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.
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.
Electrical stimulation devices deliver alternating, direct, or pulsating waveform forms of energy for providing a therapeutic effect to the body. This study provides market analysis for various electrical stimulation devices that are used within home care and hospital settings. The stakeholders of this market study comprise established electrical stimulators product manufacturers, and distributors as well as new participants who wish to enter the global electrical stimulation devices market.
This study provides a comprehensive analysis of the global electrical stimulation devices market and helps in identifying the market governing factors. The market overview section provides exhaustive information on trends in the usage of electrical stimulation devices, market trends such as drivers, restraints, and growth opportunities that presently regulate the dynamics of the overall market. Competitive analysis tools such as Porter’s Five Forces analysis and market attractiveness analysis have also been incorporated in this report to provide analysis about the level of competition within the global electrical stimulation devices market. Competitive intelligence tools such as market share analysis have also been included in the market overview section of the report to deliver a broad spectrum of the overall scenario of the market at global level. Market share analysis thus provided in this study is in context with the major product manufacturers operating in the market which would help new players to understand the key business models and frameworks to identify the specific product lines of existing companies to establish a strong position in the electrical stimulation devices market.
The executive summary of the study summarizes comprehensive insights about every segment considered in this study. It includes a market snapshot offering an insight into the current scenario of the electrical stimulation devices market in terms of current and future market size along with the respective growth rate.
The global electrical stimulation devices market has been segmented based on various device type and application. The electrical stimulation devices market has been categorized into major device types that are used as external or implantable stimulators such as spinal cord stimulation (SCS) devices, deep brain stimulation (DBS) devices, vagus nerve stimulation (VNS) devices, sacral nerve stimulation (SNS) devices, gastric electric stimulation (GES) devices, transcutaneous electrical nerve stimulation (TENS) devices, neuromuscular electrical stimulation (NMES/EMS) devices, and other electrical stimulation devices (electrotherapy devices, combination devices, TNS, TMS, etc.). Based on application, the market has been segmented into pain management, neurological and movement disorder management, musculoskeletal disorders management, metabolism & GIT management (stomach, intestine, pancreas, digestion, blood pressure, nausea, vomiting, gastroparesis, etc.), incontinence management (fecal incontinence, urinary incontinence, urinary retention), and others (aesthetics, training, cosmetics, etc.). The market size for the period from 2013 to 2023 has been provided for each of the device type and applications mentioned above in terms of USD million. Along with the market size that were projected considering 2014 as the base year and 2013 as the historical year, the CAGR (%) of each market segment for the forecast period from 2015 to 2023 has also been provided.
Geographically, the electrical stimulation devices market has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East & North Africa and Rest of the World. North America has been further segmented into the U.S. and Canada; Europe into Germany, France, the U.K. and Rest of Europe; Asia Pacific into China, Japan, India and Rest of Asia Pacific; Latin America into Brazil and Rest of Latin America; and Middle East & Africa (MEA) into South Africa and Rest of MEA. The market revenue of electrical stimulation devices for each geographical region for 2014 and 2023 along with forecast from 2015 to 2023 in respective regions in terms of USD million, has been explained in the geography section of the study.
This report concludes with profiles of key players in the global electrical stimulation devices market. The market study outlines the companies in terms of overview, financial overview, product portfolio, business strategies, and recent developments. Major organizations profiled in this study include Boston Scientific Corporation, BTL Industries, Inc., Cyberonics, Inc., DJO Global, EnteroMedics Inc., Medtronic plc, Nevro Corp., NeuroMetrix, Inc., St. Jude Medical, Inc., Uroplasty, Inc. (Cogentix Medical), and Zynex, Inc., amongst others.
The global electrical stimulation devices market has been segmented as follows:
Electrical Stimulation Devices Market, by Device Type
- Spinal Cord Stimulation (SCS) Devices
- Deep Brain Stimulation (DBS) Devices
- Vagus Nerve Stimulation (VNS) Devices
- Sacral Nerve Stimulation (SNS) Devices
- Gastric Electric Stimulation (GES) Devices
- Transcutaneous electrical nerve stimulation (TENS) Devices
- Neuromuscular Electrical Stimulation (NMES/EMS) Devices
- Other Electrical Stimulation Devices (Electrotherapy Devices, Combination Devices, TNS, TMS, etc.)
Electrical Stimulation Devices Market, by Application
- Pain Management
- Neurological and Movement Disorder Management
- Musculoskeletal Disorder Management
- Metabolism & GIT Management (Stomach, Intestine, Pancreas, Digestion, Blood Pressure, Nausea, Vomiting, Gastroparesis, etc.)
- Incontinence Management (Fecal Incontinence, Urinary Incontinence, Urinary Retention)
- Others (Aesthetics, Training, Cosmetics, etc.)
Electrical Stimulation Devices Market, by Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA