Boston Scientific Overtakes Medtronic in Medical Device Market for Back Pain and Failed Back Surgery Syndrome
Vancouver, BC (PRWEB) February 05, 2015 -- According to a new report published by iData Research, the spinal cord stimulator (SCS) market was valued at $1.3 billion in 2014. Favorable reimbursement, leading to increased application and significant investments in new technology development for the treatment of failed back surgery syndrome, has driven market growth in the last several years.
“Growth in permanent SCS implantation will continue at an increasing rate. It is estimated that approximately 60% of trial procedures move to permanent implantations,” explains Dr. Kamran Zamanian, CEO of iData. “Unit sales have also benefitted from increasing indications in chronic pain therapy and technological improvements to SCS devices.”
Other key findings from the 2014 edition of the iData Research report entitled U.S. Market for Neuromodulation, Neurovascular, Neurosurgical and Monitoring Devices:
Low Market Penetration
The SCS market is not saturated. Less than 10% of the potential patient population is being treated with an SCS device. This low penetration indicates that the market has growth potential, allowing the number of units sold to continue growing without significant slowing over time.
Overall Reduction in Healthcare Costs
Healthcare costs associated with patients who have chronic pain are even higher than the costs of SCS device implantation. SCS devices have been shown to produce overall cost savings in the treatment of chronic pain patients in the United States. SCS therapy provides an alternative to opioid medications that can carry substantial health risks.
Strategies for Leading Competitors
Boston Scientific has grown its share in the SCS market to become the leading competitor, despite not having been in the SCS market as long as Medtronic. Nonetheless, Medtronic has the largest client base in spinal cord stimulators; their long-standing reputation in this sector has proven beneficial. Public awareness campaigns established by St. Jude Medical, Boston Scientific and Medtronic have also contributed to the growth within this market.
For Further Information
More on the neuromodulation, neurovascular, neurosurgical and monitoring device market in the U.S. can be found in the 2014 edition report published by iData entitled U.S. Market for Neuromodulation, Neurovascular, Neurosurgical and Monitoring Devices, which covers the U.S. as a whole, as well as market sub-segments for cerebrospinal fluid management, intracranial pressure monitoring devices, detachable coils, liquid embolics, neurovascular catheters, neurovascular guidewires, neurovascular stents, neuromodulation, neuroendoscopes, stereotactics, ultrasonic aspirators, neurological microscopes, aneurysm clips, intrathecal pumps, and neurosurgery robotic assisted surgery systems.
The iData series on the market for neuromodulation, neurovascular, neurosurgical and monitoring devices also covers China, India, Japan, and 15 countries in Europe. Full reports provide a comprehensive analysis including units sold, procedure numbers, market value, forecasts, as well as detailed competitive market shares and analysis of major players’ success strategies in each market and segment.
Register online or email us at info(at)idataresearch(dot)net for a U.S. Market for Neuromodulation, Neurovascular, Neurosurgical and Monitoring Devices report brochure and synopsis.
About Procedure Tracker
Procedure number data is available from iData’s Procedure Tracker service, which allows subscribers to define and analyze procedure data segmented by state, region, hospital, surgery centre, and physician. A customizable dashboard sorts procedure data for further analysis and research.
About iData Research
iData Research (http://www.idataresearch.com) is an international market research and consulting group focused on providing market intelligence for medical device and pharmaceutical companies. iData covers research in: Diabetes Drugs, Diabetes Devices, Pharmaceuticals, Anesthesiology, Wound Management, Orthopedics, Cardiovascular, Ophthalmics, Endoscopy, Gynecology, Urology and more.
Marvin Cidamon, iData Research, http://www.idataresearch.com/, +1 (604) 266-6933 Ext: 205, [email protected]
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