Dublin, Oct. 21, 2019 (GLOBE NEWSWIRE) -- The "Global Spinal Cord Stimulation Devices Market (2019-2025)" report has been added to ResearchAndMarkets.com's offering.
The Global Spinal Cord Stimulation Devices Market size is expected to reach $2.8 billion by 2025, rising at a market growth of 8% CAGR during the forecast period.
The increased cases of the failed back syndrome and complex regional pain syndrome are expected to positively impact the growth of the market. Failed back syndrome is a chronic pain that occurs after spinal surgeries for leg pain or back pain. Post the surgery, the pain reduces or the condition worsens due to scar tissue that arises around the spinal nerve roots.
Spinal cord stimulation devices treat patients who previously failed to get positive results from spinal surgeries. The devices block the pain before it reaches the brain. Therefore, the increased rate of patients suffering from chronic pain after surgeries is expected to boost the demand for these devices over the forecast period. Additionally, technological developments are pushing the growth and developments in the market. For example, Medtronic's Intellis is the smallest implantable spinal cord stimulator that was created to overcome limitations with the existing systems.
The World Health Organization states that across the globe, around 250,000 to 500,000 people are suffering from spinal cord injury per year. The growing cases of spinal cord injuries, chronic back pain, and neurological disorders are the major factors that are influencing the developments in the spinal cord stimulation market. Additionally, the geriatric population and increased demand for minimally invasive surgeries further push the market growth. That being said, the high costs of treatment and stringent government regulations are restricting the growth of the market. Keeping these aside, constant research and developments in spinal cord stimulation are projected to enhance market productivity and can provide further opportunities in the near future.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. An increase in the reimbursement of device developments like remote wireless technology has made a positive effect on the region's market growth. The Asia Pacific region is anticipated to attain the highest CAGR due to the huge number of neuropathic pain patients after spinal surgery and the chronic leg, arms, and foot pain caused by trauma and injuries. Due to growing instances of degenerative disorder, degenerative disk disease is projected to be the fastest-growing segment over the coming years.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Boston Scientific Corporation, Medtronic PLC, Abbott Laboratories (St. Jude Medical, Inc.), Neurosigma, Inc., Nevro Corporation, Synapse BioMedical, Inc., Integer Holdings Corporation, Stimwave Technologies, Inc., Nuvectra Corporation and Saluda Medical Pty Ltd.
The high dose treatment of the device reduces the pain for patients that suffer from diseases like degenerative disk disease. The key market players involved in the industry are introducing technologically advanced products to attain a cutting-edge in the market. For example, in January 2019, Boston Scientific launched its Spectra WaveWriter spinal cord stimulator in Europe. The device allows physicians and patients to tailor their treatment.
Recent Strategies Deployed in the Spinal Cord Stimulation Devices Market
Collaborations, Partnerships and Agreements
- May-2019: Abbott teamed up with NIH in which Abbott will provide its brain stimulation (DBS), spinal cord stimulation (SCS), and dorsal root ganglion (DRG) therapy for research to NIH for chronic pain and progressive disorders.
- Mar-2016: Boston collaborated with Mayo in order to develop medical devices for diversified treatments.
- Oct-2015: Synapse BioMedical announced its collaboration with Western Reserve University for commercialization of advanced neurostimulation technology.
Acquisition & Mergers
- Jun-2019: Boston acquired Vertiflex in order to add its spinal cord stimulation and radiofrequency ablation to its product portfolio.
- Jul-2016: Boston took over Cosman Medical in which Cosman will operates under Boston Scientific Neuromodulation business for offering the wide range of spinal cord stimulator (SCS) systems to the patients suffering from chronic pain.
- Apr-2015: St. Jude Medical, a subsidiary of Abbott announced acquisition of Spinal Modulation in order to expand its portfolio of spinal cord stimulation (SCS) and dorsal root ganglion (DRG) stimulation therapy for treating the chronic pain among patients. Product launches:
- Sep-2019: Saluda announced the launch of Evoke, a ECAP-Controlled, Closed-Loop SCS System for treating chronic pain in Europe
- Jan-2019: Boston launched WaveWriter Spinal Cord Stimulator (SCS) System in Europe for providing the treatment of chronic pain to people in Europe.
- Nov-2018: Abbott released DRG Invisible Trial System which used to treat the patients with chronic pain.
- Aug-2018: Medtronic launched Intellis, the next-generation spinal cord stimulator for the management of chronic pain for a longer period of time.
- Jun-2015: Boston introduced The Precision Novi Spinal Cord Stimulator System in Europe in order to help the physicians in targeting pain.
Scope of the Study
- Complex Regional Pain Syndrome
- Unsuccessful Disk Surgery
- Failed Back Syndrome
- Degenerative Disk Disease
- Other Applications
- Boston Scientific Corporation
- Medtronic PLC
- Abbott Laboratories (St. Jude Medical, Inc.)
- Neurosigma, Inc.
- Nevro Corporation
- Synapse BioMedical, Inc.
- Integer Holdings Corporation
- Stimwave Technologies, Inc.
- Nuvectra Corporation
- Saluda Medical Pty Ltd.
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