PUBLISHER: The Business Research Company | PRODUCT CODE: 1409384
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409384
“Electrical Stimulation Devices Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electrical stimulation devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electrical stimulation devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The electrical stimulation devices market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Electrical stimulation devices are compact electronic devices affixed to the skin using electrodes and worn externally by patients. They are utilized for reducing acute post-operative pain and swelling, as well as for treating chronic intractable pain. These devices emit gentle electrical pulses through the skin and are effective in addressing a variety of nerve and musculoskeletal pain disorders.
The primary types of electrical stimulation devices include deep brain stimulation devices, neuromuscular electrical stimulation devices, sacral nerve stimulation devices, spinal cord stimulation devices, and others. Deep brain stimulation devices involve a medical treatment method that employs an implanted device to deliver electrical currents to specific areas of the brain. This treatment is commonly used for managing movement disorders associated with conditions such as Parkinson's disease (PD), dystonia, essential tremors, and other neurological conditions. Electrical stimulation devices are applied across various domains, including pain management, neurological and movement disorder management, musculoskeletal disorder management, metabolism, gastrointestinal management, and more. These devices are utilized by hospitals, ambulatory surgical centers, and other healthcare facilities.
The electrical stimulation devices market research report is one of a series of new reports from The Business Research Company that provides electrical stimulation devices market statistics, including electrical stimulation devices industry global market size, regional shares, competitors with an electrical stimulation devices market share, detailed electrical stimulation devices market segments, market trends and opportunities, and any further data you may need to thrive in the electrical stimulation devices industry. This electrical stimulation devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The electrical stimulation devices market size has grown strongly in recent years. It will grow from $7.12 billion in 2023 to $7.82 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth observed in the historical period can be attributed to various factors, including increased adoption in sports and fitness applications, a notable shift towards non-invasive therapies, the validation of these technologies in clinical settings, the prevalence of rising chronic health conditions, and supportive regulatory measures.
The electrical stimulation devices market size is expected to see rapid growth in the next few years. It will grow to $11.56 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The anticipated growth in the forecast period can be attributed to demographic trends, particularly the aging population, an increased incidence of chronic health conditions, the expansion of clinical validation, a supportive regulatory environment, a growing emphasis on mental health, and an augmented focus on preventive healthcare. Noteworthy trends in the forecast period include the influence of regulatory support and reimbursement policies, the continued rise in chronic health conditions, an emphasis on clinical research and evidence, a shift towards non-invasive therapies, and an increased adoption of these technologies in sports and fitness applications.
The surge in the prevalence of muscle disorders is anticipated to drive the growth of the electrical stimulation devices market. Muscle disorders encompass a range of inherited genetic conditions leading to progressive muscle weakness or paralysis over time. These disorders often result in weakened muscles or paralysis, despite a functional nervous system. Electrical stimulation devices play a crucial role in mitigating muscle weakness by inducing controlled and comfortable muscular contractions through skin electrodes and portable stimulators. Notably, The State of Musculoskeletal Health 2021 report by Versus Arthritis indicated that the UK has over 20 million individuals grappling with musculoskeletal disorders such as arthritis. Alarmingly, one in three individuals faces daily pain, contributing to the escalating demand for electrical stimulation devices tailored to address muscle-related ailments. Hence, the burgeoning prevalence of muscle disorders serves as a catalyst propelling the electrical stimulation devices market.
The escalating incidence of chronic pain is poised to fuel the growth of the electrical stimulation device market. Chronic pain, characterized by persistent discomfort beyond the typical healing duration following an injury or illness, is a prevalent issue driving the demand for innovative pain management solutions. This increase in chronic pain instances is fostering a favorable landscape for the expansion of the electrical stimulation device market. The Centers for Disease Control and Prevention reported in April 2023 that approximately 20.9% of adults in the United States, equating to around 51.6 million individuals, grappled with chronic pain in 2021. Moreover, 6.9% of the adult population, accounting for 17.1 million people, faced high-impact chronic pain, significantly limiting their daily activities due to persistent pain. Thus, the rising occurrence of chronic pain stands as a pivotal driver accelerating the growth trajectory of the electrical stimulation device market.
Technological advancements serve as a prominent trend gaining traction in the electrical stimulation market. Leading market entities are introducing FDA-approved, state-of-the-art electrical stimulation devices to elevate patient treatment outcomes. A case in point is Abbott Laboratories, a renowned US-based medical device company operating in the field of electrical stimulation devices. In August 2022, Abbott Laboratories unveiled Proclaim Plus, a technologically advanced spinal cord stimulation device authorized by the US FDA. This cutting-edge device, leveraging FlexBurst360 therapy, represents the next generation of BurstDR stimulation therapy. It offers a broader myotomal coverage at lower amplitudes compared to single-area stimulation, thereby delivering personalized pain relief for a diverse range of painful conditions. The introduction of such innovative and advanced therapies expands the array of available treatments, amplifying the effectiveness and options in the realm of electrical stimulation devices.
The development of innovative products such as nerve stimulators represents a strategic approach for major companies in the electrical stimulation device market to broaden their customer base, increase sales, and drive revenue growth. Nerve stimulators, medical devices that deliver controlled electrical impulses to nerves, have garnered attention due to their potential therapeutic applications. For instance, Checkpoint Surgical, a US-based medical device company, introduced Checkpoint Gemini in September 2022. This device distinguishes itself by its exceptional precision in nerve stimulation. The innovative bipolar probe design of Checkpoint Gemini enables highly accurate direct nerve stimulation, particularly at the fascicular level. Surgeons benefit from this technology as it allows for targeted energy delivery to specific areas, enhancing clarity in identifying the responsible fascicle within a nerve for a particular response. The precision offered by Checkpoint Gemini represents a significant leap forward in nerve stimulation technology, catering to the demand for more accurate and sophisticated medical devices.
In March 2021, Bioventus, a prominent US-based medical device company, executed a strategic acquisition by acquiring Bioness Inc. for $110 million. This transaction played a pivotal role in Bioventus' expansion and consolidation strategies within the electrical stimulation device market. Bioventus, known for its commitment to medical device innovation, incorporated Bioness Inc. as a wholly-owned subsidiary. This strategic move was designed to seamlessly integrate Bioness' complete product portfolio and future research and development plans into Bioventus' operations. Bioness Inc., operating in the neuromodulation and rehabilitation medical device sector.
Major companies operating in the electrical stimulation devices market report are Boston Scientific Corporation, Abbott Laboratories, DJO Global Inc., BTL Corporate Inc., Nevro Corp., NeuroMetrix Inc., Zynex Inc., BioMedical Life Systems, RS Medical, Biotronik Inc., CU Medical System Inc., Beijing Pins Medical Co.Ltd., MicroPort Scientific Corporation, Koninklijke Philips N.V, Bioinduction Ltd., Soterix Medical Inc., Medtronic plc, MYOLYN, Cogentix Medical Inc., Cyberonics Inc., Colfax Corporation, Stimwave Technologies, EndoStim Inc., SPR Therapeutics, Nuvectra Corporation, ElectroCore Inc., Axonics Modulation Technologies Inc., Inspire Medical Systems Inc., Second Sight Medical Products Inc., Cochlear Limited .
North America was the largest region in the electrical stimulation devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the electrical stimulation devices market report during the forecast period. The regions covered in the electrical stimulation devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the electrical stimulation devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The electrical stimulation devices market consists of sales of implantable electronic stimulation devices, vagus nerve stimulation (VNS) devices and transcutaneous electrical nerve stimulation (TENS) devices. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.