The future of spinal cord stimulators market is poised for remarkable growth, with experts forecasting a lucrative journey ahead. By 2033, the market is projected to soar to a substantial revenue of US$ 5,441.4 million, driven by a promising Compound Annual Growth Rate (CAGR) of 7.2%. Currently valued at US$ 2,702.7 million in 2023, suppliers in this field are set to witness a thriving trajectory.
Fueling this growth are groundbreaking clinical studies, igniting a new era of possibilities. ANEUVO, a trailblazer in platform and therapy development, has embarked on a pivotal clinical study of the ExaStim TSS system. This revolutionary wirelessly controlled neuromodulation system is designed for transcutaneous spinal cord stimulation (TSS), offering hope to patients grappling with upper extremity paralysis. By exploring the safety and efficacy of ExaStim alongside conventional rehabilitation therapy, this study aims to redefine the landscape of spinal cord stimulation.
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TSS emerges as a beacon of hope in neuromodulation therapy, holding promise for individuals battling spinal cord injuries (SCI). By stimulating the spinal cord to modulate neural networks, ExaStim therapy aims to enhance motor function and empower patients on their journey towards functional independence. Initial research underscores the potential of non-invasive spinal stimulation in unlocking lost motor function, ushering in a new era of possibilities for SCI patients worldwide.
Moreover, recent strides in spinal rehabilitation technology amplify this momentum, unveiling a plethora of innovative solutions at the forefront of progress. The American Congress of Rehabilitation Medicine (ACRM) conference in 2022 showcased a myriad of cutting-edge technologies poised to revolutionize the management of SCI. Among these innovations, neuromodulation devices stand out, harnessing the power of electrodes on the brain, peripheral nerves, or spinal cord to stimulate nerves and elicit natural biological responses. With nearly 50% of patients reporting enhanced pain management, these advancements herald a paradigm shift in spinal cord rehabilitation.
Exploring the Dynamics of Spinal Cord Stimulators and Adjacent Markets
As the prevalence of spinal cord injuries rises, the landscape of treatment options continues to evolve, encompassing a spectrum of innovative devices. From non-fusion spinal devices to spinal cord stimulators and neurostimulators, each solution plays a crucial role in addressing diverse patient needs. Delving into this multifaceted terrain, analysts at FMI present a comparative study, shedding light on the nuances of these markets.
Driving the demand for non-fusion spinal devices is a confluence of factors, including an aging population and a growing preference for minimally invasive surgical interventions. This trend underscores the pivotal role of advancements in medical technology in enhancing patient outcomes and quality of life.
In this comparative analysis, the spinal cord stimulators market stands alongside the functional electrical stimulation (FES) market and the neurostimulation market. While all three markets cater to neurological disorders and rehabilitation, notable distinctions emerge in their growth trajectories.
According to recent projections, the neurostimulation market emerges as a frontrunner, poised to expand at a remarkable Compound Annual Growth Rate (CAGR) of 11.5% through 2033. With a projected revenue of US$ 7.22 billion in 2023, the neurostimulation market outpaces its counterparts, signaling substantial opportunities for stakeholders.
However, the spinal cord stimulators market, characterized by a CAGR of 7.2% through 2033, demonstrates resilience and steady growth potential. Despite facing stiff competition from adjacent markets, spinal cord stimulators retain their significance in addressing spinal cord injuries and related conditions.
Key Strategies Employed by Market Players
Key players in the market are going for M&A methods to gain a swift and low-risk entry in the global spinal cord stimulators market. M&A also helps widen the scope of the product portfolio. Additionally, active companies are emphasizing the research and development of new technologies to effectively manage pain. This creates a high preference for the leading players.
New Developments Taken Place in the Market
- In March 2023, Nevro reported the United States-wide release of the HFX iQ spinal cord stimulation system. HFX iQ begins patients on the program for pain relief, based on Nevro’s HFX algorithm. The device combines clinical inputs and quality-of-life inputs to offer an individualized program setting for every patient.
- In February 2023, ANEUVO introduced the United States study of ExaStim, which is a non-invasive spinal neuromodulation system, to assess its effectiveness and safety for paralysis owing to spinal cord injury.
- In April 2023, Biotronik gained FDA permission for Prospera’s spinal cord stimulation system. With this launch, the company aims to enhance patient care while lowering the burden on clinicians, patients, and caregivers.
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Market Players:
- Medtronic Public Limited Company
- Boston Scientific Corp
- St Jude Medical LLC and Nevro Corp
- Nuvectra Corporation and Stimwave
- Neurosigma Inc.
- Synapse Biomedical Inc.
- Abbott Laboratories
- Beijing PINS Medical Co., Ltd
- Cirtec Medical Corporation
- Gimer Medical
- Bluewind Medical
- Bioinduction
- Greatbatch, Inc.
- Saluda Medical Pty Ltd.
Segments Covered in the Spinal Cord Stimulators Market Report
Products:
- Rechargeable
- Non-Rechargeable
Application:
- Failed Back Surgery Syndrome
- Complex Regional Pain Syndrome
- Ischemic Limb pain
- Others
End User:
- Hospitals
- Ambulatory Surgical Centers
- Clinics
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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