NEWARK, Del, Oct. 24, 2023 (GLOBE NEWSWIRE) -- The functional electrical stimulation market is poised for significant growth, with the global market size projected to reach US$ 620.9 million by 2023. The functional electrical stimulation demand is expected to witness a significant CAGR of 4.1% from 2023 to 2033.
The functional electrical stimulation market is anticipated to reach a valuation of US$ 931.4 million by 2033.
The increasing incidence of neurological illnesses, the growing elderly population, and technical improvements in functional electrical stimulation are factors influencing the market growth for functional electrical stimulation.
Determinants of Market Growth for Functional Electrical Stimulation
- The rising prevalence of chronic disorders such as paralysis, cerebral palsy, and multiple sclerosis can fuel functional electrical stimulation market expansion.
- From 2023 to 2033, the expanding senior population will boost functional electrical stimulation demand.
- Rising consumer awareness of the benefits of functional electrical stimulation is to spur functional electrical stimulation market expansion.
- Technological improvements in functional electrical stimulation will likely open up fresh market opportunities.
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Emerging Avenues in Functional Electrical Stimulation
The functional electrical stimulation (FES) market is ripe with opportunities as technological advancements continue to enhance its applications across healthcare and rehabilitation. These devices offer non-invasive treatments that can enhance patient muscle strength and control.
The geriatric population and increasing awareness of functional electrical stimulation benefit fuel market growth further for functional electrical stimulation.
The ongoing research into expanding applications, such as pain management and rehabilitation, opens doors for innovation. Moreover, collaborations between medical device companies, healthcare institutions, and research organizations are essential to harness the opportunities and develop cutting-edge functional electrical stimulation solutions to enhance patient outcomes and quality of life.
Regional Outlook
North America will dominate the global functional electrical stimulation market in 2023. The advent of a large senior population base, susceptible to chronic diseases and requiring frequent medical treatment, can be attributed to the growth. Technological developments and high discretionary income levels are likely to stimulate demand.
Asia Pacific’s functional electrical stimulation industry is projected to experience profitable growth over the forecast period as a result of:
- Rising healthcare expenditure by governments and individuals.
- Increased awareness about advanced treatment options for various neurological disorders such as Parkinson's disease (PD) and epilepsy, among others.
The leading functional electrical stimulation manufacturers' escalating investments in innovative goods can contribute to functional electrical stimulation demand growth during the forecast period.
Key Takeaways
- The wired segment based on product category will grab a share of 63.8% from 2023 to 2033.
- Under the end-user category, the hospital segment will acquire a market share of 55.7% between 2023 and 2033.
- The United States functional electrical stimulation business is expected to acquire a share of 39.7% by 2023.
- Germany’s functional electrical stimulation industry is expected to grab a share of 6.2% by 2023.
- Japan’s functional electrical stimulation market is to hold a share of 4.2% by 2023.
- Australia's functional electrical stimulation industry will expand at a CAGR of 3.6% by 2023.
- China’s functional electrical stimulation business is likely to rise at a CAGR of 4.9% through 2033.
- India's functional electrical stimulation industry is expected to develop at a CAGR of 4% from 2023 to 2033.
- The United Kingdom's functional electrical stimulation business will evolve at a CAGR of 2.8% through 2033.
"Functional Electrical Stimulation (FES) is a therapeutic technique that employs electrical currents to stimulate specific muscles or nerves in the body, helping individuals with neurological impairments regain functional movement. It is often used in rehabilitation and assistive devices to improve muscle strength and control, offering a promising avenue for enhancing the quality of life for those with spinal cord injuries or stroke-related disabilities." says Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI) analyst.
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Competitive Landscape
The electrical stimulation devices market is fairly competitive, with some vital competitors. Regarding market share, the market is presently dominated by some key competitors. Some leading functional electrical stimulation manufacturers are investing significantly and introducing new goods with other organizations to strengthen their worldwide market positions.
Top 10 Key Players in the Functional Electrical Stimulation Market
- HASOMED GmbH,
- Bioness Inc.,
- Trulife,
- Otto Bock,
- Odstock Medical Limited,
- Hobbs Rehabilitation,
- MotoMed,
- Restorative Therapies,
- Medline Industries,
- G.tec Medical Engineering GmbH
Recent Breakthroughs
- The United States Food and Drug Administration can authorize g. Estim FES, created by g.tec Medical Engineering Gmbh in October 2020. The device is a neuromuscular electrical stimulator that can be used as an additional therapy for various medical ailments and disorders under strict supervision.
- Innovative Neurological Devices, the United States, an Indiana-based company, announced FDA approval of the Cervelli Cranial Electrotherapy Stimulator in March 2019. Recently, the product was named an award-winning nondrug treatment for diseases.
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Key Segmentation
By Product Type:
- Wired
- Wireless
By Indication:
- Neurological Disorders
- Pain Management
- Musculoskeletal Disorders
- Other Indications
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Clinics
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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