Global Spinal Cord Stimulation Market Report and Forecast 2024-2032

Global Spinal Cord Stimulation Market Outlook

The global spinal cord stimulation market was valued at USD 2.92 billion in 2023, driven by the growing demand for spinal cord stimulation due to the rising prevalence of spinal cord injuries and surgeries conducted around the world and the rapidly developing healthcare technology. The market size is anticipated to grow at a CAGR of 8.1% during the forecast period of 2024-2032 to achieve a value of USD 5.88 billion by 2032.

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Global Spinal Cord Stimulation Market Trends

Spinal cord stimulation is a method used to relieve pain by using a spinal cord stimulator device that is surgically placed under the skin. The device is used to deliver low levels of electricity directly to the spinal cord. These devices can be used by healthcare providers, along with other pain management treatments and reduce the need for medications.

• Increasing restrictions on opioid medication for pain relief has propelled the demand for spinal cord stimulation due to the need for non-opioid alternative treatment solutions. Opioid medication can lead to addiction among patients, due to which, restrictions are being placed to reduce the utilisation of opioids.

• The rising prevalence of cases related to chronic pain is one of the key factors propelling the global market for spinal cord stimulators. With the development of the market, new spinal cord stimulation therapy guidelines can enhance the spinal cord stimulation market development.

• In addition, the rapidly developing healthcare sector has created opportunities for innovations and improved treatment methods for spinal cord injuries. One such development is Epidural stimulation, which utilizes surgically implanted electrodes to deliver current to the dorsal aspect.

Global Spinal Cord Stimulation Market Analysis

Based on type, the market can be segmented into rechargeable and non-rechargeable. Based on the disease, the market bifurcations include failed back surgery syndrome, degenerative disc disease, complex regional pain syndrome, arachnoiditis, and ischemic limb pain, among others. Based on end-use, the market can be divided into hospitals, ambulatory surgical units, and speciality clinics. The regional markets for the spinal cord stimulation market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans. 

• Abbott Laboratories

• Medtronic Plc

• Boston Scientific Corporation

• Nevro Corp.

• Stimwave LLC

• Others

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Types of Spinal Cord Stimulation Devices in the Market

The global market for spinal cord stimulation has different types of devices, such as rechargeable and non-rechargeable. Rechargeable devices are growing rapidly in demand and are expected to hold the largest market share. The development of the market segment can be attributed to the cost-effectiveness and flexibility, and it enables remote treatment to be conducted. In addition, these devices reduce the number of surgeries which helps in reducing the patient’s discomfort and complications.

Diseases in the Spinal Cord Market

Based on the diseases, the market can be segmented into failed back surgery syndrome, degenerative disc disease, complex regional pain syndrome, arachnoiditis, and ischemic limb pain, among others.

The failed back surgery syndrome segment is expected to lead the segment owing to the rising number of patients enrolling for the treatment of failed back pain. The increasing number of spinal surgeries done around the world is likely to enhance the market growth.

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Competitive Landscape

Abbott Laboratories is an American multinational medical device and healthcare company, which was founded in 1888. The company has a large product portfolio related to technologies for various fields, including healthcare, diagnostics, medical devices, nutritional supplements, and generic medicines. The company offers their products in more than 160 countries.

Medtronic Plc is one of the leading medical technology companies, founded in 1949. The company's headquarter is located in Dublin, Ireland. The company has developed their product portfolio based on different fields including cardiovascular, diabetes, digestion, neurological, spinal and orthopaedic, and urological.

Boston Scientific Corporation is a multinational biotechnology and engineering company, operating to develop innovative devices and treatment solutions for chronic diseases and life-threatening conditions. The company operates across more than 100 countries to provide healthcare services. The company was founded in 1979 and has been developing various products related cardiovascular treatment, pacemakers, remote patient monitoring, and critical care products.

Other market players include Nevro Corp. and Stimwave LLC, among others.

Key Highlights of the Report

Spinal Cord Stimulation Market Report Snapshots

Spinal Cord Stimulation Market Size

Spinal Cord Stimulation Market Trends

Spinal Cord Stimulation Market Analysis

Spinal Cord Stimulation Companies