New York, United States , May 22, 2023 (GLOBE NEWSWIRE) -- The Global Electrotherapy Devices Market Size to grow from USD 1.5 billion in 2021 to USD 1.7 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 4.1% during the forecast period.
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Using electrical currents on the body to treat medical issues is known as electrotherapy. By applying focused and controlled electrical stimulation, electrotherapy is a potent therapy that many physiotherapists utilise to treat conditions like chronic pain, arthritis, musculoskeletal injuries, muscle atrophy, sports injuries, nerve discomfort, and nerve pain. Electrotherapy gently and non-invasively activates muscles and nerves through the skin's surface. Numerous electrotherapies, including interferential current therapy (IC therapy), therapeutic ultrasonography, electrical muscle stimulation, and transcutaneous electrical nerve stimulation, are used to treat chronic pain.
Increased competition and the introduction of new products are two major factors driving the market's expansion. Other drivers include an ageing population, an increase in the prevalence of chronic diseases, and an increase in regulatory approvals from major market players. In addition, the market is expanding as a result of rising technological developments, modernization of healthcare equipment, and rising demand from developing nations.
On the other hand, the availability of substitutes and the lack of consumer awareness of the product in developing economies are impeding market expansion and will likely act as the main restraints over the projection period.
COVID 19 Impact and Analysis.
The COVID 19 pandemic has significantly impacted the global electrotherapy devices market. An article published in Practical Pain Management stated that patients who are suffering from mental health illness at the time of pandemic has dealt with worsening pain symptoms. The report stated that cranial electrotherapy stimulation helps in such issues lead to the use of electrotherapy over the pandemic. However, as COVID 19 has subsided because of the use of such devices as well as therapies has increased over the pandemic is expected to witness the stable growth.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Electrotherapy Devices Market Size, Share, and COVID-19 Impact Analysis, by Type (Transcutaneous electrical nerve stimulation, Therapeutic ultrasound, Others), by Application (Pain management, Anxiety and Insomnia Management, Sports Medicine, Others), by End User (Hospitals and clinics, Rehabilitation Centers), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here:
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Transcutaneous electrical nerve stimulation segment is dominating the market over the forecast period
On the basis of type, the global electrotherapy devices market is segmented into Transcutaneous electrical nerve stimulation, Therapeutic ultrasound, Others. Among these, the transcutaneous electrical nerve stimulation segment is dominating the market over the forecast period. The rise in chronic health conditions including diabetes and osteoarthritis is blamed for the expansion. In addition to this, the rising number of new products launches and transcutaneous electrical nerve stimulation device product approvals are adding to the segmental growth.
Pain management segment accounted the largest market share over the forecast period
Based on the application, the global electrotherapy devices market is segmented into Pain management, Anxiety and Insomnia Management, Sports Medicine, Others. Among these, the pain management segment accounted the largest market share over the forecast period. The primary causes of the rise are the rising rates of chronic pain in the elderly population, the introduction of numerous new electrotherapy devices, and the successful product approval process. The rise in the incidence of back pain and neck pain, which are brought on by a sedentary and unhealthy lifestyle, a lack of physical activity, and the consumption of poor diet, has increased the demand for electrotherapy for the treatment of chronic pain.
Hospitals & Clinics segment is dominating the market over the forecast period
On the basis of end user, the global electrotherapy devices market is segmented into Hospitals and clinics, Rehabilitation Centers. Due to the expanding number of hospitals and clinics being built as well as the rising government investment in building healthcare infrastructure, the hospitals & clinics segment is expected to dominate the market during the forecast period. In addition, it is anticipated that the growing elderly population would increase the prevalence of chronic pain, which will boost demand for hospitals and clinics.
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North America is dominating the market with the largest market share over the forecast period.
Over the anticipated period, North America will dominate the market for electrotherapy devices. The expansion is linked to the expansion of important market participants and the development of healthcare technology.
On the other hand, the Asia Pacific region is expected to experience the fastest market growth during the forecast period as a result of the rising number of initiatives taken by the governments of different nations in this region to develop healthcare infrastructure and the region's growing geriatric population.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Electrotherapy Devices Market include Abbott Laboratories, AliMed, Colfax, ems physio ltd, HMS Medical system, Medtronic, Inc., Omron Healthcare, Palex Medical SA, Zynex Medical, Skin Inc.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Electrotherapy Devices Market based on the below-mentioned segments:
Electrotherapy Devices Market, Product Analysis
- Metered dose inhaler
- Dry powder inhaler
Electrotherapy Devices Market, Type Analysis
- Branded Medication
- Generics Medication
Electrotherapy Devices Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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