(PharmaNewsWire.Com, August 17, 2017 ) According to the report Global Spinal Cord Stimulation Market published by Market Data Forecast, the was worth USD 1795.2 Million in 2016 and estimated to reach USD 2718 Million by the end of 2021 with a growing potential of 8.6%.
Spinal cord stimulation blocks the sensation of pain by using a low voltage stimulation to spine. It is a small device implanted in the body to transmit an electrical current to the spinal cord. When it turns on, the stimulation feels as a mild tingling in the area of pain. It helps the patients to better manage symptoms and will potentially decrease the use of pain medications. It may also be an option if you have an arm pain or chronic leg, and have not found relief with other therapies.
The major factors that are driving the growth of the market are growing adult population, rising demand for minimally invasive surgeries, innovation of new technologies & therapies, increasing cases of obesity, and increasing in aging demographics. However, there are number of factors that are challenging the growth of the Spinal cord Stimulation market like high cost related with therapy, stringent regulatory approvals, and major reliance on traditional SCS therapy.
Based on Application, the market is segmented into Degenerative Disk Disease (DDD), Failed Back Syndrome (FBS), Unsuccessful Disk Surgery, Complex Regional Pain Syndrome (CRPS), Multiple Back Operations, and lumbar adhesive Arachnoiditis. Based on product type, the market is segmented into rechargeable, non-rechargeable. Based on End users, the market is segmented into Hospitals, Ambulatory Surgery Centers (ASC’s). Based on Geography, the Spinal Cord Stimulation market is analyzed under various regions namely North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America has the highest share in the market followed by Europe and Asia-Pacific due to the presence of top manufacturers in the region. Asia-Pacific is accounted to have highest CAGR over the forecast period owing to increasing prevalence in pain.
Some of the major companies operating in the market are Boston, Medtronic, Nevro, St. Jude Medical, Greatbatch, Stimwave.
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