Pune, India, January 18, 2021 (GLOBE NEWSWIRE) – The global backbone stimulation market it is expected to reach USD 4.12 billion by 2027, displaying a CAGR of 8.0% in the forecast period. Adopting such minimally invasive treatments can have a major impact on the global market, Fortune Business Insights says in a report. The market size was USD 2.88 billion in 2019.
Favorable Government guidance to boost market
The favorable policies of spinal stimulant therapy are expected to strengthen the healthy growth of the market. A number of government associations are introducing guidelines for the treatment of chronic pain and other disease symptoms, which, in turn, will help expand the market.
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For example, in January 2019, the National Institute for Health and Care Excellence published guidelines and recommendations for the Senza SCS system, which provides HF10 therapy to treat patients with neuropathic pain. In addition, the rising trend toward other non-opioid therapies coupled with high demand for spinal stimulation will soon boost the market. For example, in 2018, the FDA received more than 200 applications from companies seeking a speedy approval process for devices that can be used instead of opioids for pain management.
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Re-registration of effective surgeries to block the market among COVID-19
Delays in selective and non-urgent studies by the government to administer COVID-19 patients have impacted on market growth. According to COVIDSurg, approximately 28.4 million surgeries were canceled or postponed at a maximum of 12 weeks of disruption due to COVID – 19. Many companies operating in the market reported a sharp drop in income at the time of the pandemic.
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For example, the Abbott neuromodulation division reported a 30.1% decline in global revenue in the first quarter of 2020 compared to the same period in 2019. Similarly, the neuromodulation division of Boston Scientific Corporation saw a decline of 24.6% in global sales in the first six months of 2020 compared to the same period in 2019.
Illness of Disc diseases to increase growth in Europe
North America accounted for the largest share of the primary market due to the rapid adoption of neuromodulation therapies. The market in Europe is expected to grow due to the rising incidence of degenerative disc diseases and chronic pain. The introduction of innovative systems by companies will allow a rapid expansion of the market in the sector.
For example, in January 2019, the Spectra WaveWriter spinal cord stimulation system was launched by Boston Scientific in Europe. Asia Pacific is likely to account for a lot in the global market during the expected period. The growth is due to the rapid adoption of neuromodulation therapies. The critical geriatric population is expected to rise well for the Asia Pacific market. The growing demand for less aggressive treatments will stimulate the development of the market in the region.
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Key Development:
September 2018: Nevro, a medical device company, has announced that it has secured TGA approval for Senza II, a second-generation spinal stimulation system.
The report lists the key companies in the Global Spinal Cord Injury Market:
- Boston Scientific Corporation (Massachusetts, SA)
- Medtronic (Dublin, Ireland)
- Abbott (Illinois, SA)
- Corp Nevro (California, SA)
- Nuvectra (Texas, SA)
- Stimwave LLC (Florida, SA)
- Other prominent players
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Contents:
- Introduction
- Scope of research
- Market view
- Research Methodology
- Explanations and assumptions
- Government Minutes
- Market dynamics
- Market drivers
- Market barriers
- Market opportunities
- Key views
- Frequency of key indicators – for key countries / regions
- The regulatory situation – for key countries / regions
- Impact of COVID-19 on Global Spinal Cord Stimulation Market
- Launch of new product
- Key Business Developments – Mergers, Acquisitions and Partnerships
- Global Spinal Cord Stimulation Market Analysis, Outlook and Outlook, 2016-2027
- Main Findings / Summary
- Market analysis, vision and forecast – by product
- Rechargeable
- Non-reinvestment
- Market analysis, vision and forecast – according to disease signal
- Failed Surgery Syndrome (FBSS)
- Degenerative disc disease (DDD)
- Complex Regional Pain Syndrome (CRPS)
- Arachnoiditis
- Others
- Market analysis, insight and foresight – By the end user
- Ospadalan
- Ambulance Centers
- Specialty Clinics
- Market analysis, vision and forecast – by region
- North America
- Europe
- Asia Pacific
- Rest of the world
TOC continues….!
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A SECOND RESEARCH IS CARRIED OUT FOR THE FOLLOWING INFORMATION:
- Details such as revenue, market share, strategies, growth rate, output & prices by region / country for all major companies
- Details of frequency, frequency, patient numbers, patient circulation, average price of treatment, etc.
- Number of end-user facilities by region / country and average annual consumption or supply of equipment by type of end-user facility
- Number of procedures and average price of procedures
- Replacement rate and capital equipment prices
- Market dynamics regarding the market under focus – Drivers, restrictions, trends, and opportunities
- Market & technology trends, new product developments, product pipeline.
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