SEATTLE, Feb. 15, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global electrical stimulation devices market was valued at US$ 3,956.0 million in 2017, and is projected to exhibit a CAGR of 4.7% over the forecast period (2018 – 2026).
Key Trends and Analysis of the Electrical Stimulation Devices Market:
Major factors driving growth in the electrical stimulation devices market are advantages in management of chronic pain, increasing incidences of spinal injuries and chronic diseases, increasing geriatric population associated with persistent pain, high prevalence of sports injuries, deskbound lifestyle causing chronic medical conditions, and advantages of pain management in preoperative and postoperative procedure during surgeries.
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Market players are actively investing in research for developing novel products. Moreover, key players are committed to offer new and improved products in order to address the critical unmet needs of patients. For instance, in 2016, Abbott Medical received premarket approval (PMA) for its Axium Neurostimulator System from the U.S. Food and Drug Administration (FDA) for pain management for patients diagnosed with complex regional pain syndrome (CRPS).
Furthermore, key players operating in the market are focused on adopting acquisition strategies in order to gain access to innovative products and expand its product offerings in the potential markets. For instance, in August 2014, Medtronic Plc. acquired Sapiens Steering Brain Stimulation, developer of innovative deep brain stimulation technologies. The acquisition will strengthen Medtronic Plc. for designing medical devices for treatment of brain disorders and become leader in medicines.
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Key Market Takeaways:
- The electrical stimulation devices market is expected to exhibit a CAGR of 4.7% during the forecast period (2018 – 2026), owing to increasing incidences of musculoskeletal injuries, sports injuries, road accidents, prevalence of chronic diseases, and advantages of electrical stimulation devices in pain management in preoperative and postoperative surgery procedures. According to the World Health Organization (WHO), Factsheet November 2013, around 250,000 to 500,000 people are diagnosed with spinal cord injury, annually.
- Market growth is attributed to increasing number of approvals by regulatory agencies and launches of novel products for treatment in spinal injuries. For instance, in Novemebr 2018, Atlantic Therapeutics, received DeNovo clearance from U.S. FDA for INNOVO used in treatment of urinary continence.
- Key players in the market are focused on adopting mergers and acquisitions strategies to enhance its product portfolio, which in turn is expected to propel the market growth over the forecast period. For instance, in August 2015, Theragen LLC acquired Neurotech North America, a manufacturer of stimulation products for orthopedics and spine indication.
- Key players operating in the global electrical stimulation devices market include, Boston Scientific Corporation, BTL Industries, Inc., Cyberonics, Inc., DJO Global, Inc., Medtronic plc., Nevro Corporation., NeuroMetrix, Inc., St. Jude Medical, Inc., Uroplasty, Inc. (Cogentix Medical), and Zynex, Inc.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.