PUBLISHER: Persistence Market Research | PRODUCT CODE: 1450795
PUBLISHER: Persistence Market Research | PRODUCT CODE: 1450795
Persistence Market Research has recently published an in-depth analysis of the global Functional Electrical Stimulation Market, offering a comprehensive overview of key market dynamics, growth drivers, challenges, and emerging trends. This report provides valuable insights into the Functional Electrical Stimulation Market, presenting exclusive data and statistics that forecast the market's growth trajectory from 2023 to 2030.
The functional electrical stimulation market is projected to grow at a compound annual growth rate (CAGR) of 4.7%, reaching US$848.8 million by 2030 from US$615.4 million in 2023.
Key Insights:
Functional Electrical Stimulation Market- Report Scope:
Functional electrical stimulation (FES) utilizes low-energy electrical pulses to induce body movements in individuals with partial or complete paralysis. Initially designed as an assistive device, FES has evolved into a therapeutic technique widely used by clinicians to aid paralysis recovery. Stroke and spinal cord injury are two primary causes of paralysis.
Market growth is fueled by the rising prevalence of musculoskeletal and central nervous system diseases, major contributors to paralysis. According to the World Health Organization (WHO), there are annually 0.25 to 0.5 million new cases of spinal cord injuries, and 1.71 billion individuals suffer from musculoskeletal conditions, including 568 million with lower back-related issues. Additionally, the increasing integration of advanced technology in healthcare is expected to drive market expansion.
Market Growth Drivers:
The global functional electrical stimulation market is expected to grow due to the rising prevalence of central nervous system disorders, leading to partial or complete paralysis. Causes include trauma, degeneration, tumors, stroke, autoimmune diseases, and structural defects. Additionally, musculoskeletal disorders contribute to market expansion, with arthritis, back pain, and trauma being prevalent. FES is increasingly endorsed by medical professionals as part of treatment plans, showing positive outcomes for patients.
Market Restraints:
The use of Functional Electrical Stimulation (FES) in treating paralysis faces certain restraints. Although FES is generally safe when administered by experienced professionals, there are potential risks associated with electrode placement, such as infection, wire breakage, and scar tissue development, particularly with electrodes positioned beneath the skin or in deep tissue. However, externally placed electrodes have not shown adverse effects. Moreover, the high cost of FES treatment poses a significant challenge. With systems ranging from USD 4000 to USD 14000, the overall treatment expenses can be prohibitively expensive, especially in lower-income demographics. This cost disparity may impede widespread adoption unless efforts are made to standardize treatment expenses, ensuring greater accessibility to FES therapy for all individuals in need.
Market Opportunities:
Growing research in Functional Electrical Stimulation (FES) presents significant opportunities for market expansion. With continuous refinement and investment from both private and government entities, there's a strategic focus on enhancing accessibility and affordability, particularly for low-income demographics. This trend underscores promising avenues for substantial growth in the global FES market, offering compelling business opportunities for those looking to capitalize on its expanding presence.
Key Questions Answered in the Report:
Competitive Intelligence and Business Strategy:
Key players in the Functional Electrical Stimulation (FES) sector, such as Abbott Laboratories, Teva Pharmaceutical Industries Ltd., and Mylan N.V., lead the market with innovative solutions and technological expertise. These companies focus on research and development to introduce new products with improved functionality and user experience. Collaboration and substantial investments are made to fortify their global market positions. To address safety concerns and stand out in the competitive market, they differentiate their products through advanced features, efficacy, and innovative solutions tailored to the needs of patients and healthcare professionals.
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