Global Spinal Cord Stimulators Market Growth Expected to be Driven by Increasing Incidence of Neurological Diseases Across the Globe
Spinal cord stimulation is a type of therapy used by patients for minimizing pain. Spinal cord stimulators are devices that mask pain signals sent to the brain. These devices are small and relatively similar to pacemakers. Spinal cord stimulator device is placed beneath the skin by surgery, and when turned on it sends mild electric currents to the spinal cord. Pain is relatively reduced because of electrical pulses sent by these devices stimulate nerves and mask the pain signals from reaching the brain. As these devices do not relieve patients from underlying problem, the amount of pain relief varies from individual to individual.
High prevalence rate coupled with increasing incidence of chronic diseases and neurological disorders coupled with growing awareness about spinal cord stimulators are major factors driving growth of the global Spinal Cord Stimulators market. Also, increasing incidence of lifestyle related diseases owing to improper diet and exercise, sedentary lifestyle, and increasing stress levels in individuals across the globe are other factors driving adoption of spinal cord stimulators which is boosting growth of the global market over the forecast period. But, high costs associated with use, maintenance, and procurement of spinal cord stimulators coupled with device related issues are major factors anticipated to hamper growth of the global spinal cord stimulators market over the forecast period.
The global spinal cord stimulators market report has been segmented on the basis of product type, application, end user, and region. On the basis of region, the global spinal cord stimulators market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in North America accounted for highest share in terms of revenue in the global market, and is projected to maintain its dominant revenue contribution over the forecast period. This can be attributed to presence of proper healthcare infrastructure, growing awareness among individuals about spinal cord stimulators, and high disposable income in the region. Also, the market in Europe is estimated to account for second-highest revenue share in the global market in 2017, owing to increasing incidence of chronic neurological diseases and growing adoption of spinal cord stimulators by individuals in the region. Moreover, the market in Asia Pacific is projected to be the most lucrative market over the forecast period, owing to presence of a large patient pool and growing awareness about spinal cord stimulators in emerging economies such as China, Japan, and India. Revenue from this market is expected to grow significantly and register highest CAGR of X.X% over the forecast period.
Prominent players in the global spinal cord stimulators market include Boston Scientific Corporation, Medtronic Plc., NeuroSigma, Inc., Nevro Corp, Stimwave LLC, Synapse Biomedical Inc., St. Jude Medical Inc., NDI Medical LLC, and NeuroPace, Inc.
Originally posted on marketwatch.com