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.
Electrical Stimulation Devices Market Analysis
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.
Electrical Stimulation Devices Market Overview
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.
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Electrical Stimulation Devices Market: Strategic Insights
Market Size Value in US$ 5,643.7Million in 2019 Market Size Value by US$ 11,334.0 Million by 2027 Growth rate CAGR of 9.3% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Electrical Stimulation Devices Market: Strategic Insights
| Market Size Value in | US$ 5,643.7Million in 2019 |
| Market Size Value by | US$ 11,334.0 Million by 2027 |
| Growth rate | CAGR of 9.3% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Electrical Stimulation Devices Market Drivers and Opportunities
Rising Prevalence of Neurological Diseases Favor the Electrical Stimulation Devices Market
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.
Growing Number of FDA Approvals and Product Launches – An Opportunity in 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.
Electrical Stimulation Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the electrical stimulation devices market analysis are device type, application, and end user.
- Based on device type, the electrical stimulation device market is divided into Spinal Cord Stimulation Devices, Deep Brain Stimulation Devices, Vagus Nerve Stimulation (VNS) Devices, Sacral Nerve Stimulation (SNS) Devices, Gastric Electrical Stimulation (GES) Devices, Transcutaneous Electrical Nerve Stimulation (TENS) Devices, Other Devices. The Spinal Cord Stimulation Devices segment held the largest share of the market in 2023; whereas the sacral nerve stimulation (SNS) devices segment is anticipated to register the highest CAGR % in the market during the forecast period.
- By application, the market is segmented into Pain Management, Neurological and Movement Disorder Management, Musculoskeletal Disorder Management, Metabolism and GIT Management, Incontinence Management, Other Application. The Pain Management segment held the largest share of the market in 2023; also, the segment is expected to register the highest CAGR in the market during 2023–2031.
Electrical Stimulation Devices Market Share Analysis by Geography
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.
Electrical Stimulation Devices Market Report Scope
Electrical Stimulation Devices Market News and Recent Developments
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:
- Boston Scientific Corporation announced that the U.S. Food and Drug Administration (FDA) has approved an expanded indication of the WaveWriter SCS Systems for the treatment of chronic low back and leg pain in people without prior back surgery, commonly referred to as non-surgical back pain (NSBP). (Source: Boston Scientific Corporation, Press Release, 2024)
- Boston Scientific Corporation announced that the U.S. Food and Drug Administration (FDA) has approved an expanded indication of the WaveWriter Alpha Spinal Cord Stimulator (SCS) Systems for the treatment of painful diabetic peripheral neuropathy (DPN), a complication of diabetes that can affect the lower extremities of the body. Source: (Boston Scientific Corporation, Press Release, 2023)
Electrical Stimulation Devices Market Report Coverage and Deliverables
The “Electrical Stimulation Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Device Type Devices ; Application ; and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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