Rising Prevalence of Chronic Diseases fuels Demand for ESDs
“ESDs derive much of their demand from patients suffering from various chronic diseases, such as diabetics, obesity, and chronic pain,” says an analyst at TMR. The world is experiencing an alarming rise in the prevalence of chronic disorders and medical conditions. In 2014, approximately 13% of the world’s population was overweight, stated the WHO in a report. By 2050, the one-third of the U.S. population would be diabetic, predicts the American Diabetes Association.
The patient pool of chronic pain is largest one among all. According to various studies, more than 20% of the adult population suffer from chronic pain across the world and around 10% of the overall population are newly diagnosed with chronic pain every year.
The increasing incidence of these disorders has propelled the adoption of home healthcare solutions, of which ESDs are a significant part. Owing to this, the demand for these devices has spiraled remarkably in the recent times and is expected to rise over the next few years.
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Presence of Alternative Treatment Therapies Negatively Impacts Adoption Rate of ESDs
The presence of alternative treatment therapies is hindering the adoption of ESDs to some extent. Currently, a number of substitutes for electrical stimulation therapies is available, and being put to use, across the world. The higher efficiency of these alternative therapies with proven results has limited the usage of electrical stimulation therapies for the treatment of neurological, spinal, and bone-related disorders, such as arthritis and osteoporosis. As a result, ESDs are also facing a setback in their demand.
Apart from this, ESDs are also expected to experience a shaky adoption rate over the forthcoming years, as many of them are yet to gain approval from the U.S. FDA.
Asia Pacific to Witness Fastest Growth in Demand for ESDs
“The global market for ESDs will experience a healthy rise in the forthcoming years,” an analyst at TMR predicts. Registering a CAGR of 6.0% between 2015 and 2023, the market’s opportunity is projected to increase from US$3.8 bn in 2014 to US$6.5 bn by the end of 2023.
North America has been leading the demand for ESDs across the world since the last few years. In 2014, the region accounted for a share of 43.5% in the overall market, generating US$1.6 bn in terms of revenue. TMR expects North America to retain its position over the next few years. The sales of these devices, however, is likely to increase at the fastest CAGR of 6.90% in Asia Pacific between 2015 and 2023.
In the near future, pain management is expected to remain the key application area of ESDs and spinal cord stimulation (SCS) devices will continue to witness the strongest demand among all the devices.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Electrical Stimulation Devices (ESDs) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
- The top three players held more than 70% of the global market
- Asia Pacific will report fastest CAGR of 6.90% between 2015 and 2023
- The global electric stimulation devices market will reach a valuation of US$6.5 bn by 2023
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