The launch of new electrical stimulation devices coupled with the growing prevalence of chronic medical conditions is facilitating the growth of the global electrical stimulation devices (ESDs) market, says Transparency Market Research in its latest report. According to the report, titled ‘Electrical Stimulation Devices (ESDs) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,’ the market accounted for US$3.8 bn in 2014 and will rise to a valuation of US$6.5 bn by 2023. The market’s CAGR between 2015 and 2023 is pegged at 6.0%, says the report.
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The use of electrical stimulation devices-also known as electronic muscle stimulation devices-is made in cases where muscles need artificial stimulation for either therapeutic or training needs. The recent years have seen an increase in the demand for ESDs that are non-invasive in nature. Companies in the market have thus shifted their focus to ESDs that are non-invasive in nature and this has spurred a new wave of research and innovation in the electronic muscle stimulators market. Conventionally, ESDs of the implantable kind have constituted a larger share of the market. However, the use of electrical stimulation devices that can be used without having to be implanted into a person are becoming increasingly preferred by both patients and medical practitioners.
Despite healthy growth being projected for the electrical stimulation devices market, roadblocks in the form of inadequate backing endorsement by regulatory bodies will continue to inhibit the growth of the market to a small degree. Moreover, risks associated with implant procedures could act as a restraint on the market’s growth.
The study analyzes the ESDs market closely by segmenting it into smaller sections on the basis of type, application, and geography. Basis type, the global market for electrical stimulation devices has been segmented into: deep brain stimulation (DBS) devices, spinal cord stimulation (SCS) devices, sacral nerve stimulation (SNS) devices, vagus nerve stimulation (VNS) devices, neuromuscular electrical stimulation (NMES/EMS) devices, transcutaneous electrical nerve stimulation (TENS) devices, gastric electric stimulation (GES) devices, and others. Among these, the demand for spinal cord stimulation (SCS) devices was the highest in 2014 on account of a rise in the number of people needing chronic pain management. The conditions that typically warrant the use of electrical stimulation devices include post-surgery back pain, pain in the limbs or trunk, and lower back pain. Developing countries have reported an increase in lower back pain, further stoking the demand for ESDs.
The use of vagus nerve stimulation (VNS) devices is expected to rise substantially, putting this segment on track to registering the fastest growth over the forecast period. The use of VNS devices in reducing epilepsy seizures and improving postictal recovery will contribute to their growth.
Likewise, the report segments the global electrical stimulation devices (ESDs) market basis application into pain management, musculoskeletal disorders management, neurological and movement disorder management, incontinence management, metabolism & GIT management, and others. Of these, pain management ESDs contributed the highest to the market’s revenue in 2014 thanks chiefly to a rise in the number of people suffering from chronic pain. The next few years are expected to bring about a rise in the use of ESDs for neurological and movement disorder management, making this segment the fastest growing in the global market.
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The companies that currently have a firm foothold in the global electrical stimulation devices (ESDs) market include: Boston Scientific Corporation, Cyberonics, Inc., BTL Industries, Inc., Medtronic plc, DJO Global, EnteroMedics Inc., Uroplasty, Inc. (Cogentix Medical), and St. Jude Medical, Inc.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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