Global Electrotherapy System Market, by Technology [Transcutaneous Electrical Nerve Stimulation (TENS), Neuromuscular Electrical Stimulation (NMES), Inferential Current (IFC), Percutaneous Electrical Nerve Stimulation (PENS), Electronic Muscle Stimulator (EMS), Spinal Cord Stimulation (SCS), Electro-acupuncture (EA) and Others], by Application (Chronic Wound Healing, Neuromuscular Dysfunction, Pain Management, Tissue Repair, Musculoskeletal Disorder, Physical Therapy, Iontophoresis, Others), by Therapy (Extracorporeal Shock Wave Therapy, Magnetic Field Therapy, Ultrasound Therapy, Microcurrent Therapy, Interferential Current Therapy and Others), by End User (Hospitals, Rehabilitation Centers, Clinics) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 5,625.9 Million in 2023 and is expected to exhibit a CAGR of 7.9% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing research and development activities for launching new technology electrotherapy system in the market is expected to drive the global electrotherapy system market over the forecast period. For instance, on February 23, 2023, according the data published by the National Center for Biotechnology Information, Northwestern University scientists carried out clinical study and developed a first-of-its-kind flexible, small, stretchable bandage that accelerates healing by delivering electrotherapy directly to the wound site. According to the study carried out by the Northwestern University scientists it was estimated that in an animal study, the new bandage healed diabetic ulcers 30% faster than in mice without the bandage. Additionally, the bandage actively tracks the healing process before completely dissolving into the body once it is no longer required.
Global Electrotherapy System Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) that first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019," or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and health of every country in the world.
COVID-19 had a negative impact on the global electrotherapy system market, due to the stringent regulatory laws of the COVID 19 the manufacturers faced a decrease in the demand for electrotherapy system, and on the other hand, the manufacturers faced a shortage of raw materials developing the finished products. For instance, in November 2020, according to the data published by the National Center for Biotechnology Information, only diagnosed individuals in critical condition were being hospitalized due to a severe lack of medical resources at the front line. Unfortunately, aside from symptomatic and supportive care, there was no specific medicine or treatment available for COVID-19 geriatric individuals because the pathogenic mechanism of the virus was not fully understood.
Furthermore, key players reported a decline in their revenues from their electrotherapy system products sales due to the significant reduction in the number of surgeries and traumatic pain issues management during the COVID–19 restrictions.
Global Electrotherapy System Market : Key Developments
In December 2021, Bharat Medical Systems, a medical device company, announced the launch of the Portable Inferential Therapy Equipment in India for commercialization. The launch of the Portable Inferential Therapy Equipment helped the Bharat Medical Systems company to expand its product portfolio.
In January 2022, Zynex, Inc. (U.S.), a medical technology and biotechnology company, announced the release of Post-operative and OA (Osteoarthritis) knee braces. Knee braces can prevent wear and tear on the problematic joint, allowing inflammation to subside and reducing pain/degeneration of the damaged knee joint, therefore delaying or reducing the need for surgery.
Browse 46 Market Data Tables and 48 Figures spread through 201 Pages and in-depth TOC on “Global Electrotherapy System Market ”- Forecast to 2030, by Technology [Transcutaneous Electrical Nerve Stimulation (TENS), Neuromuscular Electrical Stimulation (NMES), Inferential Current (IFC), Percutaneous Electrical Nerve Stimulation (PENS), Electronic Muscle Stimulator (EMS), Spinal Cord Stimulation (SCS), Electro-acupuncture (EA) and Others], by Application (Chronic Wound Healing, Neuromuscular Dysfunction, Pain Management, Tissue Repair, Musculoskeletal Disorder, Physical Therapy, Iontophoresis, Others), by Therapy (Extracorporeal Shock Wave Therapy, Magnetic Field Therapy, Ultrasound Therapy, Microcurrent Therapy, Interferential Current Therapy and Others), by End User (Hospitals, Rehabilitation Centers, Clinics) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/electrotherapy-system-market-3034
Key Takeaways of the Global Electrotherapy System Market :
- The global electrotherapy system market is expected to exhibit a CAGR of 7.9% during the forecast period. Increasing adoption of inorganic strategies such as partnership by key players operating in the market in order increase sale of its electrotherapy system, is expected to drive the global electrotherapy system market over the forecast period. For instance, in February 2022, Enovis, a medical technology company, announced the renewal of its partnership with the Professional Football Athletic Trainer Society (PFATS, U.S.), allowing the firm to continue endorsing and recommending its elecytrotherapy products to certified athletic trainers.
- In terms of end user, the hospitals segment is estimated to hold a dominant position in the global electrotherapy system market over the forecast period. Owing to the increasing number of hospital admissions for tissue repair, spinal injury and electrotherapy. For instance, in March 2022, according to the data published by the National Center for Biotechnology Information, it was estimated that about 58.26% of cranial cases, 156 (49.36%) of spinal cases, 37.57% (n=65) of Hypertrophic Cranial Pachymeningitis- related cases, were admitted for electrotherapy in the Riverside Community Hospital, based in the U.S. in the year 2021.
- Among regions, North America is expected to be the most dominant region in the global electrotherapy system market, owing to the increasing incidence of fractures in the U.S., which subsequently raised the demand for the physical therapy in the U.S. For instance, in December 2022, according to the American Medical Association, it was found that approximately 6.3 million fractures occur each year in the U.S. The rate of occurrence of fracture is 2.4 per 100 population annually.
- Major players operating in the global electrotherapy system market include Medtronic Plc, Zynex Medical Inc., DJO Global, Inc., Nevro Corporation, BTL Industries, Inc., Zealmax Innovations Pvt. Ltd., LivaNova PLC, EMS Physio Ltd., STYMCO Medical, Omron Corporation, TensCare Ltd, Cionic, Neuro20 Technologies Corp. and other prominent key players .
