Visiongain publishes Global Spinal Cord Stimulation Devices Market Forecast 2020-2030 report

18 March 2020
Pharma

Visiongain has launched a new pharma report Global Spinal Cord Stimulation Devices Market Forecast 2020-2030: Product (Rechargeable, Non-Rechargeable), Leads (Percutaneous, Paddle), Applications (FBSS, CRPS, DDD, Unsuccessful Disk Surgery & Others) Plus Company Profiling of Major Players.

The global spinal cord stimulation devices market size is anticipated to reach US$2,898.3 million in 2020 and is further projected to grow at a CAGR of 10.2% over the forecast period from 2020 to 2030. The market growth is attributed to the growing number of patients suffering from chronic pain, and complex regional pain syndrome (CRPS) which is anticipated to be key market growth factors over the next decade.

Based on the product, the spinal cord stimulation devices market is segmented into rechargeable & non-rechargeable devices. Over the forecast period, the rechargeable device is anticipated to witness the highest CAGR of ~10% owing to their cost effectiveness, controlling pain management, & wireless remote technique features.

Based on the region, the global spinal cord stimulation devices market is segmented into North America, Europe (EU), Asia Pacific (APAC), and Rest of the World (RoW). The North America region is the largest market for spinal cord stimulation devices and is anticipated to generate ~US$2 billion in revenue in 2020. In the North American region, the U.S. holds the maximum market share of ~90% owing to the presence of 50 million people suffering from chronic pain, the presence of top players, and a high level of awareness among the patient pool.

Visiongain anticipates that over the forecast period the U.S. region will maintain its dominance owing to its large patient pool, high level of SCS demand, and high healthcare expenditure. As per the latest reports of CMS (Centers for Medicare & Medicaid Services), for 2020-2027, national health spending growth is projected to average 5.7%, from 4.8% in 2019, and reach nearly US$ 6.0 trillion by 2027.

The spinal cord stimulation devices market is highly competitive and over 80% of the market is being held by the top 3 players i.e. Medtronic, Boston Scientific, and Abbott. Medtronic holds the majority chunk of the market owing to its wide product portfolio of neuromodulation devices & strong geographical presence. The company operates across the globe serving clinicians, physicians, hospitals, & patients in over 150 countries. Medtronic focuses on R&D for growth as the company’s R&D expenditure for the year 2019 stood at US$2,330 million compared to US$2,256 million in 2018 & US$2,193 million in 2017. The organization is also focused on both organic and inorganic growth approaches to achieve a strategic advantage over its counterpart.

The companies mentioned in this report are Boston Scientific Corporation, Abbott, NEVRO CORP., Medtronic, Nuvectra, NEVRO CORP., Saluda Medical Pty Ltd., and Stimwave LLC. Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations, and new product launches to strengthen their position in the global spinal cord stimulation devices market. For instance, on 8th January 2020 Medtronic plc announced that it has acquired Stimgenics, LLC, a privately-held company based in Bloomington, Illinois, that has pioneered a novel spinal cord stimulation (SCS) waveform known as Differential Target Multiplexed (DTM™) Spinal Cord Stimulation. The therapy, which is delivered via the Medtronic Intellis™ platform, is a new and unique programming option to treat patients with chronic pain.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 20 7549 9987.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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