New York, June 22, 2022 (GLOBE NEWSWIRE) -- As Per World Health Organization, every year, between 250000 to 500000 persons suffer a spinal cord injury in the world. Functional electrical stimulation (FES) is a technology that uses low-energy electrical pulses to induce artificial bodily movements in people who have spinal cord injury, paralysis, or whose central nervous system is injured. Although there is no credible estimate of global prevalence, the annual global incidence is believed to be 40 to 80 cases per million people, and every year around 6.8 million people die on account of neurological disorders.
Research Nester has published a detailed market report on ‘Global Functional Electrical Stimulation Market’ for the forecast period of 2022 – 2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
According to World Health Organization, every year around 1.71 billion people suffer from musculoskeletal issues, with 568 million of those suffering from lower back pain, and up to 1 billion people get affected by neurological disorders. The market growth is projected to grow based on the increasing prevalence of musculoskeletal and central nervous system illnesses, which are the leading causes of paralysis. Furthermore, as more advanced technology is implemented in the healthcare industry, the market is predicted to grow over the forecast period. The global functional electrical stimulation market is estimated to grow at a CAGR of ~8.5% over the forecast period of 2022–2031.
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On the basis of geographical analysis, the global functional electrical stimulation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Out of these, the market in North America region is expected to hold the largest market share over the forecast period on account of the rising prevalence of paralysis in the region. According to National Organization for Rare Disorders, in the United State, every year around 25,000 people gets affected by muscle dystrophy. In addition to this, the technological advancement in the medical industry is likely to drive market growth over the projected period.
The market in the Asia Pacific region is estimated to witness significant market growth over the forecast period owing to the increasing burden of neurological diseases which is causing partial or full paralysis. For instance, in 2019, 64.4 million people in southeast Asia, and 85 million people in western pacific regions were diagnosed with neurological disorders. However, the increasing awareness amongst the people and improving healthcare facilities in the region are likely to drive market growth over the estimated time period.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global functional electrical stimulation market is segmented by indication into neurological disorders, pain management, musculoskeletal disorders, and others. Out of these, the neurological disorders segment is expected to grow at a significant CAGR over the forecast period on account of an increasing number of cases of central nervous system failure, most of which are caused by accidents or damage to the spinal cord. As per the World Health Organization, every year, around 1.3 million people's lives are ended prematurely as a result of a traffic accident. Non-fatal injuries affect between 20 and 50 million more people, with many of them resulting in paralysis as a result of their injury. Additionally, some disorders, namely cancer, can migrate to the spinal cord or brain, resulting in paralysis.
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Further, the global functional electrical stimulation market is segmented by end-user into hospitals, clinics, ambulatory health center, and others. Out of these, the hospitals segment is estimated to cover the maximum market share over the forecast period owing to the rising cases of paralysis and increasing spending on healthcare as people are becoming more aware of the health and spinal cord related diseases. As per the record by World Health Organization, more than 930 million people spend 10% of their household income on healthcare. Further, the technological advancement in the healthcare sector is likely to propel market growth in the near future.
The global functional electrical stimulation market is also segmented on the basis of product type.
Global Functional Electrical Stimulation Market Segmentation by Product Type
- Wired Devices
- Wireless Devices
- Others
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Some of the prominent key players and their company profiling mentioned in the report include Abbot Laboratories, Teva Pharmaceuticals Industries Ltd., Mylan N.V., Sanofi S.A., GlaxoSmithKline plc, Merck & Co., Inc., Otsuka Pharmaceutical Co., Ltd., Novartis International AG, F. Hoffmann-La Roche AG, Eli Lily and Company, and other key market players. The profiling enfolds growth opportunities, challenges, and market trends prevalent in the market.
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