The global “spinal cord stimulation market” is expected to reach USD 4.12 billion by 2027, exhibiting a CAGR of 8.0% during the forecast period. The increasing acceptance of minimally invasive therapies can have a tremendous impact on the global market, states Fortune Business Insights, in a report, titled “Global Spinal Cord Stimulation Market Size, Share & COVID-19 Impact Analysis, By Product (Rechargeable and Non-rechargeable), By Disease Indication (Failed Back Surgery Syndrome (FBSS), Degenerative Disc Disease (DDD), Complex Regional Pain Syndrome (CRPS), Arachnoiditis, and Others) By End User (Hospitals, Ambulatory Surgery Centers, and Specialty Clinics), 2020-2027.” The market size stood at USD 2.88 billion in 2019.
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The report on the spinal cord stimulation market contains:
- Outstanding investigation of the market
- Vital insights into the competitive landscape
- Factors restricting market growth
- Recent trends and development
- Prime factors enabling growth
- New government regulations
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Rescheduling of Effective Surgeries to Restrict Market Amid COVID-19
The postponement of selective and non-urgent surgeries by the government to administer COVID-19 patients has subsequently affected the growth of the market. According to COVIDSurg, around 28.4 million surgeries were canceled or postponed during the peak of 12 weeks of disruption due to COVID‐19. Many companies operating in the market reported a major drop in revenue during the pandemic. For instance, Abbott’s neuromodulation segment reported a 30.1% decline in the global revenues during the first quarter of 2020 when compared to the same period in 2019. Similarly, the neuromodulation segment of Boston Scientific Corporation witnessed a 24.6% decline in sales globally during the first six months of 2020 when compared to the same period in 2019.
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Favorable Government Guidelines to Intensify Market
The favorable policies pertaining to spinal cord stimulation therapy is expected to bolster the healthy growth of the market. Numerous government associations are introducing guidelines for the treatment of chronic pain and other disease indications, which, in turn, will aid the expansion of the market. For instance, in January 2019, National Institute for Health and Care Excellence published guidelines and recommendations for the Senza SCS system, which delivers HF10 therapy to treat patients having neuropathic pain. Moreover, the rising shift towards non-opioid alternative therapies coupled with high demand for spinal cord stimulation will uplift the market in the near future. For instance, in 2018, the FDA received over 200 submissions from companies seeking a speedy approval process for devices that can be used in place of opioids for pain management.
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