New Visiongain Report: Global Spinal Cord Stimulation Devices Market Forecast 2020-2030
"The global spinal cord stimulation devices market is to reach US$2,898.3 million in 2020"
The global spinal cord stimulation devices market size is anticipated to reach US$2,898.3 million in 2020 and is further projected to grow at a CAGR of 10.2% over the forecast period from 2020 to 2030. The market growth is attributed to the growing number of patients suffering from chronic pain, and complex regional pain syndrome (CRPS) which is anticipated to be key market growth factors over the next decade.
Based on the product, the spinal cord stimulation devices market is segmented into rechargeable & non-rechargeable devices. Over the forecast period, the rechargeable device is anticipated to witness the highest CAGR of ~10% owing to their cost effectiveness, controlling pain management, & wireless remote technique features.
Based on the region, the global spinal cord stimulation devices market is segmented into North America, Europe (EU), Asia Pacific (APAC), and Rest of the World (RoW). The North America region is the largest market for spinal cord stimulation devices and is anticipated to generate ~US$2 billion in revenue in 2020. In the North American region, the U.S. holds the maximum market share of ~90% owing to the presence of 50 million people suffering from chronic pain, the presence of top players, and a high level of awareness among the patient pool.
Visiongain anticipates that over the forecast period the U.S. region will maintain its dominance owing to its large patient pool, high level of SCS demand, and high healthcare expenditure. As per the latest reports of CMS (Centers for Medicare & Medicaid Services), for 2020-2027, national health spending growth is projected to average 5.7%, from 4.8% in 2019, and reach nearly US$ 6.0 trillion by 2027.
The spinal cord stimulation devices market is highly competitive and over 80% of the market is being held by the top 3 players i.e. Medtronic, Boston Scientific, and Abbott. Medtronic holds the majority chunk of the market owing to its wide product portfolio of neuromodulation devices & strong geographical presence.
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