Global Spinal Cord Stimulation Market
Healthcare Services

What Is The Forecast Growth Rate For The Spinal Cord Stimulation Market?

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The spinal cord stimulation market has witnessed robust growth in recent years, with a market size of $2.85 billion in 2023. This growth is projected to continue, reaching $3.12 billion in 2024, at a compound annual growth rate (CAGR) of 9.4%. Several factors have contributed to this expansion, including an aging population and the increasing prevalence of chronic pain.

Factors Driving Growth

  • Aging population
  • Increasing prevalence of chronic pain
  • Rising awareness about spinal cord stimulation
  • Growing demand for non-invasive pain management techniques

A Promising Future Ahead

Forecast and Contributing Factors

Looking ahead, the spinal cord stimulation market is expected to experience strong growth, reaching $4.31 billion by 2028, with a CAGR of 8.3%. This growth will be driven by various factors, including the development of innovative stimulation therapies, expanding indications for spinal cord stimulation, and increasing investment in research and development.

Trends Shaping the Future

  • Integration of artificial intelligence in stimulation devices
  • Emergence of non-paresthesia-based stimulation
  • Focus on expanding market presence in emerging economies
  • Adoption of rechargeable stimulators
  • Emphasis on patient-centric approaches in product development

Surging Prevalence of Spinal Cord Injuries Drives Growth

Understanding the Demand

The increasing prevalence of spinal cord injuries is expected to be a key driver of growth in the spinal cord stimulation market. Spinal cord injuries, often caused by traumatic incidents, necessitate effective pain management solutions like spinal cord stimulation. Statistics reveal a significant number of individuals affected by spinal cord injuries annually, further propelling market growth.

Statistics and Impact

  • Globally, between 250,000 and 500,000 people are affected by spinal cord injuries annually.
  • In the US alone, around 17,000 new spinal cord injuries are reported annually, with approximately 282,000 Americans being spinal cord injury survivors.

Technological Innovations Redefining Chronic Pain Management

Innovative Product Launches

Technological advancements are reshaping the landscape of the spinal cord stimulation market. Major companies are focusing on developing cutting-edge solutions to address chronic pain effectively. For example, Abbott Laboratories introduced the Eterna spinal cord stimulation system, a miniature, rechargeable implantable device designed for chronic pain management.

The Eterna Advantage

  • Eterna utilizes Abbott’s low-dose BurstDR stimulation, offering superior pain relief compared to conventional methods.
  • Its compact design and rechargeable feature enhance patient convenience and comfort.

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Strategic Acquisitions Strengthen Market Presence

Expanding Portfolios

Strategic acquisitions are playing a crucial role in expanding companies’ portfolios and market reach within the spinal cord stimulation market. Nevro’s acquisition of VYRSA Technologies exemplifies this trend, aiming to diversify product offerings and address unmet medical needs in chronic pain treatment.

Benefits of Acquisition

  • Diversifies Nevro’s product portfolio
  • Expands market reach
  • Addresses unmet medical needs in chronic pain treatment

Segmentation of the Spinal Cord Stimulation Market

Understanding Market Segments

The spinal cord stimulation market is segmented based on various factors, including product type, application, and end-users.

  • By Product: Rechargeable, Non-rechargeable
  • By Application: FBSS, DDD, CRPS, Arachnoiditis, Other Disease Indications
  • By End Users: Hospitals, Ambulatory Surgery Centers, Specialty Clinics

Conclusion: Navigating Regional Dynamics

While North America remains the largest region in the spinal cord stimulation market, Asia-Pacific is expected to witness the fastest growth in the forecast period. As the market continues to evolve, innovative technologies, strategic partnerships, and a focus on addressing unmet medical needs will be critical for sustaining growth and meeting the demands of patients worldwide.

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