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How is the Spinal Cord Stimulation Market Expected to Expand from 2024 to 2033?

Over the past few years, the spinal cord stimulation market has seen robust growth. The market is projected to expand from $2.85 billion in 2023 to $3.12 billion in 2024, registering a compound annual growth rate (CAGR) of 9.4%. The growth throughout the historic period can be tied to factors like an aging population, a rise in chronic pain instances, increasing familiarity with spinal cord stimulation, and a surge in demand for non-invasive techniques for pain management.

In the coming years, the size of the spinal cord stimulation market is projected to experience a robust expansion. It is set to increase to $4.31 billion by 2028, growing at a compound annual rate (CAGR) of 8.3%. Factors contributing to this growth over the predicted period include the creation of advanced stimulation therapies, widening applications of spinal cord stimulation, increasing preference for less invasive procedures, augmenting investments in R&D, and supportive reimbursement policies. Trends to watch within this forecast period include the incorporation of AI into spinal cord stimulation devices, the rise of non-paresthesia-based stimulation, efforts to broaden market reach in developing economies, the uptake of rechargeable stimulators, and a growing focus on patient-centric principles in product development.

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What Influences Are Propelling the spinal cord stimulation Market Forward?

The rise in spinal cord injuries is expected to escalate the growth of the spinal cord stimulation market. These injuries are described as any impairment to the spinal cord or the nerves located at the end of the spinal canal. Traumatic events and household mishaps often lead to these spinal cord injuries. The treatment for such injuries involves spinal cord stimulation, which uses low-voltage electricity to relieve pain. For example, the National Library of Medicine, a US government library, stated in May 2022 that each year, between 250,000 to 500,000 people globally are impacted by spinal cord injuries. In the US, approximately 17,000 new cases are reported annually, and it is estimated that 282,000 Americans are living as spinal cord injury survivors. Consequently, the escalating incidence of spinal cord injuries is driving the growth of the spinal cord stimulation market.

What Key Segments Exist Within the Spinal Cord Stimulation Market?

1) By Product: Rechargeable, Non-rechargeable

2) By Application: Failed Back Surgery Syndrome (FBSS), Degenerative Disc Disease (DDD), Complex Regional Pain Syndrome (CRPS), Arachnoiditis, Other Disease Indications

3) By End User: Hospitals, Ambulatory Surgery Centers, Specialty Clinics

What Trends Are Coming to the Forefront in the Spinal Cord Stimulation Market?

The trend of technological advancements is increasingly gaining traction in the spinal cord stimulation industry. This is primarily because leading corporations in the market are concentrating on creating cutting-edge solutions to maintain market dominance. For instance, in December 2022, Abbott Laboratories, a medical device company based in the United States, unveiled the Eterna spinal cord stimulation system for chronic care. Currently, it is the tiniest implantable, rechargeable spinal cord stimulation device available for chronic pain management. Eterna SCS uses Abbott’s industry-leading BurstDR low-dose stimulation, which is the only SCS waveform technology backed by the most substantial level of clinical evidence (1A evidence). Studies have proven that it provides 23% improved pain relief in comparison to traditional waveform technology approaches.

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What Regions Are Leading the Charge in the Spinal Cord Stimulation Market?

North America was the largest region in the spinal cord stimulation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spinal cord stimulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Spinal Cord Stimulation Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the spinal cord stimulation market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Spinal Cord Stimulation Market Include

1. Spinal Cord Stimulation Market Executive Summary

2. Spinal Cord Stimulation Market Segments

3. Spinal Cord Stimulation Market Size And Template Market Growth Rate

4. Key Spinal Cord Stimulation Market Trends

5. Major Spinal Cord Stimulation Market Drivers

……

25. Key Mergers And Acquisitions In The Spinal Cord Stimulation Market

26. Top Spinal Cord Stimulation Companies

27. Spinal Cord Stimulation Market Opportunities And Strategies

28. Spinal Cord Stimulation Market, Conclusions And Recommendations

29. Appendix

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