The global spinal cord stimulation market is well placed to gain on the growing base of aging population, and the resultant rise in age-related diseases such as, Parkinson's disease.
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The global spinal cord stimulation market is well placed to gain on the growing base of aging population, and the resultant rise in age-related diseases such as, Parkinson's disease. Favorable regulations and application of technology in broader therapy systems, offers huge prospects for the spinal cord stimulation treatment modality. The market was valued at $997.2 m in 2008, and is forecast to grow at the rate of 14% CAGR between 2008 and 2015 to reach $2.6 billion in 2015 globally.
The US accounted for 84% of the global spinal cord stimulators market in 2008. Increasing number of spinal fusion procedures has driven growth in this market. Medtronic, Inc. is the market leader in the global spinal cord stimulation market, accounting for 74% of the total market in 2008.
With an increasing number of mergers and acquisitions in the past five years, the spinal cord stimulators market is witnessing market consolidation. Low awareness about this alternative treatment of pain is the key challenge in this market.
This analysis was taken from a research paper published by GlobalData, to download the full Research Paper for free, click below:
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