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Market Overview
Spinal Cord Stimulation Market size was valued at USD 2,135.20 million in 2022 and is estimated to reach at a compound annual growth rate (CAGR) of 10.40% over the forecast period 2023-2030. Neuromodulation is an emerging therapy involving the targeted delivery of electromagnetic or chemical stimulation to a specific neurological area in the body. One of the neuromodulation techniques is spinal cord stimulation which includes the delivery of electric stimuli to the spinal cord resulting in the masking of pain.
Market Dynamics and Trends
The major driving forces are the increasing geriatric population, new product launches by key companies, the increasing number of patients suffering from spinal cord injuries, and favorable reimbursement and insurance approval policies. The increasing number of patients suffering from spinal cord injuries is expected to boost spinal cord stimulation market growth over the forecast period. For instance, according to WHO, around the world, between 250,000 and 500,000 people suffer from spinal cord injury each year. The increasing incidence of spinal cord injuries, neurological disorders, and chronic back pain are the factors that drive the growth of the spinal cord stimulation market.
The rising geriatric population is expected to boost the spinal cord stimulation 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 65 years or older is expected to increase to around 1.5 billion in 2050, with most of the increase in developing countries. Thus, the increasing geriatric population, who are more prone to chronic illnesses like neurological disorders, is driving the market.
Moreover, the ongoing research and development in spinal cord stimulation are expected to boost the market and able to serve more opportunities in the forecast period. For instance, according to an article published on October 3, 2019, supported by a new grant of $6.3 million from the US Defense Advanced Research Projects Agency, a team led by the Brown University researchers will develop and test an intelligent spinal interface aimed at helping to restore the limb movement and bladder control for people who have suffered spinal cord injuries. Also, according to an article published on February 1, 2019, spinal cord stimulation can restore voluntary movement and autonomic functions in paralyzed patients.
However, the high cost of devices, complications of spinal cord stimulator implantation, and stringent regulatory approvals will impede the growth of this market.
Complications of spinal cord stimulator implantation are expected to restrain the market growth. For instance, according to the American Society of Regional Anesthesia and Pain Medicine (ASRA), complications, however, are estimated to range from 30%–40% and can be divided into two categories: device-related failure or biologic factors.
Further, according to the PriceGuide service, the average cost of stimulators is $16,957. The newer models, manufactured by Boston Scientific Corporation and Medtronic, cost on average $19,000.
Segmentation Analysis
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.
The presence of an increased number of research and development activities is expected to propel market growth. For instance, according to an article published in 2017, new research has found spinal cord stimulation therapy can be vital in decreasing or stabilizing the use of opioids in patients battling chronic pain. The researchers also examined opioid usage data from more than 5,400 patients both before and after receiving an SCS system implant. In this, an implanted device similar to a pacemaker delivers lower levels of electrical energy to the nerve fibers, interrupting pain signals as they travel to the brain to reduce the sensation of pain. Researchers also found that average daily opioid use declined or stabilized for the patients receiving a successful SCS system compared to the patient's use of opioids before an implant.
The presence of funding for R&D activities is also expected to boost the growth of the market. For instance, according to an article published on October 23, 2019, a team from the Imperial College London and the Imperial College Healthcare NHS Trust have been awarded £250,000 from the Medical Research Council to trial a surgical implant that alters nerve activity, which could improve movement and reduce the number of falls.
By disease indication, the market for spinal cord stimulation 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.
Geographical Analysis
Geographically, the global 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 a significant market size over the forecast period (2020-2027) owing to the emerging guidelines, favorable health reimbursements, and increasing prevalence of spinal cord injuries.
The increasing prevalence of spinal cord injuries is expected to accelerate market growth. For instance, the most recent figures for the US alone, published in 2018 by the National Spinal Cord Injury Statistical Center, show that there are about 17,700 new SCI cases each year and an estimated 288,000 people with SCI currently living in the US. Also, more than 2.1 million people in the US suffer from substance abuse related to opioid pain relievers, while globally, an estimated 15.5 million people are now classified as opioid-dependent. Chronic pain is often a significant driver of opioid use as patients seek relief and improvement to their quality of life. Fortunately for patients, SCS therapy has been proven clinically to offer meaningful assistance to patients suffering from chronic pain.
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 the 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 the National Institutes of Health to support the development of a non-opioid alternative to treat chronic back pain. The injected stimulator elements would operate with power from a transcutaneous electrical stimulation unit. Also, on November 5, 2019, an article about a chronic pain patient who recently found relief via spinal cord stimulation (SCS) notes that the government in British Columbia, Canada funds 28 SCS implants a year.
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.
Recent Innovations in the Industry:
The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, which are contributing to the growth of the market globally. For instance,
1. 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 Nevro's proprietary HF10 therapy in addition to all other available SCS systems.
2. 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.
3. On September 16, 2019, Saluda Medical Pty Limited ("Saluda Medical") announced the award of CE Mark and the European commercial launch of the Evoke® 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.
4. In June 2019, Boston acquired Vertiflex to add its spinal cord stimulation and radiofrequency ablation to its product portfolio.
5. 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 NIH for chronic pain and progressive disorders.
6. In January 2019, Boston Scientific launched its Spectra WaveWriter spinal cord stimulator in Europe. It is used for the treatment of chronic pain through electrical impulses. This new system also allows physicians and patients to customize their therapy.
7. In 2019, Neuronoff, Inc., announced the award of a $2.2 million National Institutes of Health (NIH) grant to test its Injectrode, a novel injectable metal electrode, as an alternative means of treating chronic back pain.
8. In September 2017, Medtronic plc announced FDA approval and launch of the Intellis platform in the US for the management of certain types of chronic intractable pain. It was developed to overcome limitations with current spinal cord stimulation systems, like battery performance. It can power the EvolveSM workflow, which standardizes the guidance and balances high-dose and low-dose therapy settings.