TMCnet News
Rechargeable Implantable Pulse Generator Will Drive the Global Spinal Cord Stimulation Devices Market Until 2020: TechnavioThe global spinal cord stimulation (SCS) devices market is expected grow at a CAGR of close to 5% during the forecast period, according to Technavio's latest report. In this report, Technavio covers the market outlook and growth prospects of the global SCS devices market for 2016-2020. The market is further categorized into two end-user segments, including ASC (News - Alert) and hospitals, of which the hospitals segment dominated the market with 78% of the overall market share in 2015. "Rechargeable implantable pulse generator devices are likely to capture around 90% of the global spinal cord stimulation devices market by 2020 due to their long-lasting efficiency," says Srinivas Sashidhar, a lead orthopedics and medical devices research analyst from Technavio. Technavio's research study segments the global SCS (News - Alert) devices market into the following regions:
Americas: largest market for SCS devices The SCS devices market in the Americas is anticipated to grow at a CAGR of over 5%. The US was the largest revenue contributor to this region because of the increased use of SCS devices for various indications. Advances in technology and the availability of reimbursement by Medicare boost the market growth in the country. SCS device manufacturers in the country develop innovative products to expand their portfolio and increase market share. Most manufacturers have their headquarters in the US, making it a major contributor to the SCS devices market in the Americas. "Canada, Argentina, Mexico, and Brazil are the other major contributors of the American SCS devices market. The preference of SCS devices by the surgeons in minimally invasive surgery technique for chronic back pain management has been increasing since last few years. Canada has the highest adoption rate of these devices but only next to the US. Brazil has specialty training centers where surgeons and other hospital/ASC staff are educated about MIS techniques involving SCS devices. The financial stability of both Brazil and Mexico in recent years has shown a promising expeniture on chronic pain management that includes SCS devices," says Srinivas. Ask sample report: http://goo.gl/lrA5b1 Growing public awareness and demand for SCS devices aiding EMEA's growth Primary care settings in EMEA had patients reporting persistent pain prevalence of 10%-20%. The market is expected to grow rapidly during the forecast period. As per recent data, the public spending on healthcare amounted to 15% of the overall government expenditure. The expenditure on care for neurostimulation is directly reimbursed to hospitals within the NHS. Side effects like constipation, dizziness, drowsiness, and nausea are commonly observed in case of conventional drug therapy. These abnormalities can be eliminated by using neurostimulation devices. The shift of trend toward the usage of SCS devices has been increasing in EMEA. The focus of governments on chronic pain management has shown a positive direction toward better ways of pain management. Growing public awareness, demand for SCS devices, and the coverage of these devices propel market growth in Europe. The prevalence of chronic pain is increasing due to post-operative issues, changes in lifestyle, and improper usage of pain killers, leading to side effects. There is a lot of scope for SCS devices to penetrate the market due to the increase in demand for treatment using these devices, partial or complete NHS coverage for treatment in case of European countries, and coverage by governments in case of MEA countries. In future, manufacturers might set up production plants in MEA countries like in case of European countries to reduce the import tax that reduces the cost of the devices. This enables the market exploration by meeting the demand and supply needs. Paradigm shift among surgeons to use SCS devices will create market opportunities in APAC The market is expected to grow at a low rate compared with the Americas and EMEA during the forecast period. Recent observed trends like the improvement in healthcare infrastructure, high prevalence of lifestyle diseases leading to increased surgeries and chronic disorders, and the paradigm shift among surgeons to use SCS devices have created market opportunities in this region. Promotion of SCS devices by hospitals and healthcare professionals is also leading to increased public awareness. However, in China, India, and Japan, trends like the preference for traditional treatment options including physiotherapy, yoga, and Ayurveda medication hamper market growth. Other major concerns include shortage of professionals with expertise on SCS devices and the high cost of devices. Australia and New Zealand are the major markets in APAC for manufacturers to explore the market. The top vendors in the global SCS devices market highlighted in the report are:
Browse Related Reports:
Do you need a report on a market in a specific geographical cluster or country but can't find what you're looking for? Don't worry, Technavio also takes client requests. Please contact [email protected] with your requirements and our analysts will be happy to create a customized report just for you. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20160810005011/en/ |
