ELECTRICAL STIMULATION DEVICES MARKET ANALYSIS

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) - Global Industry Insights, and Forecast till 2026

Published In : Feb 2019
Code : CMI2486
Pages :172
Formats :
Excel and PDF
Industry : Medical Devices

Market Challenges And Opportunities

Increasing incidences of spinal injuries is expected to propel growth of the electrical stimulation devices market

Electrical stimulation devices are used in preoperative and postoperative pain management in patients with spinal injuries. High incidence of spinal injuries caused due to accidents, falls or violence is expected to propel demand for spinal surgeries, which in turn is expected to drive the market growth. According to World Health Organization (WHO) factsheet in 2018, annually there are around 37.3 million falls, which require medical attention, whereas about 646,000 individuals die each year, from falls globally.

Moreover, increasing incidences of neurological disorders such as Alzheimer’s disease and trauma associated with spinal injuries is expected to propel growth of the electrical stimulation devices market over the forecast period. For instance, in August 2012, National Center for Biotechnology Information (NCBI) stated Alzheimer’s disease as the most frequent cause of dementia in Western societies and estimated around 5.5 million cases of the disease in the U.S., and 24 million globally.

However, increasing number of competitors have created intense competition in electrical stimulation devices market, leading to less profit margin and thus hindering the market growth. Also, rise in the number of local market players, is effecting decrease in prices of stimulation devices, which hinder the market growth. For instance, in January 2019, Neurolief’s featured Relivion a wearable neuromodulation technology at Annual International Headache Symposium in Israel (IHSI).

Increasing prevalence of chronic diseases in North America is expected to bolster the market growth

North America holds dominant position in the global electrical stimulation devices market, owing to high prevalence of chronic diseases. According to National Center for Biotechnology Information (NCBI), March 2018, an estimated 45%, or around 33 million Americans were diagnosed by at least one chronic disease.

Moreover, rise in geriatric population, who are highly susceptible to pain, is expected to bolster the market growth over the forecast period.