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(Health-NewsWire.Net, November 29, 2019 ) Market Overview
Neuromodulation is an emerging therapy involving targeted delivery of electromagnetic or chemical stimulation to a specific neurological area in the body. One of the neuromodulation technique is spinal cord stimulation which includes the delivery of electric stimuli to the spinal cord resulting in the masking of pain.
Market Dynamics
The major driving forces are the increasing geriatric population, new product launches by key companies, increasing number of patients suffering from spinal cord injuries, and favourable reimbursement and insurance approval policies.
The increasing number of patients suffering from spinal cord injuries is expected to boost market growth over the forecast period.
The rising geriatric population is expected to boost market growth. Many nations are facing challenges owing to the ongoing and the increasing demographic shift in age among the people. As per the Department of Economic and Social Affairs Population Division of United Nation, 2017, the world's population of 60 years will double and those of 80 years old will triple in the next 30 years. As per the World Health Organization, the number of people of 65 years or older is expected to increase to around 1.5 billion in 2050, with most of the increase in the developing countries. Thus, the increasing geriatric population, who are more prone to chronic illness like neurological disorders, are driving the market.
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Market Segmentation
By product type, the spinal cord stimulation market can be segmented into the implantable pulse generator and radiofrequency system.
The implantable pulse generator is expected to grow at a high rate over the forecast period. It is further categorized into rechargeable and non-rechargeable.
By disease indication, the spinal cord stimulation market can be segmented into Failed Back Syndrome (FBS), Complex Regional Pain Syndrome (CRPS),Degenerative Disk Disease (DDD), Arachnoiditis, and Others.
The Failed Back Syndrome (FBS) segment is expected to grow at a high rate over the forecast period. The worldwide prevalence of the Failed Back Syndrome is growing, which is further generating demand for the development of new and effective therapies to treat chronic back pain.
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Geographical Analysis
Geographically, the global spinal cord stimulation market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is dominating the global spinal cord stimulation market in 2018 and is estimated to hold significant market size over the forecast period (2019-2026) owing to the emerging guidelines, favourable health reimbursements, increasing prevalence of spinal cord injuries.
The increasing prevalence of spinal cord injuries is expected to accelerate market growth.
The presence of an increased number of research and development activities in the region are expected to boost the market growth. For instance, according to an article published on November 8, 2019, the researchers of University of Wisconsin-Madison have published preclinical data from their collaboration to create externally powered neurostimulation systems by injecting fluid electrode material that cures in place. The project recently received a $2.1 million grant from a National Institutes of Health to support the development of a non-opioid alternative to treat chronic back pain.
Competitive Landscape
The major players operating in the global spinal cord stimulation market are Medtronic, Abbott Laboratories, Boston Scientific Corporation, Nuvectra, Stimwave LLC, Saluda Medical Pty Ltd., Nevro Corporation, and Greatbatch.
On November 5, 2019, Nevro Corporation, announced it had received approval from the US FDA for the Senza Omnia Spinal Cord Stimulation (SCS) System. It is the first and only SCS system designed to deliver the Nevro's proprietary HF10 therapy in addition to all other available SCS systems.
On October 22, 2019, GTX medical BV (GTX, formerly known as G-Therapeutics) and NeuroRecovery Technologies Inc. ('NRT') have merged to create a global company committed to developing new neuromodulation therapies to improve functional recovery of people with SCI.
On September 16, 2019, Saluda Medical Pty Limited ("Saluda Medical") announced the award of CE Mark and the European commercial launch of the Evokeฎ ECAP-Controlled, Closed-Loop Spinal Cord Stimulation (SCS) System for the treatment of chronic pain. The world's first commercial implants were completed in The Netherlands.
In June 2019, Boston acquired Vertiflex to add its spinal cord stimulation and radiofrequency ablation to its product portfolio.
In May 2019, Abbott teamed up with NIH in which Abbott will provide its brain stimulation (DBS), spinal cord stimulation (SCS), and dorsal root ganglion (DRG) therapy for research to NIH for chronic pain and progressive disorders.
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