However, spinal cord stimulators have little access to evidence-based data in order to confirm effectiveness of these devices for management of chronic pain.
Throughout the projection period, it is expected that the Spinal Cord Stimulators Market would increase in size and reach US$ 5.255 billion. The market for spinal cord stimulators is estimated to grow at a CAGR of more than 7.5% throughout the anticipated time frame. (2022-2032). Between 2022 and 2032, the spinal cord stimulator market is expected to grow at a CAGR of 8.5%, continuing its present dominance. The spinal cord stimulator market is expected to grow to a size of around US$2.5 billion by the end of 2022.
According to a report from Future Market Insights, the global market for spinal cord stimulators is expected to grow at a remarkable 6.4% CAGR in terms of value (FMI). Revenues from the market are projected to be close to US$ 2,000 Mn in 2017 and US$ 3,568.2 Mn in 2027, respectively. Under-penetration of the prospective market is primarily responsible for the market's growth.
A wide range of developing economies would benefit greatly from the introduction of gadgets at reasonable prices. Leading market participants anticipate greater development potential due to the ability to customise spinal cord stimulators to a person's needs. Because smaller devices are easier to implant and need less invasive surgery, specialists in healthcare settings are more inclined to recommend them.
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Spinal Cord Stimulators’ Ability of Reducing Opioid Analgesics Addiction to Drive the Market Growth
Majority of patients with chronic pain are increasingly depending upon opioid analgesics; however spinal cord stimulators is capable of reducing this addiction to a great extent. Entry of additional competitors in the market is expected to increase awareness about effectiveness of spinal cord stimulators. Spinal cord stimulators are comparatively more cost-effective than conventional medical management (CMM). Leading companies in the market are taking initiatives in improving technology for spinal cord stimulators. The aforementioned factors are estimated to drive growth of the global spinal cord stimulators market.
However, spinal cord stimulators have little access to evidence-based data in order to confirm effectiveness of these devices for management of chronic pain. Clinical validation of spinal cord stimulation is based on observational data, instead of verified data. This had led several private insurance companies to refuse reimbursement of costs, which in turn is impeding the market growth. In addition, complications associated with spinal cord stimulators, such as paresthesia- characterised by burning sensation, is further expected to restrain growth of the global spinal cord stimulators market.
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Rechargeable Spinal Cord Stimulators will Remain Sought-After Product in the Market
In terms of value, rechargeable spinal cord stimulators are expected to remain sought-after product in the market. Revenues amassed from sales of rechargeable spinal cord stimulators are expected to reach US$ 2,530.4 Mn by 2027-end. In addition, sales of non-rechargeable spinal cord stimulators are anticipated to expand at 4.6% CAGR through 2027. Factors such as low battery life, and requirement of surgery for replacement of battery are restricting adoption of non-rechargeable spinal cord stimulators across the globe.
Application of spinal cord stimulators will remain highest in failed back surgery syndrome (FBSS), with sales estimated to surpass US$ 1,000 Mn in 2017. In addition, complex regional pain syndrome (CRPS) is projected to be the second-fastest growing application of spinal cord stimulators in the market. In terms of value, sales of spinal cord stimulators in CRPS are estimated to register 5.8% CAGR through 2027.
Adoption of Spinal Cord Stimulators to Witness Fastest Growth in Ambulatory Surgical Centres
Although hospitals will continue to be largest end-users of spinal cord stimulators, adoption will witness fastest growth in ambulatory surgical centres. Sales of spinal cord stimulators in hospitals are estimated to account for revenues worth US$ 627.9 Mn in 2017. Demand for spinal cord stimulators in ambulatory surgical centres is projected to exhibit 6.8% CAGR through 2027. In contrast, demand for spinal cord stimulators in clinics will remain sluggish in the market.
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North America will continue to remain dominant in the global spinal cord stimulators market, with sales estimated to reach nearly US$ 3,000 Mn in revenues by 2027-end. Western Europe will remain the second-largest market for spinal cord stimulators, expanding at 6.1% CAGR through 2027. In addition, markets in Eastern Europe and Japan are estimated to exhibit parallel expansion at 6% CAGR through 2027.
Key market players identified in FMI’s report include
Spinal Cord Stimulators Market Taxonomy Region
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
May 26, 2023
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