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The global spinal cord stimulation market size is expected to reach USD 4.12 billion by 2027. The growing awareness about the side effects of opioids will simultaneously spur demand for non-opioid therapies, which, in turn, will foster the healthy growth of the market, mentioned in a report, titled “Spinal Cord Stimulation Market Size, Share & COVID-19 Impact Analysis, By Product (Rechargeable and Non-rechargeable), By Disease Indication (Failed Back Surgery Syndrome (FBSS), Degenerative Disc Disease (DDD), Complex Regional Pain Syndrome (CRPS), Arachnoiditis, and Others) By End User (Hospitals, Ambulatory Surgery Centers, and Specialty Clinics), and Regional Forecast, 2020-2027.” The market size stood at USD 2.88 billion in 2019 and is expected to exhibit a CAGR of 8.0% between 2020 to 2027.
CE Mark Approval of Senza® Omnia™ Spinal Cord Stimulation System to Aid Development
Nevro Corp, a global medical device company focused on evidence-based solutions for the treatment of chronic pain, announced that it has received CE mark approval for the Senza® Omnia™ Spinal Cord Stimulation (SCS) system. The innovative solution will be used for the treatment of chronic pain. The Omnia system is a new SCS platform that consists of several new components; the new Omnia programmer is the first, which will allow physicians to deliver the widest array of waveforms across the full SCS frequency spectrum, either separately or paired together with HF10. The second element of the system will support grander programming capacity, allowing the flexibility to inflate the HF10 algorithm, thus offering physicians the power to provide additional waveforms through the remote. Moreover, the third component includes a slimmer patient charger with an enhanced user interface. The system has an updated and upgradeable implantable pulse generator, which can be changed whenever required. The approval of the Senza® Omnia™ Spinal Cord Stimulation (SCS) system will have an excellent effect on the global market.
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Rising Advancements in Stimulator System to Incite Market Expansion
The increasing investments in R&D activities to introduce compact spinal cord stimulators will boost the healthy growth of the market. For instance, the Freedom SCS system launched by Stimwave LLC is around 5% of the size of the current Implantable Pulse Generators (IPG) available in the market. Stimgenics, a U.S.-based company announced that it has developed a novel spinal cord stimulation waveform called Differential Target Multiplexed (DTM) SCS. The company was acquired by Medtronic in January 2020. Besides, the increasing innovation and advancement in impulse generation are expected to drive the market.
Strong Portfolio of Medtronic to Support Industry
The market is dominated by major companies; predominately by Medtronic owing to its strong portfolio. The growing focus on R&D and acquisitions will help the company in developing innovative devices to manage chronic pain. Spinal cord stimulators offered by the company have long battery life, easy to use with better clinical outcomes, and good customer support services, and hence are having a high preference among healthcare providers. Similarly, Boston Scientific and Abbott are in close competition. In January 2017, Abbott completed the acquisition of St. Jude Medical, Inc. Nonetheless, the emergence of new companies such as Nevro Corp, with its proprietary HF10 therapy has observed remarkable demand, which, in turn, will intensify competition among companies.
The Report Lists the Key Companies in the Spinal Cord Stimulation Market:
Further Report Findings:
Regional Analysis: North America is expected to hold the largest share due to the rapid adoption of neuromodulation therapies in the region. The increasing prevalence of chronic pain and favorable health reimbursement will boost the market in the region.
Leading Segment: The non-rechargeable segment is expected to account for the maximum share owing to the rising prevalence of chronic back pain coupled with an increasing number of failed back surgeries.
The Spinal Cord Stimulation Market is Segmented into:
Value (USD Billion)
By Disease Indication
By End User