Pune, India, Sept. 07, 2022 (GLOBE NEWSWIRE) -- The global spinal cord stimulation market is expected to reach USD 4.12 billion by 2027, exhibiting a CAGR of 8.0% during the forecast period. The increasing acceptance of minimally invasive therapies can have a tremendous impact on the global market, states Fortune Business Insights, in a report, titled “Global Spinal Cord Stimulation Market Size, Share & COVID-19 Impact Analysis, By Product (Rechargeable and Non-rechargeable), By Disease Indication (Failed Back Surgery Syndrome (FBSS), Degenerative Disc Disease (DDD), Complex Regional Pain Syndrome (CRPS), Arachnoiditis, and Others) By End User (Hospitals, Ambulatory Surgery Centers, and Specialty Clinics), 2020-2027.” The market size stood at USD 2.88 billion in 2019.
The coronavirus incident has caused massive loss and disruption to various industries across the globe. We understand that this health disaster has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
We are making endless efforts to uplift businesses in this crucial need of the hour. Our expertise and experience can offer enormous benefits to help regain this global pandemic.
Request a Sample Copy of the Research Report
https://www.fortunebusinessinsights.com/enquiry/sample/spinal-cord-stimulation-market-100313
Key Development:
September 2018: Nevro, a medical device company announced that it has received TGA approval for Senza II, the company’s second-generation spinal cord stimulation system.
Report Scope :
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2019 to 2026 CAGR | 8.0% |
| 2027 Value Projection | USD 4.12 Billion |
| Base Year | 2019 |
| Market Size in 2020 | USD 2.41 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 150 |
| Key Players Covered | Boston Scientific Corporation (Massachusetts, U.S.), Medtronic (Dublin, Ireland), Abbott (Illinois, U.S.) |
| Growth Drivers | The favorable policies pertaining to spinal cord stimulation therapy is expected to bolster the healthy growth of the market. |
| The report also covers the current market information, porter's five forces analysis with threat of new entrants. | |
| The average cost of implanting spinal cord stimulators in the U.S. ranges from USD 21,000 to USD 58,000. |
Market Driver:
Favorable Government Guidelines to Intensify Market
- The favorable policies pertaining to spinal cord stimulation therapy is expected to bolster the healthy growth of the market. Numerous government associations are introducing guidelines for the treatment of chronic pain and other disease indications, which, in turn, will aid the expansion of the market. For instance, in January 2019, National Institute for Health and Care Excellence published guidelines and recommendations for the Senza SCS system, which delivers HF10 therapy to treat patients having neuropathic pain.
- Moreover, the rising shift towards non-opioid alternative therapies coupled with high demand for spinal cord stimulation will uplift the market in the near future. For instance, in 2018, the FDA received over 200 submissions from companies seeking a speedy approval process for devices that can be used in place of opioids for pain management.
Click here to get the short-term and long-term impact of COVID-19 on this market.
Please visit: https://www.fortunebusinessinsights.com/industry-reports/spinal-cord-stimulation-market-100313
Regional Analysis:
Prevalence of Disc Diseases to Augment Growth in Europe
- North America accounted for the maximum share of the market primary due to the rapid adoption of neuromodulation therapies. The market in Europe is expected to grow owing to the rising cases of degenerative disc diseases and chronic pain.
- The introduction of innovative systems by companies will enable speedy expansion of the market in the region. For instance, in January 2019, the launch of Spectra WaveWriter spinal cord stimulator system by Boston Scientific in Europe. Asia Pacific is likely to account for a considerable in the global market during the forecast period.
- The growth is attributed to the rapid adoption of neuromodulation therapies. The surging geriatric population is expected to bode well for the market in Asia Pacific. The growing demand for minimally invasive therapies will further incite the development of the market in the region.
Quick Buy Spinal Cord Stimulation Market
https://www.fortunebusinessinsights.com/checkout-page/100313
Spinal Cord Stimulation Market Segmentations:
| Segmentation | By Product
|
By Disease Indication
|
Rescheduling of Effective Surgeries to Restrict Market Amid COVID-19
The postponement of selective and non-urgent surgeries by the government to administer COVID-19 patients has subsequently affected the growth of the market. According to COVIDSurg, around 28.4 million surgeries were canceled or postponed during the peak of 12 weeks of disruption due to COVID‐19. Many companies operating in the market reported a major drop in revenue during the pandemic. For instance, Abbott’s neuromodulation segment reported a 30.1% decline in the global revenues during the first quarter of 2020 when compared to the same period in 2019. Similarly, the neuromodulation segment of Boston Scientific Corporation witnessed a 24.6% decline in sales globally during the first six months of 2020 when compared to the same period in 2019.
The report on the spinal cord stimulation market contains:
- Outstanding investigation of the market
- Vital insights into the competitive landscape
- Factors restricting market growth
- Recent trends and development
- Prime factors enabling growth
- New government regulations
The Report Lists the Key Companies in the Global Spinal Cord Stimulation Market:
- Boston Scientific Corporation (Massachusetts, U.S.)
- Medtronic (Dublin, Ireland)
- Abbott (Illinois, U.S.)
- Nevro Corp (California, U.S.)
- Nuvectra (Texas, U.S.)
- Stimwave LLC (Florida, U.S.)
- Other prominent players
Have Any Query? Ask Our Experts
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/spinal-cord-stimulation-market-100313
Table Of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Indications – For Key Countries/ Regions
- Regulatory Scenario – For Key Countries/ Regions
- Impact of COVID-19 on Global Spinal Cord Stimulation Market
- New Product Launches
- Key Industry Developments - Mergers, Acquisitions and Partnerships
- Global Spinal Cord Stimulation Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Rechargeable
- Non-rechargeable
- Market Analysis, Insights and Forecast – By Disease Indication
- Failed Back Surgery Syndrome (FBSS)
- Degenerative Disc Disease (DDD)
- Complex Regional Pain Syndrome (CRPS)
- Arachnoiditis
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Ambulatory Surgery Centers
- Specialty Clinics
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of World
ToC Continue…!
Frequently Asked Questions
How much will the global market be worth in 2027?
According to Fortune Business Insights, the global market will reach USD 4.12 billion by 2027.
Which is the leading segment in the global market?
The Failed Back Surgery Syndrome (FBSS) is the leading segment in this market.
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
