SCS devices: Key market research findings
- Advancements in technology drive market growth
- Hopsital segment accounts for a majority of the market’s revenue
- Key vendors –Boston, Medtronic, Nevro, and St. Jude Medical
Technavio’s market research analysts predict the global market for SCS devices to grow at a CAGR of around 5% between 2016 and 2020. The demand for spinal cord stimulation (SCS) devices is spurred by the rise in advances in high-frequency device technologies leading to a considerable increase in implantation procedures. These new advanced devices can be used in future for indications related to chronic pain of the trunk and limbs. The upcoming devices are much more refined, upgraded, and tailor-made in contrast to the currently used SCS devices that have procedural invasiveness, weigh more, and are ineffective in pain relief over time. During 2015, the global SCS devices market was dominated by the Americas with a market share of around 62%. The presence of several key vendors in the US will propel the growth of the SCS devices market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the SCS device segments based on the end-user.
“There is an ongoing shift of focus toward SCS procedures among surgeons. Increased communication among the medical fraternity across countries through various media has made surgeons receive updates about SCS devices. Many pain management societies are spreading the knowledge about SCS devices through international conferences, annual meetings, seminars, and workshops. Hospitals are also actively involved in promoting these devices by educating patients on the necessity of using these devices for better health,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
In 2015, the hospital segment accounted for approximately 78% of the overall market revenue to become the key revenue generating a segment of the global SCS devices market. Most hospitals make an agreement with manufacturers or distributors so that they can purchase the devices in bulk and at a low price. This benefits hospitals in case of reimbursements or any free treatment as this would cover the procedure cost. The free treatment for these procedures is very low and may occasionally be found in developed countries.
The key vendors in the global SCS devices market include Boston, Medtronic, Nevro, and St. Jude Medical. A few key vendors dominate the global market and account for almost 90% of the overall market share. These companies are making investments in many research activities to launch new devices. Several new entrants like Stimwave, Nevro, and Greatbatch expected to gain market shares during the forecast period by manufacturing devices that are priced lower and focusing on miniaturization of devices.
A more detailed analysis is available in the Technavio report, Global SCS Devices Market 2016-2020.
