Global spinal cord stimulation market is expected to reach USD YY million in 2028, from its recorded value of USD 1,973.8 million in 2020, growing at a CAGR of 10.46% during the forecast period.
Neuromodulation is a new type of therapy that involves delivering electromagnetic or chemical stimulation to a specific area of the brain. Spinal cord stimulation, for example, is a neuromodulation treatment that involves delivering electric stimuli to the spinal cord to mask pain. Spinal cord stimulation is defined as an aggressive pain management technique that involves the surgical implantation of an electrotherapeutic device onto the spinal cord.
The major driving forces are the increasing geriatric population, new product launches by key companies, increasing number of patients suffering from spinal cord injuries, and favorable reimbursement and insurance approval policies.
The increasing number of patients suffering from spinal cord injuries is expected to boost market growth over the forecast period. For instance, according to WHO, around the world, between 250,000 and 500,000 people suffer from spinal cord injury each year.
Technological advancements and increasing number of new product launches and approvals of devices to reduce chronic pain will accelerate the spinal cord stimulator market growth during the forecast period.
However, the high cost of devices, complications of spinal cord stimulator implantation, and stringent regulatory approvals will impede the growth of this market.
The rechargeable segment is expected to dominate the market with a share of 73.7% in the year 2020. This is due to the huge cost savings associated with rechargeable stimulators when compared to non-rechargeable stimulators.
By disease indication, the failed back syndrome (FBS) segment is expected to grow with a CAGR of 11.19% over the forecast period. The worldwide prevalence of the failed back syndrome is growing, which is further generating demand for the development of new and effective therapies to treat chronic back pain.
Market Dynamics
Drivers
- Technological advancements in the spinal cord stimulators to favor growth
- Rising number of aging population
- Emerging government guidelines for spinal cord stimulation to boost the market
Restraints
- Ban of Spinal Cord Stimulation across various countries
- Unknown effects on health
- Increasing cases on vaping related illness
Rising number of aging population
The rising geriatric population is expected to boost market growth as spinal cord stimulation (SCS) is an effective treatment for chronic back and limb pain.
Several nations are facing challenges owing to the ongoing and the increasing demographic shift in age among the people. As per the Department of Economic and Social Affairs Population Division of the United Nation, 2017, the world's population of 60 years will double and those of 80 years old will triple in the next 30 years.
In 2019, the world's population of people aged 65 and up totaled 703 million. In 2050, the number of elderly people is expected to increase to 1.5 billion. According to the World Health Organization, the number of individuals aged 65 and more is predicted to reach 1.5 billion by 2050, with the majority of the rise occurring in developing nations.
Chronic pain becomes more common as a person becomes older, especially around the age of 65. Bone and joint diseases, arthritis, cancer, and other neurological disorders are all common among the elderly.
In 2019, approximately 16.5 percent of the population in the United States aged 65 or older. In the United States, there are more than 46 million older individuals aged 65 and up; by 2050, that number is predicted to rise to about 90 million.
Hence, the increasing incidence of spinal cord injuries, neurological disorders and chronic back pain among geriatric population is expected to drive the growth of the spinal cord stimulation market.
Geographical Analysis
The Europe spinal cord stimulation market was valued at USD 528.7 million in 2020 and the market is estimated to grow at a CAGR of 10.30% in the forecast period to reach a market value of USD YY million by 2028.
Europe accounted for the second largest share of the market. A well-developed healthcare infrastructure, coupled with growing approvals for SCS devices in the region. New entrants and regional players have received CE mark approvals for their SCS devices in the region is driving the market growth.
Polar Medical is one of the UK’s suppliers and distributors of Spinal Cord Stimulation Implants to the NHS and Private Healthcare Sectors, helping patients with chronic pain management solutions.
The implant costs around 27,683.20 USD and the total cost for the device and surgery is around 48,445.60 USD privately, but the NHS has cheaper tariff in the UK. Experts from the British Pain Society (BPS) also believe more people could benefit from the implants.
The prevalence of chronic pain in Europe is estimated to range between 13 and 51% which is considerably higher than that of other chronic conditions such as diabetes mellitus (type 1 or type 2), which has a much lower prevalence of 7% among men and 4.9% among women. Chronic pain with neuropathic characteristics has an estimated prevalence between 6.9 and 10% . Spinal cord stimulation (SCS) is a recognized option for the management of chronic pain of neuropathic etiology in Europe.
However, the high cost of devices, complications of spinal cord stimulator implantation, and stringent regulatory approvals will hamper the growth of the market.
About Us:
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year, we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at DataM Intelligence
Email: [email protected]
Tel: +1 877 441 4866
Website: www.datamintelligence.com