The electrical stimulation devices market was valued at US$ 5,643.7million in 2019 and is projected to reach US$ 11,334.0 million by 2027; it is expected to grow at a CAGR of 9.3% during 2020–2027.
Electrical stimulation devices are utilized to treat chronic pain and neurological disorders with the help of electrical signals. Increasing awareness regarding efficient treatment outcomes of electrical stimulation therapy and growing number of product approvals are among the factors driving the market growth.
“Electrical Stimulation Devices Market research report delivers a comprehensive study on production capacity, consumption, import and export for all major regions across the world. Report provides is a professional inclusive study on the current state for the market. Analysis and discussion of important industry like market trends, size, share, growth estimates are mentioned in the report.”
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Boston Scientific Corporation; Medtronic; Abbott; BTL; DJO Global, Inc.; Ava Science Inc.; NEVROCORP.; Zynex Medical; Laborie, Inc.; Liva Nova PLC; and Neuro Metri are among the leading companies operating in the electrical stimulation devices market.
Based on the device type, the global electrical stimulation devices market is segmented into spinal cord stimulation devices, deep brain stimulation devices, vagus nerve stimulation(VNS) devices, sacral nerve stimulation (SNS) devices, gastric electrical stimulation (GES) devices, transcutaneous electrical nerve stimulation (TENS)devices, and neuromuscular electrical stimulation (NMES/EMS) devices and other devices. The SNS devices segment estimated to register the highest CAGR in the market during the forecast period. The projected growth of the market for this segment is attributed to the advantages such as the effectiveness of sacral nerve stimulation devices in the treatment of urinary incontinence. Additionally, increasing prevalence of urinary and fecal incontinence would generate major demand for electric stimulation devices in the coming years. Furthermore, growing number of product approvals and launches are also anticipated to drive the adoption of these products during the forecast period.
The considerably growing prevalence of chronic pain is projected to drive the growth of the electrical stimulation devices market during the forecast period. According to a study published by the NCBI in 2016, extensively increasing prevalence of chronic pain and associated conditions are the leading cause of disability worldwide. Moreover, according to another study published by NCBI in2019, 30.0% of the population suffers from some form of chronic pain. Factors such as genetic conditions, sedentary lifestyle, aging, mental stress, and surgical interventions are among of the prominent causes of chronic pain. In addition, according to a study published by American Chiropractic Association in 2020, ~31 million Americans suffer from lower back pain at some point of time in their lives, which is majorly related to sedentary lifestyle.
To comprehend global Electrical Stimulation Devices market dynamics in the world mainly, the worldwide market is analyzed across major global regions: North America (United States, Canada and Mexico), Europe (Germany, France, United Kingdom, Russia and Italy), Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia), South America (Brazil, Argentina), Middle East & Africa (Saudi Arabia, UAE, Egypt and South Africa)
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