Wednesday, 12 August 2020
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Wednesday, 01 Jul 2020 05:00 pm

COVID-19 Impact on Electrical Stimulation Devices Market Trends, Development, Investment Opportunities 2020 to 2027

The global electrical stimulation devices market was valued at US$ 5,643.7 million 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.

By SMN Bureau

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.Chronic pain is one of the major problems listed by healthcare systems. Acute pains can be treated over time with the help of various therapeutic solutions; however, chronic pain leads to prolonged condition of abnormality. Furthermore, this type of pain adversely affects the social and economic aspects of people’s lives. Chronic pain conditions mainly include the pain of back, knees, and arms, as well as other musculoskeletal conditions.

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Company Profiles

  • Boston Scientific Corporation
  • Medtronic
  • Abbott
  • BTL
  • DJO Global, Inc.
  • Ava Science Inc.
  • Zynex MedicalLaborie, Inc.
  • LivaNova PLC
  • NeuroMetri

Based on device type, the electrical stimulation devices market is segmented into spinal cord stimulation devices, deep brain stimulation devices, VNS devices, SNS devices, GES devices, TENS devices, and NMES/EMS devices. The spinal cord stimulation devices segment held the largest share of the market in 2019; whereas the sacral nerve stimulation (SNS) devices segment is anticipated to register the highest CAGR in the market during the forecast period.

The considerably growing prevalence of chronic pain is projected to drive the growth of the 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 in 2019, 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.

With the advent of advanced technologies, the new devices are capable of reducing pain to considerable extent. For instance, Spectra Wave Writer Spinal Cord Stimulator System launched by Boston Scientific Corporation is capable of providing great relief to chronic pain. In addition, the devices enable the customization of therapy and real-time monitoring of therapy. These benefits of electrical stimulation devices, coupled with increasing prevalence of chronic pain, drives the growth of the electrical stimulation devices market.

Application Insights

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 management, incontinence management, and other applications. The pain management segment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the forecast period.

Strategic Insights

Product launches and approval strategies are commonly adopted by companies to meet the growing demand, thereby expanding their footprint and product portfolio reach worldwide.

The electrical stimulation devices market players adopt the strategy of expansion to enlarge customer base worldwide, which also permits them to maintain their brand name globally. For instance, in January 2019, Boston Scientific Corporation launched Vercise Primary Cell (PC) and Vercise Gevia Deep Brain Stimulation (DBS) Systems featuring the Vercise Cartesia Directional Lead.

By Device Type

  • 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
  • Other Electrical Stimulation Devices

Global Electrical Stimulation Devices Market – By Application

  • Pain Management
  • Neurological and Movement Disorder Management
  • Musculoskeletal Disorder Management
  • Metabolism and GIT Management
  • Incontinence Management
  • Other Applications

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Tags Electrical Stimulation Devices Market

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