A spinal cord stimulator (SCS) device is used for delivering mild electric shocks to the spinal cord. Such a treatment is steadily gaining traction owing to the incessant technological evolution. Developers of spinal cord stimulator devices are strongly focusing on innovation and are taking the necessary measures to address the primary objectives. For instance, St Jude Medical has recently unveiled an advanced simulation technology for spinal cord treatment.
The next-generation spinal cord stimulators are coming with various cutting-edge add-ons and enhancements, moreover, these new versions are more compact, lighter as well as highly efficient in patient care. Robust technological advancements are likely to drive the adoption of spinal cord stimulators across healthcare systems.
Compared to conventional systems these stimulator devices are way more affordable and cost-effective. As many of the first world countries are now increasingly emphasizing on creating more accountable care model, medical devices such as the spinal cord stimulator will become more crucial. Department of Neurology in the University of Saskatchewan Canada has released a data that reveals that conventional medical management is quite expensive as compared to spinal cord stimulators when it comes to treatment of chronic pain. Factor as such are likely to boost the growth of the global spinal cord stimulators market.
Increasing restrictions on excessive use of pain killers such as the opioid analgesics are expected to favor the global market for spinal cord stimulators. The alarming trend of addiction to painkillers has compelled the government of the U.S to take some severe steps. Which in turn is pushing medical community to look for innovative and healthier solutions to reduce the use of narcotic prescriptions that often carry a severe risk of side-effects. The urgency to control opioid analgesic use is further facilitating the growth of the global market for spinal cord stimulators.
Preference for spinal cord stimulators is slowly rising among both physicians and patients. A study conducted by North American Neuromodulation Society (NANS), spinal cord stimulators are likely to play an important role in curbing the use of opioid analgesics.
Future Market Insights (FMI) is latest report has reveals North America and Europe accounts for significant value share of the global market for spinal cord stimulators. Globally, the overall penetration of spinal cord stimulators still remains low. Currently, less than 10% of the potential patients have access to such a revolutionary technology. North America and Europe collectively command for nearly 85% value share of the global market. Nonetheless, the arrival of newer and cost-effective devices can make such treatments more feasible in developing countries.
Industry consolidation has been observed as a key trend in the global market for spinal cord stimulators. Market player are opting for strategic mergers and acquisitions in order to strengthen their market position as well as to increase their product portfolio. Many of the companies implement M&A strategies so as to enter new markets that exhibit lucrative growth opportunities. Moreover, it also helps reduced risk associated to capital investment in the market and the company also benefits from the technology of the newly acquired entity.