Global Spinal Cord Stimulators Market Set for Exponential Growth USD 5,441.4 Million by 2033

Posted on 2024-08-10 by Future Market Insights in Healthcare // 0 Comments

According to the latest market analysis, the global spinal cord stimulators market is positioned for remarkable expansion in the coming decade. Starting from a valuation of USD 2,702.7 million in 2023, the market is projected to escalate to USD 5,441.4 million by 2033, reflecting a robust compound annual growth rate (CAGR) of 7.2%.

This anticipated growth highlights the accelerating adoption of spinal cord stimulation (SCS) technologies for managing chronic pain. Medical professionals increasingly recognize the efficacy and safety of these systems, which deliver controlled, low-voltage electrical pulses directly to the spinal cord to alleviate pain. Such technologies have emerged as a crucial component in pain management strategies, particularly for patients who have not responded adequately to traditional therapies.

Explore Business Growth Strategies with In-Depth Insights: Checkout on Report Now

The burgeoning market is poised to capitalize on advancements in healthcare technology and growing patient preference for minimally invasive pain management solutions. As demand continues to surge, manufacturers and healthcare providers are expected to expand their offerings and enhance accessibility to these transformative technologies.

The projected expansion of the spinal cord stimulators market can be attributed to several key factors including advancements in technology, increasing prevalence of conditions that cause chronic pain such as failed back surgery syndrome, complex regional pain syndrome, and chronic arachnoiditis. Additionally, a greater emphasis on improving the quality of life of patients, coupled with rising healthcare expenditures globally, are driving demand for more effective pain management solutions.

Industry experts suggest that the future of the spinal cord stimulators market looks promising, with potential enhancements in device longevity, patient usability, and overall therapeutic outcomes. Moreover, manufacturers are increasingly focusing on the integration of advanced technologies such as wireless devices and neurostimulation modalities, which could broaden the therapeutic scope of spinal cord stimulators and enhance patient compliance.

This growth trajectory presents significant opportunities for market participants to innovate and expand their product offerings, thereby catering to a broader range of clinical needs and contributing to the overall growth of the healthcare sector.

Key Takeaways from Spinal Cord Stimulators Market Trends:

The market for spinal cord stimulators (SCS) is experiencing positive growth due to several trends:

Clinical studies exploring new applications: Companies are conducting trials to expand the use of SCS beyond traditional pain relief. For example, ANEUVO’s ExaStim system is being investigated for its potential to improve motor function in patients with upper extremity paralysis.
Emerging technologies in spinal rehabilitation: Advancements like non-invasive transcutaneous spinal cord stimulation (TSS) offer promise for treating spinal cord injuries (SCI). Studies suggest TSS may help patients regain lost motor function and enhance independence.
Focus on neuromodulation for pain management: Newer neuromodulation devices using electrical stimulation are showing positive results in pain management. Evidence suggests nearly half of patients report improved pain control with these devices.

These trends indicate a growing focus on using SCS technology for a wider range of conditions and a potential shift towards more non-invasive approaches. This could significantly impact the future of the SCS market.

Unlock Full Insights Now – Elevate Your Business Strategy

New Developments Taken Place in the Market”

In March 2023, Nevro reported the United States-wide release of the HFX iQ spinal cord stimulation system. HFX iQ begins patients on the program for pain relief, based on Nevro’s HFX algorithm. The device combines clinical inputs and quality-of-life inputs to offer an individualized program setting for every patient.
In February 2023, ANEUVO introduced the United States study of ExaStim, which is a non-invasive spinal neuromodulation system, to assess its effectiveness and safety for paralysis owing to spinal cord injury.

Market Players:

Medtronic Public Limited Company
Boston Scientific Corp
St Jude Medical LLC and Nevro Corp
Nuvectra Corporation and Stimwave
Neurosigma Inc.
Synapse Biomedical Inc.
Abbott Laboratories
Beijing PINS Medical Co., Ltd
Cirtec Medical Corporation
Gimer Medical
Bluewind Medical
Bioinduction
Greatbatch, Inc.
Saluda Medical Pty Ltd.

Segments Covered in the Spinal Cord Stimulators Market Report:

Products:

Rechargeable
Non-Rechargeable

Application:

Failed Back Surgery Syndrome
Complex Regional Pain Syndrome
Ischemic Limb pain
Others

End User:

Hospitals
Ambulatory Surgical Centers
Clinics

Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East and Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Matched content

Editor’s pick