Product innovation is imperative in the spinal cord stimulators market
Companies in the spinal cord stimulators market have realised that innovation is key and they are taking the necessary steps to safeguard their market position and improve profitability. After the first spinal cord stimulators were introduced, there have been several improvements that have made the devices lighter, smaller, and more effective in patient care. Technological advancements should continue to assist the growth of the spinal cord stimulators market. For e.g. – Proclaim Elite Spinal Cord Stimulation has been unveiled by St Jude Medical and it comes with an upgradeable technology.
Cost-effectiveness substantially benefits the spinal cord stimulators market
The cost-effectiveness of spinal cord stimulators, particularly when compared to conventional medical management has led to the rapid growth of the spinal cord stimulators market. Spinal cord stimulation has been proven to be effective after a period of three years and this leads to a noticeably better lifestyle. As several countries such as the U.S. move towards the accountable care model, the cost-effectiveness of spinal cord stimulators is predicted to play a major role during the forecast period. A study conducted by experts at the Department of Neurology at the University of Saskatchewan Canada has shown that spinal cord stimulators are far more economical than conventional medical management in the treatment of chronic pain.
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The use of opioids to boost demand in the spinal cord stimulators market
Many chronic pain patients are addicted to opioid analgesics and limiting the use of these drugs is one of the many benefits of spinal cord stimulators. The U.S., in particular, has seen a worrying trend of drug and opioid abuse that has been recognised by the government as a public health epidemic. This has compelled the medical community to seek out innovative methods to reduce the burden of narcotic prescriptions. The need to reduce opioid analgesic use is an important driver for the growth of the spinal cord stimulators market and it is predicted to increase the adoption rate of spinal cord stimulators as a preferred choice for treating patients afflicted with chronic pain. According to a study presented at the North American Neuromodulation Society (NANS) annual meeting 2017, spinal cord stimulators can reduce the necessity of using opioid analgesics.
High cost an impediment to growth in the spinal cord stimulators market
As with most advanced medical technologies, the high cost of spinal cord stimulators is the biggest restraint to growth in the spinal cord stimulators market. The cost of the device itself, the procedure, and the maintenance cost are hardly insubstantial and this is especially problematic in regions such as the Middle East & Africa and Asia Pacific where treatment and device cost is not reimbursed by reimbursement companies. That is why the largest spinal cord stimulators markets are North America and Europe.
Underpenetrated spinal cord stimulators market is lucrative for exploiting
The spinal cord stimulators market is highly underpenetrated as less than 10% of potential patients are being treated with this revolutionary technology. As the cost of spinal cord stimulators is prohibitive, the adoption outside North America and Europe has been quite limited. The U.S. and Europe account for about 85% of the global spinal cord stimulators market, but the introduction of newer, affordable devices could go a long way in making spinal cord stimulators more feasible in emerging economies. Among the product types, the rechargeable spinal cord stimulators segment has better market potential than the non-rechargeable spinal cord stimulators segment. The rechargeable spinal cord stimulators segment is anticipated to hold a value share of about 70% of the global spinal cord stimulators market by the end of the forecast period. This segment is also projected to register the highest CAGR both by value (7.2%) and volume (7.5%) during the forecast period.
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Industry consolidation anticipated in the spinal cord stimulators market
The industry has seen a noticeable trend where companies are opting for mergers and acquisitions to consolidate their market position and expand their product portfolio. M&A is the quickest method to enter new and fast growing regions in the spinal cord stimulators market. This strategy also lowers the risk linked to spinal cord stimulators market entry. Another benefit of acquisitions is acquiring the latest technology.