Chronic pain places a tremendous burden on the global healthcare system. It is estimated that in the US alone, chronic pain and high-impact chronic pain affect nearly 30% of US adults. The economic costs of chronic pain are equally immense in the US, with estimates suggesting that chronic pain costs range from $500-600 billion annually in direct and indirect costs. As addiction to opioids has reached crisis levels in the US, and threatens to spread to other nations, there is significant opportunity for therapies that can help patients live with chronic pain without relying on addictive pain medication. Neurostimulation is one such modality that are helping people manage chronic pain.
According to a new report available exclusively from Life Science Intelligence - Global Opportunities in Neurostimulation Technologies Markets Targeting Chronic Pain -- sales of neurostimulation devices will reach approximately $2.5bn in 2019. During the forecast period covered by this analysis, sales attributable to neurostimulation devices will increase at a compound annual growth rate (CAGR) of 4.98%, reaching $3.2bn by 2024. Spinal cord stimulation (SCS) and peripheral nerve stimulation (PNS) devices are implanted to relieve patients living with chronic pain. Of these devices, sales attributable to SCS devices accounted for over 90%of global neurostimulation device sales in 2019.
Market Overview
|
Estimated Market Value in 2019 |
$2.5 Billion |
|
Types of Implants |
Spinal cord and peripheral nerve stimulation devices |
|
Largest Geographic Market |
United States |
|
Market Leaders |
Abbott, Boston Scientific, Medtronic |
By geography, the US is the largest market in terms of total implantable neurostimulation device sales and will continue to account for the greatest share of total device sales throughout the forecast period covered by this analysis.
The market is dominated by three companies: Abbott, Boston Scientific, and Medtronic. Together these three companies accounted for over 75% of global neurostimulation device sales in 2018. Other competitors offering neurostimulation devices for the treatment of chronic pain covered by this report include Bioness, Nevro, Nuvectra, SPR Therapeutics, and Stimwave, among others.
Visit LSI to learn to view the report and learn more about how neurostimulation technologies are thriving as a solution for the management of chronic pain. This report and a full library of medical technology reports are available in the all new Medtech Pro Platform.
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