The global electrical stimulation devices market is expected to reach US$ 11, 334.0 million by 2027 from US$ 5, 643.7 million in 2019; it is estimated to grow at a CAGR of 9.3% during 2020-2027.
The rising prevalence of neurological diseases and increasing cases of chronic pain are the major factors driving the growth of this market. However, the high cost of treatments involving electrical stimulation devices is hindering the market growth.
Neurological diseases represent significant burden on national health systems, especially in terms of disease diagnosis, treatment, and management. Several frequently reported neurological diseases include narcolepsy, Parkinson’s disease, Alzheimer’s disease, multiple sclerosis, spinal muscular atrophy (SMA), and Duchenne muscular dystrophy. According to data published by National Institutes of Neurological Disorders and Stroke, 7, 000 rare neurological diseases were registered in the US in 2019. Additionally, according to the same study, these conditions are responsible for significant number of morbidities and mortalities. The sleep deprivation, as well as sudden changes in sleep patterns; psychological stress; inherited genetic fault; and aging are the main factors that are resulting in the rise in prevalence of neurological diseases. Therefore, elderly population is highly vulnerable to acquiring neurological conditions. According to a study published by Clinical Practice Research Datalink, the prevalence of Parkinson’s disease is highly correlated with aging. Moreover, the morbidities and disabilities caused by these diseases are also reported to be affecting the economic performances of countries. According to the data published by National Institute of Health (NIH) in 2019, ~40 million Americans suffer from neurological diseases in the US, whereas additional 20 million people experience occasional sleeping problems. Over the past few decades, there have been various research and development activities pertaining to the diagnosis and management of neurological diseases. Advancements in healthcare systems and modernizing diagnostic systems are likely to bring improvements in the screening processes for rare neurological diseases. Such technological advancements, coupled with growing prevalence of neurological diseases, are driving the growth of the electrical stimulation devices market.
The global electrical stimulation devices market is segmented on the basis of device type and application. Based on device type, the 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, neuromuscular electrical stimulation (NMES/EMS) devices and other devices. Based on application, the electrical stimulation devices market has been segmented into pain management, neurological and movement disorders management, musculoskeletal disorder management, metabolism and GIT (Gastrointestinal Tract) management, incontinence management, and other applications. The pain management segment held the largest share of the market in 2019, and it is further expected to register the highest CAGR during the forecast period.
The Center for Drug Evaluation and Research (CDER), Canada Foundation of Innovation (CFI), European Federation of Pharmaceuticals Industries Associations (EFPIA), European Medical Association (EMA), Food and Drug Administration (FDA), India Brand Equity Foundation (IBEF), and Ministry of Health and Prevention (MoHAP) are among a few of the essential secondary sources referred to while preparing this report.
Reasons to Buy
The rising prevalence of neurological diseases and increasing cases of chronic pain are the major factors driving the growth of this market. However, the high cost of treatments involving electrical stimulation devices is hindering the market growth.
Neurological diseases represent significant burden on national health systems, especially in terms of disease diagnosis, treatment, and management. Several frequently reported neurological diseases include narcolepsy, Parkinson’s disease, Alzheimer’s disease, multiple sclerosis, spinal muscular atrophy (SMA), and Duchenne muscular dystrophy. According to data published by National Institutes of Neurological Disorders and Stroke, 7, 000 rare neurological diseases were registered in the US in 2019. Additionally, according to the same study, these conditions are responsible for significant number of morbidities and mortalities. The sleep deprivation, as well as sudden changes in sleep patterns; psychological stress; inherited genetic fault; and aging are the main factors that are resulting in the rise in prevalence of neurological diseases. Therefore, elderly population is highly vulnerable to acquiring neurological conditions. According to a study published by Clinical Practice Research Datalink, the prevalence of Parkinson’s disease is highly correlated with aging. Moreover, the morbidities and disabilities caused by these diseases are also reported to be affecting the economic performances of countries. According to the data published by National Institute of Health (NIH) in 2019, ~40 million Americans suffer from neurological diseases in the US, whereas additional 20 million people experience occasional sleeping problems. Over the past few decades, there have been various research and development activities pertaining to the diagnosis and management of neurological diseases. Advancements in healthcare systems and modernizing diagnostic systems are likely to bring improvements in the screening processes for rare neurological diseases. Such technological advancements, coupled with growing prevalence of neurological diseases, are driving the growth of the electrical stimulation devices market.
The global electrical stimulation devices market is segmented on the basis of device type and application. Based on device type, the 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, neuromuscular electrical stimulation (NMES/EMS) devices and other devices. Based on application, the electrical stimulation devices market has been segmented into pain management, neurological and movement disorders management, musculoskeletal disorder management, metabolism and GIT (Gastrointestinal Tract) management, incontinence management, and other applications. The pain management segment held the largest share of the market in 2019, and it is further expected to register the highest CAGR during the forecast period.
The Center for Drug Evaluation and Research (CDER), Canada Foundation of Innovation (CFI), European Federation of Pharmaceuticals Industries Associations (EFPIA), European Medical Association (EMA), Food and Drug Administration (FDA), India Brand Equity Foundation (IBEF), and Ministry of Health and Prevention (MoHAP) are among a few of the essential secondary sources referred to while preparing this report.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the electrical stimulation devices market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global electrical stimulation devices market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
Table of Contents
1. Introduction
3. Research Methodology
4. Global Electrical Stimulation Devices Market - Market Landscape
5. Electrical Stimulation Devices Market - Key Market Dynamics
6. Electrical Stimulation Devices Market- Global Analysis
7. Electrical Stimulation Devices Market Analysis - By Device Type
8. Electrical Stimulation Devices Market Analysis - By Application
9. Electrical Stimulation Devices Market - Geographic Analysis
10. Impact Of COVID-19 Pandemic On Global Electrical Stimulation Devices Market
11. Electrical Stimulation Devices Market - Industry Landscape
12. COMPANY PROFILES
13. Appendix
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Boston Scientific Corporation
- Medtronic
- Abbott
- BTL
- DJO Global, Inc.
- Ava Science Inc.
- NEVRO CORP.
- Zynex MedicalLaborie, Inc.
- LivaNova PLC
- NeuroMetri
