According to our new marketresearch study on "Electrical Stimulation Devices Market to 2027 ?Global Analysis and Forecast by Device Type and Application," the global electrical stimulation devices marketis expected to reach US$ 11,334.0 million by2027 from US$ 5,643.7million in 2019; it is estimated togrow at a CAGR of 9.3% from 2020 to 2027. The report highlights trendsprevailing in the market, and the drivers and restraints pertaining to the marketgrowth.
Based on the device type, theglobal electrical stimulation devices market is segmented into spinal cordstimulation devices, deep brain stimulation devices, vagus nerve stimulation(VNS) devices, sacral nerve stimulation (SNS) devices, gastric electricalstimulation (GES) devices, transcutaneous electrical nerve stimulation (TENS)devices, and neuromuscular electrical stimulation (NMES/EMS) devices and otherdevices. The SNS devices segment estimated to register the highest CAGR in themarket during the forecast period. The projected growth of the market for thissegment is attributed to the advantages such as the effectiveness of sacralnerve stimulation devices in the treatment of urinary incontinence.Additionally, increasing prevalence of urinary and fecal incontinence would generatemajor demand for electric stimulation devices in the coming years. Furthermore,growing number of product approvals and launches are also anticipated to drivethe adoption of these products during the forecast period.
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Boston ScientificCorporation; Medtronic; Abbott; BTL; DJO Global, Inc.; Ava Science Inc.; NEVROCORP.; Zynex Medical; Laborie, Inc.; LivaNova PLC; and NeuroMetri are among theleading companies operating in the electrical stimulation devices market.
Chronic pain is one of the major problems listed byhealthcare systems. Acute pains can be treated over time with the help ofvarious therapeutic solutions; however, chronic pain leads to prolongedcondition of abnormality. Furthermore, this type of pain adversely affects thesocial and economic aspects of people’s lives. Chronic pain conditions mainlyinclude the pain of back, knees, and arms, as well as other musculoskeletalconditions.
The considerably growing prevalence of chronic pain isprojected 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 increasingprevalence of chronic pain and associated conditions are the leading cause ofdisability worldwide. Moreover, according to another study published by NCBI in2019, 30.0% of the population suffers from some form of chronic pain. Factorssuch as genetic conditions, sedentary lifestyle, aging, mental stress, andsurgical interventions are among of the prominent causes of chronic pain. Inaddition, according to a study published by American Chiropractic Associationin 2020, ~31 million Americans suffer from lower back pain at some point oftime in their lives, which is majorly related to sedentary lifestyle.
With the advent of advanced technologies, the new devicesare capable of reducing pain to considerable extent. For instance, Spectra WaveWriter Spinal Cord Stimulator System launched by Boston Scientific Corporationis capable of providing great relief to chronic pain. In addition, the devicesenable the customization of therapy and real-time monitoring of therapy. Thesebenefits of electrical stimulation devices, coupled with increasing prevalenceof chronic pain, drives the growth of the electrical stimulation devices market.
Based on application, the electrical stimulation devicesmarket has been segmented into pain management, neurological and movementdisorders management, musculoskeletal disorder management, metabolism and GITmanagement, incontinence management, and other applications. The painmanagement segment held the largest share of the market in 2019 and isestimated to register the highest CAGR in the market during the forecast period.
Product launches and approval strategies are commonlyadopted by companies to meet the growing demand, thereby expanding their footprintand product portfolio reach worldwide.
The electrical stimulation devices market players adopt thestrategy of expansion to enlarge customer base worldwide, which also permitsthem to maintain their brand name globally. For instance, in January 2019, BostonScientific Corporation launched Vercise Primary Cell (PC) and Vercise GeviaDeep Brain Stimulation (DBS) Systems featuring the Vercise Cartesia DirectionalLead.
Global Electrical Stimulation Devices Market – By Application
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