This 100 page report gives readers a comprehensive overview of the Electrical Stimulation Devices (ESDs) Market. Browse through 9 data tables and 26 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/electrical-stimulation-devices-market.html
The rise in the incidence of spinal injuries and low back pain, as well as their increasing usage in sports medicines, has boosted the demand for electrical stimulation devices (ESDs) substantially across the world in the recent times. The growing prevalence of chronic conditions such as diabetes and obesity has also fueled their demand considerably and is likely to continue to do so over the years to come.
According to TMR, the opportunity in the global ESDs market was worth US$3.8 bn in 2014. Rising at a CAGR of 6.0% during the period from 2015 to 2023, it is estimated to reach US$6.5 bn by 2023.
Neurological and Movement Disorder Management to Witness Fastest Growth in Demand for ESDs
Pain management, musculoskeletal disorders management, neurological and movement disorder management, incontinence management, metabolism and GIT management, and other applications such as training, esthetics, and cosmetics are the prime application areas of ESDs. Among these, pain management reported the strongest demand for ESDs in 2014 with demand share reaching 53.4%. The rising incidence of chronic pain, low back pain, and spinal injuries among people and the growing number of clinical trials supporting the usage of ESDs in these conditions have fueled the demand for ESDs in the pain management segment.
Analysts at TMR anticipate the pain management segment to remain the key consumer of ESDs throughout the period from 2015 to 2023. However, the neurological and movement disorder management segment, expanding at a CAGR of 7.40% between 2015 and 2023, is likely to witness the fastest growth in the demand for ESDs.
Demand for ESDs to Remain High in North America
Regionally, North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa are the main segments of the global market for ESDs. In 2014, North America led the overall market with a share of 43.5%, making US$1.6 bn in revenues. The region is expected to retain its leadership in the years to come on account of the rising prevalence of lifestyle-related diseases, the increasing cases of sports injuries, the growing access to healthcare, and the escalating incidence of pain indications among elderly patients.
Asia Pacific, however, is anticipated witness the fastest adoption of ESDs at a CAGR of 6.90% during the period from 2015 to 2023. The rapid rise in the geriatric population and the growing prevalence of spinal injuries, age-related chronic neck and back pain, and neurological disorders are likely to boost the application of ESDs in the region in the near future.
Along with these, the escalating disposable income of the people and the improved life expectancy in this region are also projected to fuel the demand for ESDs in Asia Pacific over the next few years.
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The top three manufacturers of electrical stimulation devices are Medtronic Plc., St. Jude Medical Inc., and Boston Scientific Corp. Collectively, they accounted for a share of more than 70% in the global electrical stimulation devices market in 2014. Zynex Inc., Uroplasty Inc., NeuroMetrix Inc., Nevro Corp., DJO Global Inc., Cyberonics Inc., and BTL Industries Inc. are some of the other prominent participants in this market.
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