Artificial Intelligence
Global Spinal Cord Stimulation Market to Worth $3.63 Billion by 2028 | AI in is Becoming Mainstream in Spinal Cord Stimulation Devices
Westford, USA, Nov. 10, 2022 (GLOBE NEWSWIRE) — As the population ages, the demand for spinal cord stimulation (SCS) is expected to grow. SCS is a treatment for chronic pain, and can be an effective alternative to surgery or other invasive treatments. A recent study by SkyQuest on the US spinal cord stimulation market found that the number of SCS procedures performed in the United States has grown steadily over the past decade, with an estimated 28,000 procedures being performed in 2021. This represents a nearly tree-fold increase from the 8,500 procedures performed in 2010. The study also found that the majority of SCS procedures are being performed on patients aged 50 years or older. This is likely due to the fact that older adults are more likely to experience chronic pain than younger adults.
The demand for spinal cord stimulation market is on the rise as more and more people are looking for alternative methods of pain relief. Spinal cord stimulation is a minimally invasive procedure that uses electrical impulses to target specific areas of the nervous system in order to relieve pain. This type of therapy has been shown to be effective for treating a variety of chronic pain conditions, including:
- Arthritis
- Degenerative disc disease
- Failed back surgery syndrome
- Neuropathic pain
Apart from this, SCS has been shown to be effective in treating a variety of chronic pain conditions, including back pain, neck pain, and headaches. In addition, SCS is also being used to treat other conditions such as depression, anxiety, and chronic fatigue.
As the Baby Boomer generation continues to age, the number of individuals suffering from chronic pain conditions is expected to increase in the spinal cord stimulation market. This, combined with the fact that spinal cord stimulation is a relatively new technology, means that the demand for this treatment is only going to grow.
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SkyQuest Analysis Says Number of Procedure Performed Since 2010 has Doubled Each Year
In its analysis of the growing demand for spinal cord stimulation, SkyQuest found that the number of procedures performed each year has more than doubled since 2010. The report attributes this growth to the increasing prevalence of chronic pain, the growing aging population, and the greater availability of insurance coverage for these procedures.
Our study on the global spinal cord stimulation market also found that the majority of procedures are performed in outpatient settings, and that there is a wide variation in procedure costs across different geographic regions. The report concludes that there is a significant opportunity for cost savings in this area through standardization and consolidation of services.
- Developed Market to Witness Strong Growth
It has been projected that procedure volumes will grow at a CAGR of 8.8%, while average selling prices will increase at a slightly higher rate of 10.3%. The majority of this growth will come from developed markets such as the US, Germany, and France, where there is already a large installed base of devices and where physicians are familiar with the technology.
On the other hand, developing spinal cord stimulation market such as China and India will also see significant growth due to their large populations and increasing medical infrastructure. These countries are expected to account for 23% of global procedures by 2025.
- High Cost to put Pressure on Operating Players
The high cost of spinal cord stimulation devices and procedures will continue to be a major barrier to wider adoption. For instance, SkyQuest’s analysis found that the average cost of an SCS devices grew significantly and now it costs between$7,000 to $10,000 can vary based on the practice. However, costs vary widely depending on the type of device implanted and the complexity of the procedure in the spinal cord stimulation market. Payers are likely to push back on prices, particularly as alternative treatments become available. Device manufacturers will need to find ways to reduce costs while maintaining quality.
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Rapid Development in Spinal Cord Simulation Devices to Give Respite to Patient Suffering from Chronic Pain
Growing awareness about the potential benefits of SCS and its increasing adoption by patients suffering from chronic pain is encouraging market players to invest in R&D activities to meet the growing demand from patient for innovative and improved SCS devices with better efficacy and safety profiles. For instance, Medtronic’s Intellis platform is the first and only SCS system that offers adjustable tiered therapy for tailored pain relief. This system also has an intuitive patient programmer that allows patients to easily adjust their settings.
With the rising demand for SCS, leading players in spinal cord stimulation market are investing in research and development to bring more advanced and effective SCS products to the market. For instance, in May 2019, Abbott announced FDA approval for its next-generation SCS device, which provides superior pain relief while reducing paresthesia (an unpleasant tingling sensation).
In October 2022, FDA approved Senza HFX iQ spinal cord stimulation (SCS) system, which is equipped with AI. The AI will help the device to learn from patients and their response to the stimulation. As a result, it can provide optimized pain relief and improved quality of life for longer period.
As per SkyQuest analysis, we have seen growing trend of using SCS system or devices for treating diabetic neuropathy and improve mobilization of paralyzed patients.
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AI in Spinal Cord Stimulator is Becoming Mainstream
AI is being used in spinal cord stimulation market to help target the stimulator’s electrical impulses more accurately. This is done by constantly monitoring and collecting data about the patient’s condition and using that data to adjust the stimulator’s settings. This allows for a more personalized treatment plan and could potentially lead to better outcomes for patients. Additionally, AI may help to reduce the number of side effects associated with current spinal cord stimulator treatments.
In recent years, there has been an explosion in the use of artificial intelligence (AI) in medicine across global spinal cord stimulation market. AI is being used to diagnose diseases, predict patient outcomes, and even provide personalized treatment recommendations. Now, AI is also being used to improve the effectiveness of spinal cord stimulation (SCS), a treatment for chronic pain. SCS involves the placement of electrodes near the spinal cord to deliver electrical impulses that block pain signals from reaching the brain. While SCS is generally effective, there is a significant variability in how individual patients respond to treatment. This has made it difficult for clinicians to predict which patients will benefit from SCS and which will not.
However, new research suggests that AI may be able to help. In a recent study, researchers used AI to develop a predictive model that could identify which patients were most likely to respond positively to SCS. The model was based on data from nearly 1,000 SCS patients who had been followed for at least six months.
The results showed that the AI-based predictive model was accurate 85% of the time in identifying which patients would respond well to SCS. This is a significant improvement over existing prediction models, which are only accurate 50-60% of the time. This study on spinal cord stimulation market provides strong evidence that AI can be used to improve the effectiveness of SCS. As AI continues to evolve, it is likely that we will see more and more applications.
Major Players in Global Spinal Cord Stimulation Market
- Boston Scientific Corporation (US)
- Medtronic (Ireland)
- Abbott (US)
- Nevro Corp (US)
- Nuvectra (US)
- Stimwave LLC (US)
- Beijing PINS Medical Co. Ltd. (China)
- BioControl Medical (B.C.M) Ltd. (US)
- Bioinduction (UK)
- Bluewind Medical (Israel)
- Cirtec Medical Corporation (US)
- Gimer Medical (China)
Related Reports in SkyQuest’s Library:
Global Implantable Medical Devices Market
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Artificial Intelligence
Belgian Commitment to Partnership Supports a New Frontier of Europe-US Space Research
BRUSSELS, Dec. 10, 2023 /PRNewswire/ — Belgian Prime Minister Alexander De Croo has travelled to Houston, United States, to meet Raphaël Liégeois, the Belgian career astronaut selected as part of the European Space Agency (ESA) astronaut class of 2022. De Croo’s visit coincides with the ESA cohort’s familiarisation trip to NASA’s Johnson Space Centre, which is the precursor to a further two years of training, delivered in Houston, to prepare the astronauts for their respective missions on the International Space Station. The visit signals a new phase of the long-standing collaboration between Europe and the United States on space research and exemplifies Belgium’s commitment to partnerships in facing global challenges.
Belgium’s expertise in aerospace, and in science more generally, is internationally recognised – in terms of both training and industry. Belgium is a founding member of the ESA and its fifth-largest funder. The country’s support of the ESA shows its commitment to shaping the development of Europe’s space capability and ensuring that investment in space continues to deliver benefits to the citizens of Europe and the world.
“For Belgians, the sky isn’t the limit, the universe is,” said De Croo. “Today, we are very proud to see Raphaël take this important step in his career as an astronaut. He will be an important role model for many generations of STEM students to come. Space research and innovation hold particular importance for Belgium; they are powerful economic drivers which foster the growth of high-tech industries and create jobs – as evidenced by the number of Belgian companies on the cutting edge of aeronautics.”
The 17 members of the ESA astronaut class of 2022 were selected from a pool of over 23,000 applicants. The process, designed to bring together the finest scientific minds that Europe has to offer, took place over a period lasting 18 months.
The selection of Raphaël Liégeois is testament to Belgium’s focus on embracing openness, driven by innovation, partnerships, and diversity, to create solutions that drive progress for all.
About Belgium
Located in the heart of Europe, Belgium is one of the most open economies in the world, counting 11.5 million people with a reputation for innovation, hard work, partnership, and multilingualism. Strategically located between Germany, the Netherlands, France, and Luxembourg, and only a stone’s throw from the UK, it lies at the centre of the richest and most densely populated area in Europe. A member of the European Union, Belgium enjoys full access to the world’s most advanced single market and customs zone which ensures extensive frictionless trade.
Belgium boasts a highly developed transport infrastructure, including the second largest seaport in Europe (Antwerp). Belgium is home to world-leading research and innovation facilities, multinational corporations, and artisanal businesses supported by the investor-centric approach of public services.
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DUBAI, UAE, Dec. 9, 2023 /PRNewswire/ — The simplicity and lax requirements of digital nomad visas have made them easily accessible, and countries like Portugal and Spain, which have excellent infrastructure, great internet connection, and an outstanding standard of living, draw in more digital nomads by the day, according to experts at Dubai-headquartered citizenship and residency by investment advisors Savory and Partners.
A recent research quoted by the company estimates that there are 16.9 million digital nomads roaming the globe. This is a whopping 162% increase from 2019, just four years earlier.
As soon as Portugal introduced its digital nomad visa in October of 2022, the applications started pouring in. While the government hasn’t announced the number of applications it has received, Portugal’s Labour Minister did announce that the country approved 550 applications within the first six months.
Two months after launching its visa in September of 2021, Greece received 2,918 applications, approving an astonishing 1,693 applicants. The government is yet to release any new statistics, but going off that outstanding start it is safe to assume it is still garnering massive attention.
Germany also boasts impressive numbers, having issued a total of 3,638 visas in just one year since the introduction of its visa in 2018.
According to Residency Malta, the government branch responsible for the digital nomad visa, it has issued 1,041 visas to date, with an average approval rate of 78%.
Croatia, one of the first countries to introduce a pure digital nomad visa in early 2021 as a response to the rise in remote workers, has approved 680 applications, while 672 are still pending approval.
Not just Europe
“It’s not just Europe but even Barbados’ digital nomad visa, dubbed the Welcome Stamp, has been doing outstandingly well, receiving a total of 3,511 applications between 2020 and 2022”, a digital nomad specialist at Savory & Partners reports.
While digital nomads typically use visa-free access or visas to stay in countries for a few months at a time before moving on to the next, digital nomad visas provide a sense of comfort and stability that aligns perfectly with their lifestyle, giving them ample time to enjoy the country they are in before moving on to the next.
Unsurprising demand
The rapid growth in application numbers and the surging demand for digital nomad visas isn’t surprising. They are extremely simple to apply to, have fast processing times ranging from a few days to a couple of months, and they do not require any business establishment or investment.
Portugal’s digital nomad visa, for example, only requires applicants to prove a monthly income of €3,040 per month, while Spain’s visa has a lower threshold of just €2,160 per month.
Savory & Partners is an accredited agent for multiple governments where citizenship by investment is offered. The company has coverage in over 20 jurisdictions, including Europe and was the first firm to obtain all five authorised agent licenses for the governments of the Caribbean Islands. It has processed second passports for over 4,000 citizens with a 100 per cent success rate.
With a presence in 3 continents and 7 countries and more than 60 experts worldwide, the company’s multinational staff comprises advisors who guide clients in English, Arabic, Farsi, French, Spanish and Hindi.
To know more about Savory & Partners, visit www.savoryandpartners.com.
For more information, please send an email to [email protected] can also call +971 04 430 1717 or send a WhatsApp message to +971 54 440 2955.
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Artificial Intelligence
Robotic Lawn Mower Market to Reach $2.4 Billion, by 2032 at 10.9% CAGR: Allied Market Research
The increasing demand for smart appliances for garden maintenance by global consumers, along with the development of IOT enabled features is fueling the growth of the robotic lawn mower market.
WILMINGTON, Del., Dec. 8, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Robotic Lawn Mower Market by Range (Low-Range Robotic Lawn Mower, Medium-Range Robotic Lawn Mower, and High-Range Robotic Lawn Mower), End User (Residential User and Commercial User), and Distribution Channel (Retail and Online): Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global robotic lawn mower market size was valued at $838.5 million in 2022, and is projected to reach $2.4 billion by 2032, growing at a CAGR of 10.9% from 2023 to 2032.
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Prime determinants of growth
The robotic lawn mower market is driven by factors such as increase in demand for automation, rise in advancements for technology, and increase in popularity of online platforms. However, the rise in regular maintenance and repair costs restricts market growth. Moreover, the increase in demand for rental robotic lawn mowers offers new opportunities in the coming years.
Report coverage & details:
Report Coverage
Details
Forecast Period
2023–2032
Base Year
2022
Market Size in 2022
$838.5 million
Market Size in 2032
$2.4 billion
CAGR
10.9 %
No. of Pages in Report
250
Segments covered
Range, End User, Distribution Channel, and Region
Drivers
Increase in demand for automation
Rise in advancements for technology
Reduction in the labor costs
Opportunities
Increase in demand for rental robotic lawn mowers
Growth in the adoption of internet of things
Declining Cost of Batteries/Fuel Cells
Restraints
Less adoption in developing markets
Regular maintenance and repair costs
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The medium range robotic lawn mower segment to maintain its leadership status throughout the forecast period
Based on range, the medium range robotic lawn mower segment dominated the market in 2022 accounting for more than half of the market share and is expected to dominate the market during the forecast period. This segment is projected to manifest the highest CAGR of 10.4% from 2023 to 2032, owing to the increase in residential and commercial spaces such as buildings, corporate spaces, sports centers, and public parks, which has fueled the requirement for medium range robotic lawn mowers.
The residential segment to maintain its leadership status throughout the forecast period
Based on end user, the residential segment dominated the market in 2022 accounting for less than three-fourths of the market share and is expected to dominate the market during the forecast period. This segment is projected to manifest the highest CAGR of 10.7% from 2023 to 2032, owing to the increase in the demand for low and medium range robotic lawn mowers in the residential sector due to the increased requirement for lawn care and maintenance.
The retail segment to maintain its lead position during the forecast period
On the basis of the distribution channel, the retail segment dominated the market in 2022 accounting for less than half of the market share and is expected to maintain its dominance during the forecast period. The increased demand for ecologically friendly and sustainable robotic lawn mowers, which is being driven by the rising awareness of environmental challenges, is one of the main factors boosting retail sales.
Europe to maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for less than two-fifths of the market share and is expected to maintain its dominance during the forecast period. The growing popularity in artificial intelligence for performing day-to-day activities with higher efficiency is among the primary factors driving the Europe robotic lawn mower market.
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Leading Market Players: –
Robert Bosch GmbHHusqvarna ABHonda Motor Co., Ltd.Zucchetti Centro Sistemi S.p.A.Stiga C S.a.r.l.Andreas Holding AG & Co. KGPositec Tool CorporationWiper S.R.L.Suzhou Cleva Electric Appliance Co., Ltd.Stanley Black & Decker, Inc.The report provides a detailed analysis of these key players in the robotic lawn mower market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Read More Trending “AMR Exclusive Insights:
Lawn and Garden Water Equipment Market Opportunity Analysis and Industry Forecast, 2023-2032Canada Lawn and Garden Water Equipment Market Opportunity Analysis and Industry Forecast, 2022-2032Mexico Lawn and Garden Water Equipment Market Opportunity Analysis and Industry Forecast, 2022-2032Europe Lawn and Garden Water Equipment Market Opportunity Analysis and Industry Forecast, 2022-2032France Lawn and Garden Water Equipment Market Opportunity Analysis and Industry Forecast, 2022-2032Germany Lawn and Garden Water Equipment Market Opportunity Analysis and Industry Forecast, 2022-2032About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.USA/Canada (Toll Free):+1-800-792-5285UK: +44-845-528-1300Hong Kong: +852-301-84916India (Pune): +91-20-66346060Fax: [email protected]: www.alliedmarketresearch.comAllied Market Research Blog:https://blog.alliedmarketresearch.com/consumer-goods
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