Global Electrical Stimulation Devices Market – A Breakthrough in Pain Management
Global Electrical Stimulation Devices Market report enlists several important factors, starting from the basics to advanced market intelligence which plays a crucial part in strategizing. Components, for example, main players, analysis, size, situation of the business, SWOT analysis, and best patterns in the market are included in the report.
An assessment of the impact of current market trends and conditions is also included to provide information on future market expansion. The Electrical Stimulation Devices report provides detailed information on the future impact of various regulations adopted by government in various sectors of the global Electrical Stimulation Devices market.
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Electrical stimulation devices are important in modern healthcare because they use electric impulses to produce muscular contractions. Muscle weakness caused by traumas or neurological problems is treated with electrical stimulation devices. The stimulation device’s lead wires and electrodes are attached to the skin over the target area of the body.
The global electrical stimulation devices market size was valued at US$ 3,956.0 million in 2017, and is expected to exhibit a CAGR of 4.7 % over the forecast period (2018 – 2026).
Increasing incidences of spinal injuries is expected to propel growth of the electrical stimulation devices market
In patients with spinal injuries, electrical stimulation devices are utilised to treat pain before and after surgery. The high prevalence of spinal injuries caused by accidents, falls, or violence is projected to fuel demand for spinal procedures, which will drive market growth.. According to a World Health Organization (WHO) factsheet from 2018, there are approximately 37.3 million falls that require medical attention each year, with over 646,000 people dying each year as a result of falls around the world.
Furthermore, rising occurrences of neurological disease such as Alzheimer’s disease and trauma related with spinal injuries are likely to drive market growth over the predicted period. For example, in August 2012, National Center for Biotechnology Information (NCBI) stated Alzheimer’s disease as the most frequent cause of dementia in Western societies and estimated around 5.5 million cases of the disease in the U.S., and 24 million globally.
However, the growing number of competitors has intensified rivalry in the market for electrical stimulation devices, resulting in lower profit margins and stifling industry growth. In addition, as the number of local market competitors grows, prices for stimulation devices fall, stifling market expansion. For example, in January 2019, Neurolief’s featured Relivion a wearable neuromodulation technology at Annual International Headache Symposium in Israel (IHSI).
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Increasing prevalence of chronic diseases in North America is expected to bolster the market growth
Because of the high frequency of chronic diseases, North America dominates the worldwide electrical stimulation devices market. According to the National Center for Biotechnology Information (NCBI), an estimated 45 percent of Americans, or around 33 million people, were diagnosed with at least one chronic condition in March 2018.
Furthermore, an increase in the geriatric population, which is more vulnerable to chronic pain, is likely to boost market growth throughout the forecast period.
According to a 2014 estimate by the American Psychological Association, roughly 40 million persons over the age of 65 make up 14 percent of the entire population, with 60 percent to 75 percent of those over 65 suffering from chronic pain.
Furthermore, major market competitors are concentrating their efforts on obtaining FDA clearance for novel products to treat patients. For example, in August 2017, Boston Scientific Neuromodulation Corporation, received approval from U.S. FDA for Precision Spinal Cord Stimulator System, Precision Spectra Spinal Cord Stimulator System, Precision Novi Spinal Cord Stimulator System, Precision Montage MRI Spinal Cord Stimulator System, Precision Montage Spinal Cord Stimulator System, and Spectra WaveWriter Spinal Cord Stimulator System for pain associated with back surgery, low back, and leg pain.
Key Players
Major players operating in the global electrical stimulation devices market include Boston Scientific Corporation, BTL Industries, Inc., Cyberonics, Inc., DJO Global, Inc., Medtronic plc., Nevro Corporation., NeuroMetrix, Inc., St. Jude Medical, Inc., Uroplasty, Inc. (Cogentix Medical), and Zynex, Inc.
Vital Electrical Stimulation Devices Industry Insights:
• Overall and comprehensive study on Electrical Stimulation Devices.
• Market dynamics and emerging sectors of the industry are covered in this report.
• Segmented market view to present market statistics across regions, applications, and types.
• Evaluation of niche market players.
• Market share, gross margin, and growth rate analysis
• Market risks, challenges, and threats faced by market players are represented in this study.
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