Global Electrical Stimulation Devices (ESDs) Market: Overview
Electrical stimulation devices (ESDs) in recent years have garnered wide attention in a variety of areas such as therapeutics, sports medicine, and cosmetics. These devices are gaining increasing acceptance as modern, complementary strength training methods for athletes and as potential methods for pain management in patients with musculoskeletal injuries. Compared to other traditional technologies, ESDs are also proving to be promising as rehabilitation tool in physiotherapy world over. Apart from this, ESDs are soaring in popularity in esthetics. ESDs work by electrically stimulating and contracting muscles with the use of electric impulses. In various regions, the scope of these devices is generating widespread interest among patient populations needing physiotherapies to manage chronic pain and among athletes to achieve specific training goals.
The growing awareness of the potential and the efficacy of electrical stimulation methods for pain recovery and training, notably in developing and developed countries, is noticeably boosting their demand. Recent research and clinical trials into developing their applications in medical physiology are likely to steadily expand the horizon of the market.
The global electrical stimulation devices market stood at US$3.8 billion in 2014 and projected to reach a worth of US$6.5 billion by 2023 end. The market is projected to clock 6.0% CAGR during the forecast period of 2015–2023.
Uptake for Managing Neurological and Mobility-related Disorders to Rise Substantially
The broad areas of applications of electrical stimulation devices are neurological and movement disorder management, musculoskeletal disorders management, pain management, metabolism and GIT management, incontinence management, and the others segment, mainly consisting of aesthetics, training, and cosmetics. Of all the segments, pain management held the major share in global market in 2014, accounting for 53.4% share, and is anticipated to retain its dominance throughout the assessment period. This will be largely attributed to a widespread demand for ESDs as therapeutics for pain management among populations world over. A rising geriatric population and a substantially rising patient pool for chronic pain are notable factors likely to sustain an extensive demand for ESDs for pain management in the coming years. The marked efficacy of ESDs in managing low back pain and spinal injuries is bolstering demand.
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However, the noticeably rising application of ESD in neurological and movement disorder management segment will contribute to the leading pace of the growth of this segment. The segment is projected to rise at an impressive CAGR of 7.40% during the forecast period, fueled by vastly rising demand for ESDs.
Major types of ESDs use are spinal cord stimulation devices, transcutaneous electrical nerve stimulation devices, deep brain stimulation devices, gastric electric stimulation devices, vagus nerve stimulation devices, sacral nerve stimulation devices, neuromuscular electrical stimulation (NMES/EMS) devices, combination devices, electrotherapy devices, trigeminal nerve stimulation (TNS) devices, and transcranial magnetic stimulation (TMS) devices.
Extensively Rising Applications in Pain Management in Asia Pacific Account for its Prominence
The various regional market of ESDs are Asia Pacific, the Middle East and Africa, North America, Europe, among Latin America. Of these, North America leads the pack. In 2014, it accounted for the leading global share of 43.5% and contributed a substantial revenue of US$1.6 billion in the same year. The regional market is expected to hold its sway in the coming years as well, driven by the notably rising burden of various diseases caused by lifestyle actors and the growing prevalence of sports injuries. The rise in geriatric population suffering from chronic pain and other indications. The presence of a robust healthcare system in the region will also bolster the uptake during the assessment period.
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Howbeit, Asia Pacific is expected to experience significant strides in the uptake of ESDs for various applications. The regional market is anticipated to rise at the leading 6.90% CAGR from 2015 to 2023. The rapidly rising elderly populations and the marked prevalence of various types of pain are crucial factors likely to support a swift uptake of ESDs in this region. Furthermore, a rapidly rising case of neurological disorders and a promising life expectancy of populations in numerous countries in the region are significant factors fueling the demand for ESDs in Asia Pacific.