Spinal Cord Stimulation Market to Value US$ 4236.2 Mn by 2026, Increasing Prevalence of Chronic Spinal Diseases to Enable Growth
Pune, India -- (SBWIRE) -- 06/14/2019 -- The Global Spinal Cord Stimulation Market is expected to gain from increasing per capita income. Recently Fortune Business insights, published a report, titled "SPINAL CORD STIMULATION: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2019-2026," which studies in detail various factors influencing the market's growth trajectory.
According to the report, the global spinal cord stimulation market was worth US$ 2,268.9 Mn in 2018. The global market is anticipated to progress at a CAGR of 8.1% and value US$ 4,236.2 Mn by the end of 2026. The report offers a comprehensive overview on various segments of the global spinal cord stimulation market.
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As per the report the global spinal cord stimulation market was dominated by North America in 2018. The North America market was valued at US$ 1,086.7 Mn in 2018. The region is anticipated to remain dominant through the forecast period. Favorable health reimbursement policies available in the region is one of the key factors enabling expansion of the spinal cord stimulation market in North America.
Trailing North America, Europe has emerged as the second-leading region in the global market during the forecast period. Rapid technological advancements in the spinal cord stimulation systems is a primary factor expected to fuel the demand for spinal cord stimulation in Europe. Besides this, Asia Pacific is anticipated to report highest CAGR during forecast period. The market in the region is driven by the high demand and rapid adoption of spinal cord stimulation in the region. This is likely to enable growth in the global spinal cord stimulation market.
In terms of disease indication, The Failed Back Syndrome segment is estimated to emerge dominant in the global spinal cord stimulation market during the forecast period. The global prevalence of the Failed Back Syndrome is increasing further generating demand for the development of new and effective therapy to treat chronic back pain.
Government bodies across the world have introduced several policies encouraging expansion of the healthcare infrastructure. These are facilitating the smooth development of new spinal cord stimulation therapy as well. This is likely to increase the growth rate of the global market.
Innovation in Spinal Cord Stimulation Therapy to Drive Market
In the near future, the Global Spinal Cord Stimulation Market will gain significant impetus from the introduction of MRI conditional spinal cord stimulator. Besides this, reduction in the consumption of opioid medication is fueling the demand for spinal cord stimulation therapy.
Exposure to radiations and side effects associated with spinal cord stimulation therapy are a few factors that may restrain the global spinal cord stimulation market during the forecast period.
Abbot and Boston to Lead the Global Market
Abbott and Boston Scientific Corporation hold a significant share and are together leading the global spinal cord stimulation market. These companies are projected to lead the global market during the forecast period also. The growth witnessed is attributable to successful completion of acquisition of St. Jude Medical Inc. by Abbott.
Product launch by Boston Scientific Corporation is also contributing towards the growth. St. Jude Medical Inc., was acquired by Abbot in 2017, which further gave Abbot access to St. Jude Medical's product portfolio and market share. Strategic collaborations are intended at expanding footprint and product portfolio. Such expansion strategies are expected to bode well for the overall market. Some of the other companies operating in the global spinal cord stimulation market are Medtronic, Stimwave LLC, Nevro Corp., and Nuvectra.
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