What is the Global market size of the Spinal Cord Stimulation Market?

Global Spinal Cord Stimulation Market size was valued at USD 3.02 billion in 2021 and is poised to grow from USD 3.25 billion in 2022 to USD 5.83 billion by 2030, growing at a CAGR of 7.58% in the forecast period (2023-2030).

Spinal Cord Stimulation Market Size, Share, Growth Analysis, By Indication (Failed Back Surgery Syndrome, Complex Regional Pain Syndrome), By Product (Rechargeable Devices, Non-Rechargeable Devices), By End User (Hospitals), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2711 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 65 | Figures: 74

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Global Spinal Cord Stimulation Market size was valued at USD 2.9 billion in 2022 and is poised to grow from USD 3.13 billion in 2023 to USD 5.7 billion by 2031, growing at a CAGR of 7.8% during the forecast period (2024-2031).

Due to the company's strong emphasis on research and development (R&D) as well as significant acquisitions that will help it in creating cutting-edge devices to manage chronic pain, Medtronic dominated the market by having accounting for a huge revenue share. Healthcare professionals prefer Medtronic spinal cord stimulators because they are easy to use, have long battery lives, produce superior clinical results, and come with outstanding customer support. 'Medtronic plc (Ireland) ', 'Boston Scientific Corporation (USA) ', 'Abbott Laboratories (USA) ', 'Nevro Corp. (USA) ', 'Stimwave Technologies, Inc. (USA) ', 'Saluda Medical Pty Ltd. (Australia) ', 'Synapse Biomedical Inc. (USA) ', 'Cirtec Medical (USA) ', 'Nalu Medical, Inc. (USA) ', 'Beijing PINS Medical Co., Ltd. (China) ', 'Gimer Medical (China) ', 'BIOTRONIK SE & Co. KG (Germany) ', 'St. Jude Medical, Inc. (acquired by Abbott) (USA) ', 'NeuroSigma, Inc. (USA) ', 'Greatbatch, Inc. (USA) ', 'Curonix LLC (USA) ', 'Teliatry, Inc. (USA) ', 'Spinal Modulation (USA) ', 'NevroSpin (USA) ', 'Axonics Modulation Technologies, Inc. (USA)'

The makers have intensified their research efforts in an effort to make spinal cord stimulators smaller. For instance, the Stimwave LCC-produced Freedom SCS system is roughly 5% smaller than the existing Implantable Pulse Generators (IPG) on the market. The rise of the spinal cord stimulation market is being driven by this as well as improvements in impulse production.

Government Initiatives to Reduce Opioid Dependence: The governments of the U.S., Europe, and other countries have stepped up their efforts to lessen opioid dependence. Due to this, alternative therapies that do not need opioids are gradually becoming more popular, and demand for spinal cord stimulation devices is increasing. For instance, firms requesting a quick approval procedure for devices that can be used in place of opioids for pain management submitted more than 200 submissions to the FDA. In order to take advantage of this potential, medical device companies like Medtronic, Abbott, and Boston Scientific are constantly conducting research

North America is dominating the global market owing to market expansion as a result of new government regulations and favourable health reimbursement. The market in North America is being driven by the strategic presence of major competitors in the U.S. and new product launches.

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Spinal Cord Stimulation Market Size, Share, Growth Analysis, By Indication (Failed Back Surgery Syndrome, Complex Regional Pain Syndrome), By Product (Rechargeable Devices, Non-Rechargeable Devices), By End User (Hospitals), By Region - Industry Forecast 2024-2031

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