Westford, USA, Nov. 10, 2022 (GLOBE NEWSWIRE) -- As the population ages, the demand for spinal cord stimulation (SCS) is expected to grow. SCS is a treatment for chronic pain, and can be an effective alternative to surgery or other invasive treatments. A recent study by SkyQuest on the US spinal cord stimulation market found that the number of SCS procedures performed in the United States has grown steadily over the past decade, with an estimated 28,000 procedures being performed in 2021. This represents a nearly tree-fold increase from the 8,500 procedures performed in 2010. The study also found that the majority of SCS procedures are being performed on patients aged 50 years or older. This is likely due to the fact that older adults are more likely to experience chronic pain than younger adults.
The demand for spinal cord stimulation market is on the rise as more and more people are looking for alternative methods of pain relief. Spinal cord stimulation is a minimally invasive procedure that uses electrical impulses to target specific areas of the nervous system in order to relieve pain. This type of therapy has been shown to be effective for treating a variety of chronic pain conditions, including:
- Arthritis
- Degenerative disc disease
- Failed back surgery syndrome
- Neuropathic pain
Apart from this, SCS has been shown to be effective in treating a variety of chronic pain conditions, including back pain, neck pain, and headaches. In addition, SCS is also being used to treat other conditions such as depression, anxiety, and chronic fatigue.
As the Baby Boomer generation continues to age, the number of individuals suffering from chronic pain conditions is expected to increase in the spinal cord stimulation market. This, combined with the fact that spinal cord stimulation is a relatively new technology, means that the demand for this treatment is only going to grow.
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SkyQuest Analysis Says Number of Procedure Performed Since 2010 has Doubled Each Year
In its analysis of the growing demand for spinal cord stimulation, SkyQuest found that the number of procedures performed each year has more than doubled since 2010. The report attributes this growth to the increasing prevalence of chronic pain, the growing aging population, and the greater availability of insurance coverage for these procedures.
Our study on the global spinal cord stimulation market also found that the majority of procedures are performed in outpatient settings, and that there is a wide variation in procedure costs across different geographic regions. The report concludes that there is a significant opportunity for cost savings in this area through standardization and consolidation of services.
- Developed Market to Witness Strong Growth
It has been projected that procedure volumes will grow at a CAGR of 8.8%, while average selling prices will increase at a slightly higher rate of 10.3%. The majority of this growth will come from developed markets such as the US, Germany, and France, where there is already a large installed base of devices and where physicians are familiar with the technology.
On the other hand, developing spinal cord stimulation market such as China and India will also see significant growth due to their large populations and increasing medical infrastructure. These countries are expected to account for 23% of global procedures by 2025.
- High Cost to put Pressure on Operating Players
The high cost of spinal cord stimulation devices and procedures will continue to be a major barrier to wider adoption. For instance, SkyQuest’s analysis found that the average cost of an SCS devices grew significantly and now it costs between$7,000 to $10,000 can vary based on the practice. However, costs vary widely depending on the type of device implanted and the complexity of the procedure in the spinal cord stimulation market. Payers are likely to push back on prices, particularly as alternative treatments become available. Device manufacturers will need to find ways to reduce costs while maintaining quality.
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Rapid Development in Spinal Cord Simulation Devices to Give Respite to Patient Suffering from Chronic Pain
Growing awareness about the potential benefits of SCS and its increasing adoption by patients suffering from chronic pain is encouraging market players to invest in R&D activities to meet the growing demand from patient for innovative and improved SCS devices with better efficacy and safety profiles. For instance, Medtronic’s Intellis platform is the first and only SCS system that offers adjustable tiered therapy for tailored pain relief. This system also has an intuitive patient programmer that allows patients to easily adjust their settings.
With the rising demand for SCS, leading players in spinal cord stimulation market are investing in research and development to bring more advanced and effective SCS products to the market. For instance, in May 2019, Abbott announced FDA approval for its next-generation SCS device, which provides superior pain relief while reducing paresthesia (an unpleasant tingling sensation).
In October 2022, FDA approved Senza HFX iQ spinal cord stimulation (SCS) system, which is equipped with AI. The AI will help the device to learn from patients and their response to the stimulation. As a result, it can provide optimized pain relief and improved quality of life for longer period.
As per SkyQuest analysis, we have seen growing trend of using SCS system or devices for treating diabetic neuropathy and improve mobilization of paralyzed patients.
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AI in Spinal Cord Stimulator is Becoming Mainstream
AI is being used in spinal cord stimulation market to help target the stimulator's electrical impulses more accurately. This is done by constantly monitoring and collecting data about the patient's condition and using that data to adjust the stimulator's settings. This allows for a more personalized treatment plan and could potentially lead to better outcomes for patients. Additionally, AI may help to reduce the number of side effects associated with current spinal cord stimulator treatments.
In recent years, there has been an explosion in the use of artificial intelligence (AI) in medicine across global spinal cord stimulation market. AI is being used to diagnose diseases, predict patient outcomes, and even provide personalized treatment recommendations. Now, AI is also being used to improve the effectiveness of spinal cord stimulation (SCS), a treatment for chronic pain. SCS involves the placement of electrodes near the spinal cord to deliver electrical impulses that block pain signals from reaching the brain. While SCS is generally effective, there is a significant variability in how individual patients respond to treatment. This has made it difficult for clinicians to predict which patients will benefit from SCS and which will not.
However, new research suggests that AI may be able to help. In a recent study, researchers used AI to develop a predictive model that could identify which patients were most likely to respond positively to SCS. The model was based on data from nearly 1,000 SCS patients who had been followed for at least six months.
The results showed that the AI-based predictive model was accurate 85% of the time in identifying which patients would respond well to SCS. This is a significant improvement over existing prediction models, which are only accurate 50-60% of the time. This study on spinal cord stimulation market provides strong evidence that AI can be used to improve the effectiveness of SCS. As AI continues to evolve, it is likely that we will see more and more applications.
Major Players in Global Spinal Cord Stimulation Market
- Boston Scientific Corporation (US)
- Medtronic (Ireland)
- Abbott (US)
- Nevro Corp (US)
- Nuvectra (US)
- Stimwave LLC (US)
- Beijing PINS Medical Co. Ltd. (China)
- BioControl Medical (B.C.M) Ltd. (US)
- Bioinduction (UK)
- Bluewind Medical (Israel)
- Cirtec Medical Corporation (US)
- Gimer Medical (China)
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