These devices are crucial in treating chronic pain by disrupting pain signal transmission to the brain.
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Key Highlights
.Market Size and Growth: The market was valued at $2.1 billion in 2022 and is expected to reach $4.8 billion by 2032, growing at a CAGR of 8.4%.
.Functionality: SCS devices use electrical impulses to block pain signals, offering relief from chronic pain conditions such as failed back surgery syndrome and complex regional pain syndrome.
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Market Drivers
.Rising Chronic Pain Prevalence: Chronic pain affects 20% of the global population, driving demand for SCS devices.
.Aging Population: An increasing elderly population is susceptible to conditions that require SCS devices, such as degenerative spinal issues.
.Technological Advancements: Innovations, including wireless connectivity and improved battery life, are increasing the adoption of SCS devices.
.Growing Awareness: Increased awareness among patients and healthcare providers about the benefits of SCS devices is boosting market growth.
.Favorable Reimbursement Policies: Many healthcare systems and insurers are covering SCS procedures, making the devices more affordable.
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Emerging Opportunities
.Developing Economies: Emerging markets such as China, Brazil, and India are expected to see rapid growth due to increasing healthcare infrastructure and investments.
.Medical Tourism: Countries with lower surgery costs are becoming attractive destinations for SCS procedures.
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Market Segmentation
.By Product: Rechargeable SCS devices dominate the market, offering advantages like longer battery life and more programming flexibility.
.By Indication: Failed back surgery syndrome leads in market share, with degenerative disc disease projected to grow at the highest CAGR.
.By End User: Hospitals are the largest segment due to their advanced infrastructure and access to specialized healthcare professionals.
.By Region: North America holds the largest share, driven by a high prevalence of chronic pain and a strong healthcare system. Asia-Pacific is expected to grow the fastest, supported by technological advancements and an increasing geriatric population.
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Challenges
.High Costs: SCS devices are expensive, which limits adoption in some regions and healthcare systems with limited budgets.
.Surgical Risks: Implantation of SCS devices carries risks such as infection and nerve damage, which may deter some patients.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.