South Korea, Seoul, Sept. 05, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global electrical stimulation devices market is expected to reach a valuation of US$ 11 billion by 2027, expanding at a high CAGR of 8% from 2022 to 2027.
Electrical stimulation devices are displaying potential as a rehabilitation technique in physiotherapy around the world, especially gaining ground over other established technologies. Electric impulses are used by electrical stimulation devices to electrically stimulate and contract muscles. The range of these devices is inspiring considerable interest among patients, including those requiring physiotherapy to manage chronic pain and athletes to meet specific training objectives. Market growth is mainly attributed to technological developments such as the creation of tools that can electrically stimulate the nervous system to restore vision and regain post-paralysis muscular motions.
Sales of electrical stimulation devices are expected to increase as more people use advanced stimulation techniques to activate injured muscles or manipulate underlying nerves to reduce pain. These portable, affordable devices help hasten the healing process and improve blood flow to the injured area. One of the major problems addressed by healthcare systems is chronic pain. Demand for electrical stimulation devices is primarily driven by the increasing prevalence of chronic pain and growing product usage for pain management as a result of their significant therapeutic benefits.
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Increasing prevalence of spinal injuries caused by accidents, violence, or falling is one of the main causes driving the market for electrical stimulation devices. This trend is expected to increase demand for spinal surgeries and drive market expansion at a rapid pace over the coming years.
Key Takeaways from Market Study
- The global electrical stimulation devices market is currently valued at US$ 7.5 billion.
- Market in Canada is anticipated to rise at a CAGR of 6.5% over the forecast period (2022-2027).
- Sales of deep brain stimulation devices are expected to surge at a CAGR of 8.5% from 2022 to 2027.
- Market in Germany is projected to expand at a CAGR of 6.7% through 2027.
Winning Strategy
Market players are focusing on getting speedy clearance for the marketing and distribution of their products. Key companies are focused on releasing advanced products to meet the significant unmet medical demands. Market participants are emphasizing their efforts and resources on R&D to meet varied patient requirements.
For instance,
- In 2021, Abbott announced NeuroSphere myPath, a digital health app intended to monitor and report pain reduction and overall wellness in patients undergoing spinal cord stimulation.
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Segmentation of Electrical Stimulation Devices Industry Research
- By Device :
- Spinal Cord Stimulation (SCS) Devices
- Deep Brain Stimulation (DBS) Devices
- Vagus Nerve Stimulation (VNS) Devices
- Sacral Nerve Stimulation (SNS) Devices
- Others
- By Application :
- Pain Management
- Neurological & Movement Disorder Management
- Musculoskeletal Disorder Management
- Metabolism & GIT Management
- Others
- By End User :
- Hospitals
- Ambulatory Surgical Centers
- Others
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global electrical stimulation devices market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
The study divulges essential insights on the market on the basis of device (spinal cord stimulation (SCS) devices, deep brain stimulation (DBS) devices, vagus nerve stimulation (VNS) devices, sacral nerve stimulation (SNS) devices, others), application (pain management, neurological & movement disorder management, musculoskeletal disorder management, metabolism & GIT management, others), and end user (hospitals, ambulatory surgical centers, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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