Electrical Stimulation Devices Market To Garner US$ 5.96 Billion By 2026 | CAGR: 4.7%: Coherent Market Insights
Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Electrical Stimulation Devices Market, by Device (Spinal Cord Stimulation Devices, Deep Brain Stimulation Devices, Vagus Nerve Stimulation Devices, Sacral Nerve Stimulation Devices, Gastric Electric Stimulation Devices, Transcutaneous Electrical Nerve Stimulation Devices, Neuromuscular Electrical Stimulation Devices, Cranial Electrical Stimulation Device, and Other Electrical Stimulation Devices), By Application (Pain Management, Neurological and Movement Disorder Management, Musculoskeletal Disorder Management, Metabolism & GIT Management, Incontinence Management, and Others), By End User (Hospitals, Specialty Clinics, Ambulatory Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 3,956.0 million in 2017, and is estimated to exhibit a CAGR of 4.7% over the forecast period (2018-2026), as highlighted in a new report published by Coherent Market Insights.
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Increasing research and development by market players to augment the market growth
Major market players are focusing on research and development activities, in order to develop novel products and also focuses on receiving regulatory approval for their novel products to address the critical unmet needs of patients. For instance, in April 2018, Medtronic, Plc. received premarket approval from the U.S. Food and Drug Administration (FDA) for its Medtronic Deep Brain Stimulation (DBS) System, indicated for the treatment of Epilepsy.
Moreover, rising geriatric population is expected to increase incidence of chronic pain and neurological disorders, which is expected to boost the market growth over the forecast period. For instance, according to the National Council of Aging (NCOA) factsheet, revised in July 2018, chronic disease is the leading cause of death among U.S. adults, where an older adult is taken to the emergency room every 11 seconds, while death rate due to falls is recorded in every 19th minute.
Browse 26 Market Data Tables and 27 Figures spread through 172 Pages and in-depth TOC on ‘Electric Stimulation Devices Market’- Global Forecast to 2026, by Device (Spinal Cord Stimulation Devices, Deep Brain Stimulation Devices, Vagus Nerve Stimulation Devices, Sacral Nerve Stimulation Devices, Gastric Electric Stimulation Devices, Transcutaneous electrical nerve stimulation Devices, Neuromuscular Electrical Stimulation Devices, Cranial Electrical Stimulation Device, and Other Electrical Stimulation Devices), by Application (Pain Management, Neurological and Movement Disorder Management, Musculoskeletal Disorder Management, Metabolism & GIT Management, Incontinence Management, and Others), by End User (Hospitals, Specialty Clinics, Ambulatory Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Moreover, governments of various economies are focusing on initiatives to regulate cost and ensure correct usage of medical devices. For instance, in January 2014, Medical Technology Assessment Board (MTAB) under the Department of Health Research (DHR) was formed to evaluate existing and new medical technologies in India.
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Key Takeaways of the Electrical Stimulation Devices Market:
- The global electric stimulation devices market is expected to exhibit a CAGR of 4.7% over the forecast period. The market growth is attributed to increasing prevalence of chronic diseases, increase in pain in postoperative and preoperative procedure, and rising prevalence of spinal injuries, globally. For instance, according to the World Health Organization (WHO) factsheet in November 2013, around 250,000 to 500,000 people globally are diagnosed with spinal cord injury, annually.
- Among device type, spinal cord stimulation devices segment accounted for major market share in the electrical stimulation devices market in 2018, attributed to increasing incidence of spinal injuries associated with accidents and falls, globally
- Among application type, pain management segment accounted for major market share in the electrical stimulation devices market in 2018, as the major function of stimulation devices is to manage pain
- Among end user type, hospital segment accounted for major market share in the electrical stimulation devices market in 2018, owing to majority of the cases of falls, accidents, and injuries that are registered at hospitals
- Major players operating in the global electrical stimulation devices market include Boston Scientific Corporation, BTL Industries, Inc., Cyberonics, Inc., DJO Global, Inc., Medtronic plc., Nevro Corporation., NeuroMetrix, Inc., St. Jude Medical, Inc., Uroplasty, Inc. (Cogentix Medical), and Zynex, Inc.
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