Spinal Cord Stimulation Market Set for Robust Growth, Projected to Reach $4.31 Billion by 2028

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

LONDON, GREATER LONDON, UK, July 3, 2024 /EINPresswire.com/ -- The spinal cord stimulation market size has experienced strong growth in recent years, expanding from $2.85 billion in 2023 to $3.12 billion in 2024, at a compound annual growth rate (CAGR) of 9.4%. It will grow to $4.31 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. This growth can be attributed to factors such as an aging population, increasing prevalence of chronic pain conditions, rising awareness about spinal cord stimulation, and the growing demand for non-invasive pain management techniques.

Rising Prevalence of Chronic Pain Drives Market Growth
The increasing prevalence of chronic pain, coupled with advancements in spinal cord stimulation technology, has been a significant driver for market growth. Spinal cord stimulation delivers electrical pulses directly into the spinal cord, offering relief for chronic pain when other treatments have not been effective.

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Key Players and Market Trends
Major companies in the spinal cord stimulation market include NeuroPace Inc., Abbott Laboratories, Medtronic PLC, and Boston Scientific Corp. These companies are actively involved in developing innovative products to enhance pain management and patient outcomes. For example, Nevro Corp. launched the HFX iQ Spinal Cord Stimulation System in 2023, integrating artificial intelligence for personalized pain relief.

Innovative Trends Driving Market Expansion
In the forecast period, key trends such as the integration of artificial intelligence in stimulation devices, adoption of non-paresthesia-based stimulation, and expanding market presence in emerging economies are expected to shape the market landscape. These advancements aim to improve therapy efficacy and patient comfort.

Market Segments
• Product Types: Rechargeable, Non-rechargeable
• Applications: Failed Back Surgery Syndrome (FBSS), Degenerative Disc Disease (DDD), Complex Regional Pain Syndrome (CRPS), Arachnoiditis, Other Disease Indications
• End Users: Hospitals, Ambulatory Surgery Centers, Specialty Clinics
Regional Insights: Asia-Pacific Emerging as a Key Growth Region

North America dominated the spinal cord stimulation market in 2023, driven by technological advancements and high healthcare spending. However, Asia-Pacific is projected to witness the fastest growth, supported by increasing healthcare infrastructure development and rising chronic pain cases.

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Spinal Cord Stimulation Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Spinal Cord Stimulation Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on spinal cord stimulation market size, spinal cord stimulation market drivers and trends, spinal cord stimulation market major players, competitors' revenues, market positioning, and market growth across geographies. The spinal cord stimulation market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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