Furthermore, the increasing demand for minimally invasive procedures, rise in the number of patients suffering from failed back surgery syndrome, and the growing number of patients suffering from chronic neuropathic pain is also expected to fuel the market growth during the forecast period. However, the dearth of skilled professionals, lack of awareness regarding the use of spinal cord stimulators for the treatment of neuropathic pain, major dependence on traditional therapies for treatment, and stringent government regulations related to the product approvals are expected to restrain the growth of the global spinal cord stimulator market.
The global spinal cord stimulators market 2020 is projected to rise by 8.95% over the review period (between 2019 and 2025), securing a higher market value from USD 1,994.16 million recorded in 2018.
Some of the eminent players in the global spinal cord stimulator market are Nevro Corp. (US), Boston Scientific Corporation (US), Medtronic (Ireland), Abbott (US), Nuvectra (US), Stimwave LLC (US), Cirtec (US), NeuroSigma, Inc. (US), Beijing PINS Medical Co., Ltd (China), Synapse Biomedical Inc. (US), and others.
The Global Spinal Cord Stimulator Market has been segmented based on Technology Type, Application, and End User.
The global market for spinal cord stimulators was segmented into a conventional implantable pulse generator, a rechargeable implantable pulse generator, and a radiofrequency stimulator based on the type of technology. Due to its high preferred form by hospitals, the traditional implantable pulse generator (IPG) segment held the largest market share in 2018 and was excellent in long-term relief in 60 percent to 80 percent chronic pain patients.
Based on application, the global market for spinal cord stimulators has been segmented into complex regional pain syndrome, sciatica, arachnoiditis, degenerative disk disease, failed back surgery syndrome, and others. The segment of the failed back surgery syndrome (FBSS) held the largest market share in 2018 due to the increasing prevalence of the worldwide failed back surgery syndrome (FBSS).
The end-user-based industry was segmented into hospitals clinics, outpatient surgical centers, among others. The segment Hospitals Clinics held the largest market share in 2018 due to the increase in patient visits.
Owing to the growing prevalence of degenerative disc disease and the increasing acceptance of technologically advanced goods in the region, the Americas region is held the largest market in 2018. Throughout the Americas, the spinal cord stimulator industry was eventually branched into North America and South America, with the North American segment split between the United States and Canada.
Owing to the growing prevalence of neuropathic pain and well-developed infrastructure in the area, the spinal cord stimulator market in Europe held the second-largest role in 2018.
The APAC region is poised to dominate as the fastest-growing regional market over the prognosis period. Growth of the demand for spinal cord stimulators in this area is due to the increasingly rising occurrence rate of complex regional pain syndrome and the growing acceptance by health care providers of technically innovative treatment options. The Asia-Pacific market is projected to be the fastest-growing due to the rising number of patients suffering from chronic neuropathic ache and a rising geriatric population.