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(Health-NewsWire.Net, May 12, 2020 ) The global Spinal Cord Stimulation Market is projected to reach USD 8.8 billion by 2025 from USD 5.8 billion in 2020, at a CAGR of 8.6%. The growth of this market is driven majorly by the rising prevalence of neurological disorders, increasing research into expanding the applications of Spinal Cord Stimulation, and awareness on neurodegenerative disorders. However, the high cost of Spinal Cord Stimulation procedures and equipment, along with the dearth of a trained workforce, is expected to restrain the growth of this market during the forecast period.
Parkinson’s disease held the largest share of the deep brain stimulation market, by application
Based on application, the deep brain stimulation market is segmented into Parkinson's disease, tremor, depression, and other DBS applications. Parkinson’s disease accounted for the largest share of this market in 2019. The growth of this segment is attributed to the rising incidence of the disease and growing R&D activity in this area.
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The Asia Pacific Spinal Cord Stimulation Market is expected to grow at the highest CAGR during the forecast period
The Asia Pacific is expected to grow at the highest rate in the market. The major factors driving the growth of this market include the high incidence of neurological disorders, increasing public and private investments, and ongoing research.
Leading Market Players in Spinal Cord Stimulation Market:
The prominent players in the Spinal Cord Stimulation Market include Medtronic (Ireland), Boston Scientific Corporation (US), Abbott (US), LivaNova (UK), Synapse Biomedical, Inc. (US), Nevro Corporation (US), NeuroSigma (US), NeuroPace (US), Neuronetics (US), and BioControl Medical (Israel). Major players have focused on product launches, agreements, and partnerships to increase their shares in the global market.
Medtronic is one of the leading players in the Spinal Cord Stimulation Market. The company's leading position can be attributed to its wide portfolio of Spinal Cord Stimulation devices and strong geographical footprint. The company operates in the US, Europe, and the Asia Pacific. It serves clinicians, physicians, hospitals, and patients in more than 160 countries. R&D is a key area of focus for Medtronic—it invested USD 2,330 million in 2019, as compared to USD 2,256 million in 2018 and USD 2,193 million in 2017. The company also focuses on organic as well as inorganic growth strategies to gain a competitive edge.
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Recent Development in Global Spinal Cord Stimulation Market:
1. In 2019, NeuroSigma signed a partnership agreement with Teijin Limited (Teijin) (Japan). The partnership granted Teijin Pharma, the core company of Teijin's healthcare business, exclusive rights to market NeuroSigma's Monarch eTNS system in Japan, as well as the company's TNS patent rights in Japan related to the non-invasive treatment of ADHD.
2. In 2018, Abbott signed an agreement with the National Institutes of Health (NIH) (US). As per the agreement, Abbott will provide Spinal Cord Stimulation technologies, including directional DBS, SCS, and DRG therapy, for NIH research to explore their applications in chronic pain and progressive movement disorders.
3. In 2017, Medtronic signed a partnership agreement with Mercy (US) to establish a new data sharing and analysis network that helps gather clinical evidence for medical device innovation and patient access
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