The report highlights trends prevailing in the market, and the drivers and restraints pertaining to the market growth.
According to our new market research study on "Electrical Stimulation Devices Market to 2027 Global Analysis and Forecast by Device Type and Application," the global electrical stimulation devices markets expected to reach US$ 11,334.0 million by2027 from US$ 5,643.7million in 2019; it is estimated to grow at a CAGR of 9.3% from 2020 to 2027. The report highlights trends prevailing in the market, and the drivers and restraints pertaining to the market growth.
Electrical stimulation devices are utilized to treat chronic pain and neurological disorders with the help of electrical signals. Increasing awareness regarding efficient treatment outcomes of electrical stimulation therapy and growing number of product approvals are among the factors driving the market growth.
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Boston Scientific Corporation; Medtronic; Abbott; BTL; DJO Global, Inc.; Ava Science Inc.; NEVROCORP. Zynex Medical; Laborie, Inc.; LivaNova PLC; and NeuroMetri are among the leading companies operating in the electrical stimulation devices market.
Based on device type, the electrical stimulation devices market is segmented into spinal cord stimulation devices, deep brain stimulation devices, VNS devices, SNS devices, GES devices, TENS devices, andantes/EMS devices. The spinal cord stimulation devices segment held the largest share of the market in 2019; whereas the sacral nerve stimulation (SNS) devices segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on application, the electrical stimulation devices market has been segmented into pain management, neurological and movement disorders management, musculoskeletal disorder management, metabolism and GI management, incontinence management, and other applications. The pain management segment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the forecast period.
Increasing Prevalence of Chronic Pain
Chronic pain is one of the major problems listed by healthcare systems. Acute pains can be treated over time with the help of various therapeutic solutions; however, chronic pain leads to prolonged condition of abnormality. Furthermore, this type of pain adversely affects the social and economic aspects of people’s lives. Chronic pain conditions mainly include the pain of back, knees, and arms, as well as other musculoskeletal conditions.
The considerably growing prevalence of chronic pain is projected to drive the growth of the electrical stimulation devices market during the forecast period. According to a study published by the NCBI in 2016, extensively increasing prevalence of chronic pain and associated conditions are the leading cause of disability worldwide. Moreover, according to another study published by NCBI in2019, 30.0% of the population suffers from some form of chronic pain. Factors such as genetic conditions, sedentary lifestyle, aging, mental stress, and surgical interventions are among of the prominent causes of chronic pain. In addition, according to a study published by American Chiropractic Association in 2020, ~31 million Americans suffer from lower back pain at some point of time in their lives, which is majorly related to sedentary lifestyle.
With the advent of advanced technologies, the new devices are capable of reducing pain to considerable extent. For instance, Spectra Wave Writer Spinal Cord Stimulator System launched by Boston Scientific Corporation is capable of providing great relief to chronic pain. In addition, the devices enable the customization of therapy and real-time monitoring of therapy. These benefits of electrical stimulation devices, coupled with increasing prevalence of chronic pain, drives the growth of the electrical stimulation devices market.
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