The electrical stimulation devices market size was estimated to be US$ 6.69 billion in 2021 and US$ XX billion in 2023 and is expected to reach US$ 16.27 billion by 2031. It is estimated to record a CAGR of 9.3% till 2031. Rising prevalence of neurological diseases, rising prevalence of chronic diseases and wearable electrical stimulation devices are likely to remain key electrical stimulation devices market trends.
Chronic pain is a comples and debilitating pain condition that affects millions of people worldwide. The pain is defines that last more than 12 weeks, and persists for month or even year. Some of the common cause of chronic pain are injury, trauma, arthritis, nerve damage including others. Such pain also affects the daily socio and economic lives of patients. Growing prevalence of chronic pain is expected to device the growth of the market. As per centre of diseases control and prevention, during 2021, an estimated 20.9% of US adults experienced chronic pain, which was same as reported estimate of 20.4% in 2016. Chronic pain conditions mainly include the pain of back, knees, and arms, as well as other musculoskeletal conditions. Electrical stimulation devices have capability to reducing the pain to considerable extent. These benefits of electrical stimulation devices, coupled with increasing prevalence of chronic pain, drives the growth of the electrical stimulation devices market.
The growth of the market is attributed to some key driving factors such as rising prevalence of neurological diseases & chronic pain. However, high treatment cost of the devices is likely to show negative impact on market growth during the forecast period. Global electrical stimulation devices market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa and South & Central America. The largest market for the electrical stimulation devices is held by the North American region. The factors that are influencing the market growth include rising research and development activities, growing financial investments by market players, and growing adoption of electrical stimulation devices within public and private organizations and within market players.
Neurological diseases represent substantial burden on health systems in terms of disease identification, treatment, and management. Several frequently observed neurological diseases comprises narcolepsy, Parkinson’s disease, Alzheimer’s disease, multiple sclerosis, spinal muscular atrophy (SMA), Duchenne muscular dystrophy, and others. A major new study released by The Lancet Neurology shows that, in 2021, more than 3 billion people worldwide were living with a neurological condition. Over the past few decades, there have been various research and development activities pertaining to the diagnosis and management of neurological diseases. Advancements in healthcare systems and modernizing diagnostic systems are likely to enhance the screening processes for rare neurological diseases. Such advancements, coupled with growing prevalence of neurological diseases, are driving the growth of the electrical stimulation devices market.
Companies in the electrical stimulation devices market are undertaking increasing number of research and development activities to introduce more innovative products. The new electrical stimulation devices are equipped with advanced therapeutic platforms that can facilitate more effective pain relief. Further, substantially growing adoption of electrical stimulation devices is also leading to new product introductions. For instance, in Jan 2024 FDA approves Medtronic’s rechargeable deep brain stimulator for Parkinson’s, dystonia, essential tremors and other health condition like OCS and epilepsy. Furthermore in March 2023, Neuro20 Technologies Corp, a wearable medical device manufacturing company announced that the U.S. Food and Drug Administration (FDA) has cleared the company’s 510(k) pre-market approval application for its Neuro20 PRO System. Thus, increasing adoption rate followed by product launch is seen to positively impact the electrical stimulation devices market, as it has an opportunity for medical device manufacturers.
Key segments that contributed to the derivation of the electrical stimulation devices market analysis are device type, application, and end user.
The geographic scope of the electrical stimulation device market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America has dominated the electrical stimulation devices market. In North America, the US holds the significant share of the electrical stimulation devices market. The growth of the market in the country is primarily driven by increasing adoption of electrical stimulation devices, substantial prevalence of chronic pain, and product laucg in the local market. For instance Zynex, Inc. an innovative medical technology company specializing in the manufacture and sale of non-invasive medical devices for pain management, rehabilitation, and patient monitoring, announced that it has received clearance from the U.S. Food and Drug Administration ("FDA") for the next generation M-Wave Neuromuscular Electrical Stimulation ("NMES") device.
The regional trends and factors influencing the Electrical Stimulation Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Electrical Stimulation Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 6.69 Billion |
| Market Size by 2031 | US$ 16.27 Billion |
| Global CAGR (2023 - 2031) | 9.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Device Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Electrical Stimulation Devices Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Electrical Stimulation Devices Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The electrical stimulation devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for electrical stimulation devices and strategies:
The “Electrical Stimulation Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: