The global Spinal Cord Stimulator Market is expected to reach USD 16.31 Billion by 2028, according to a new report by Reports and Data. The growth of the market may be attributed to the increasing prevalence of target conditions, among other factors.
The World Health Organization (WHO) estimates that between 250,000 and 500,000 people experience spinal cord injuries each year worldwide. The majority of spinal cord injuries are caused by preventable factors like falls, violence, and traffic accidents, and those who have the condition are more likely to die before their time than people who are healthy, with low- and middle-income countries having the worst survival rates. The risk of developing secondary illnesses such urinary tract infections, deep vein thrombosis, muscular spasms, pressure ulcers, osteoporosis, chronic pain, and respiratory issues is associated with spinal cord injury. These conditions can be debilitating and even fatal.
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Further key findings from the report suggest
- By device type, fusion devices contribution to the largest market share in 2020. Spinal fusion procedure is usually done for the treatment of spinal disorders, such as degenerative, deformity, traumatic, and tumor, among others.
- By surgery type, open surgery dominated the market share in 2020 and is likely to grow at a rate of 2.2% in the forecast period. Open surgery gives the visual information essential to diagnose a condition accurately. Also, some kinds of surgeries need access to larger areas to insert materials like in the case of an aortic aneurysm repair when a stent cannot be placed.
- By end-users, hospitals held the largest market share in 2020 and is expected to grow at a rate of 3.2% in the forecast period. The factors including well-resourced operating diagnostic rooms, higher purchasing power, existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share of hospitals.
- The market in the Asia Pacific region is likely to grow at the fastest rate of 4.7% in the period 2019-2028, due to the improving healthcare infrastructure, rising investments in diagnostic imaging, and better reimbursement scenario.
Competitive Outlook of the Global Spinal Cord Stimulator Market
The globla Spinal Cord Stimulator market study focuses on the revenue growth trajectories of the leading companies in this market. This section of the report throws light on the highly competitive landscape of the Spinal Cord Stimulator market, pointing out the major players. The report further discusses the strategic initiatives undertaken by each of these market players, including mergers acquisitions, collaborations, joint ventures, new product launches, new business deals, and technological innovations.
Top Companies Profiled in the Report:
Medtronic, DePuy Synthes, Stryker, Zimmer Biomet, NuVasive Inc., Alphatec Spine Inc., Globus Medical, RTI Surgical Holdings Inc., Captiva Spine LLC, and Paragon Medical, among others.
Spinal Cord Stimulator Market Segmentation:
Device Type Outlook (Revenue, USD Million; 2016-2028)
- Fusion Devices
- Non-Fusion Devices
- Spinal Electrical Simulation Devices
Disease Type Outlook (Revenue, USD Million; 2016-2028)
- Degenerative Disc Disease
- Traumas Fractures
- Complex Deformity
Surgery Type Outlook (Revenue, USD Million; 2016-2028)
- Open Surgery
- Minimally Invasive Surgery
End-Users Outlook (Revenue, USD Million; 2016-2028)
- Ambulatory Surgical Centers
Geographic Segment Covered in the Report:
The Spinal Cord Stimulator report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
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