Spinal cord stimulation (SCS) systems are used to modulate the nervous system to improve biological functioning of spinal cord. Spinal cord stimulation (SCS) systems involve modulation of electrical signals transferred from the brain to various organs and vice versa. The Spinal cord stimulation (SCS) systems either function by stimulating the nerve impulse or inhibit the pain signals at the target site. This technology improves the lives of patients who are suffering from the profound loss of their sense organs or are severely paralyzed. A small spinal cord stimulation device is surgically implanted under the skin, which sends mild electrical signals to the spine, causing different sensation to the area of chronic pain. It also modifies pain signals before they reach the brain.
Spinal cord stimulation devices are neuromodulation devices dealing with non-malignant chronic neuropathic pain management. The spinal cord stimulator is primarily used to mask the pain by producing tiny nerve impulses without making any anatomical changes to the target area. Spinal cord stimulation devices have varied applications for chronic non-malignant pain management purposes. They are used to curb neuropathic non-malignant pain, peripheral nerve injuries, FBSS (failed back surgery syndrome), CRPS (complex regional pain syndrome), peripheral vascular diseases, and urinary incontinence. Spinal cord stimulation devices have been successful in curbing pain and their minimally invasive nature allows patients to recover faster. The device is superficially placed in the body, making it easily removable. The spinal cord stimulation system market is driven by rising incidences of neurological disorders such as Parkinson’s disease, epilepsy, incidences of depression related disorders, and chronic back pain. However, high cost of treatment and stringent regulatory scenarios are some factors restraining the market.
The spinal cord stimulation system market has been segmented into product, application, end-user, and geography. Based on product, the market has been segregated into conventional system, rechargeable system, and radiofrequency system. In terms of application, the spinal cord stimulation (SCS) system market has been divided into sciatica, failed back syndrome (FBS), degenerative disk disease (DDD), unsuccessful disk surgery, multiple back operations, complex regional pain syndrome (CRPS), and arachnoiditis or lumbar adhesive arachnoiditis. Based on end user, the spinal cord stimulation (SCS) system market has been categorized into hospitals, clinics, and ambulatory surgical centers.
In terms of geography, the global spinal cord stimulation system market has been classified into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global spinal cord stimulation system market in 2016, owing to increasing prevalence of chronic back pain and rising patient pool for spinal cord stimulation. According to the American Chiropractic Association, people in the U.S. spend around US$ 50 Bn each year on back pain and 31 million people in the U.S. experience lower back pain at any given time. In terms of revenue, Europe is expected to be the second largest market in the forecast period. The market is Europe is expected to expand due to rapid economic development and increase in health care expenditure. Asia Pacific is expected to register high growth rate between 2017 and 2025, due increasing demand for minimally invasive surgeries and rising disposable income. In Middle East & Africa countries increasing healthcare expenditure and improving healthcare infrastructure are likely to drive the growth of the spinal cord stimulation (SCS) system market
Key players operating in the global spinal cord stimulation (SCS) system market include Boston Scientific Corporation, Medtronic, NeuroSigma, Inc., Nevro Corp, Stimwave LLC, and Synapse Biomedical Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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