Spinal cord stimulator (SCS) is also known as dorsal column stimulator. The system comprises and an electric pulse generator. Functioning of the spinal cord stimulator is based on the pain management therapy. The spinal cord stimulator hinders transmission of pain signals to the brain so that the brain does not identify the pain. The device gives positive, symptomatic, and long-term effects in cases of sciatica, cervical radiculopathy, failed back surgery syndrome (FBSS), reflex sympathetic dystrophy, arachnoiditis, and peripheral neuropathy. Spinal cord stimulation received approval from the U.S. FDA in 1989 for indications such as nerve damage in the trunk, arms, or legs. According to a study conducted by the Institute of Medicine of The National Academies, 100 million people in the U.S. suffer from chronic pain. Moreover, the study states that the incidence rate of lower back pain is the maximum. Lower back pain accounted for around 30% of all kinds of chronic pain.
The spinal cord stimulators market is large-sized and relatively untouched. Spinal cord stimulators possess high potential to treat widespread chronic back pain. The global spinal cord stimulators market is anticipated to witness significant growth in the next few years due to rising geriatric population, increasing demand for minimally invasive surgeries, and technological advancements across the world. In May 2015, Nevro Corporation received the U.S. FDA’s approval for its Senza spinal cord stimulator (SCS) system. This implantable and rechargeable system helps in relieving chronic pain in the limbs and the trunks. The upcoming product innovations and new product launches are expected to boost the market from 2017 to 2025. However, factors such as unfavorable reimbursement scenario, lack of trained professionals, and high cost of products and treatment are hindering the market for spinal cord stimulators. According to a survey conducted by ECRI Institute in January 2015,
The global spinal cord stimulators market has been classified based on product, application, end-user, and geography. Based on product, the market has been segmented into rechargeable spinal cord stimulator systems and non-rechargeable spinal cord stimulator systems. Compact size, user-friendly nature, and launch of new rechargeable systems are some of the factors fueling the rechargeable systems segment.
Based on application, the global spinal cord stimulators market has been divided into sciatica, failed back syndrome (FBS), arachnoiditis, degenerative disk disease, and others. High prevalence of chronic back pain and disk surgery and increasing demand for devices providing rapid relief are major factors likely to increase the demand for spinal cord stimulators during the forecast period. The market is anticipated to witness high growth in the next few years, due to rise in the number of health care organizations and clinics and commercialization of products across the globe. Hospitals is anticipated to be a major end-user segment of the SCS systems market and is anticipated to dominate the market during the forecast period.
Geographically, the global spinal cord stimulators market has been classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The U.S. was the largest market in terms of revenue in 2016. while the market in is likely to expand at the most rapid pace during the forecast period.
Boston Scientific, St. Jude Medical, Medtronic Plc, Nevro Corporation are key players operating in the global market for spinal cord stimulators. They are making investments in research activities to launch new devices. Several new entrants such as Stimwave, Greatbatch, Autonomic Technologies, Inc., and Cyberonics are planning to expand in the global spinal cord stimulators market in the near future.
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
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
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
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
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?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.