The optimistic outlook is fueled by a combination of factors, including technological advancements, rising prevalence of chronic pain conditions, and increasing adoption of minimally invasive procedures. As the demand for effective pain management solutions continues to escalate, spinal cord stimulators emerge as a viable option offering relief and improved quality of life for patients.
Industry stakeholders are encouraged to capitalize on this growth momentum, leveraging innovation and strategic partnerships to meet the evolving needs of healthcare providers and patients alike. With a steady rise projected in the coming years, the spinal cord stimulators market presents lucrative opportunities for investment and expansion.
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Anticipating an upward trajectory, the spinal cord stimulators market is projected to soar to a revenue of US$ 5,441.4 million by the year 2033. Healthcare experts predict a promising Compound Annual Growth Rate (CAGR) of 7.2% for spinal cord stimulator suppliers, building on a robust foundation with a present valuation of US$ 2,702.7 million in 2023.
Financial Support from Medicare Fuels Spinal Cord Stimulators Market in the United States
The United States’ spinal cord stimulators market is experiencing robust growth, propelled by significant financial support from Medicare. Spinal cord stimulators play a vital role in treating chronic neuropathic pain refractory, particularly when conventional treatments have proven ineffective.
Among the recipients benefiting from spinal cord stimulation are women of childbearing age, emphasizing its broad applicability across diverse patient demographics. Latest market estimates reveal that the North America market for spinal cord stimulators commands a substantial market share of approximately 75.2%.
In 2022, the United States spinal cord stimulators market is projected to capture a market value of about 73.1%, attributed to the surge in spinal cord stimulation trials and ongoing research showcasing its efficacy in pain management and improving quality of life.
A key driving force behind the market’s growth is the Medicare-approved SCS operations. Between 2000 and 2019, Medicare facilitated over 992,372 percutaneous cord stimulator operations and approximately 99,736 open spinal cord stimulator operations. In 2019 alone, Medicare disbursed US$ 1.02 billion and US$ 145 million in reimbursements to physicians for percutaneous and open spinal cord stimulator operations, respectively.
This financial backing underscores the pivotal role of Medicare in driving access to innovative treatments and advancing patient care in the United States.
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.
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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