Electric Stimulation Devices Market Size, Share, Industry, Forecast and outlook (2024-2031)

Electric Stimulation Devices Market is segmented By Device Type (Spinal Cord Stimulation Devices, Deep Brain Stimulation Devices, Vagus Nerve Stimulation Devices, Sacral Nerve Stimulation Devices, Gastric Electric Stimulation Devices, Transcutaneous Electrical Nerve Stimulation Devices, Neuromuscular Electrical Stimulation Devices, Cranial Electrical Stimulation Devices), By Application (Pain Management, Neurological and Movement Disorder Management, Musculoskeletal Disorder Management, Metabolism & GIT Management, Incontinence Management), By End-User (Hospital, Specialty Clinics, Neurosurgical Centers, Ambulatory Surgical Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Report Overview

Electric Stimulation Devices Market size was valued US$ YY million in 2021 and is estimated to reach US$ YY million by 2031, growing at a CAGR of 9.42% during the forecast period (2024-2031). North America is the largest market share in the global electric stimulation devices market. Competitive rivalry intensifies with Boston Scientific Corporation, Cyberonics, Inc, Colfax Corporation (DJO Global, Inc.), and others operating in the market.

Electric Stimulation Devices Market Scope

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Electric Stimulation Devices Market Dynamics

Innovations in electrical stimulation for spinal cord injuries are expected to drive market growtth.

Functional electrical stimulation (FES) is a form of NMES that involves administering electrical stimuli to paralyzed neurons or muscles to stimulate muscular activity to fulfill a functional task. FES is used extensively in rehabilitation following a spinal cord injury (SCI), mostly to regain extremities function. FES has boosted muscle power production and resistance. FES aids in the recovery of upper extremity function following SCI. FES has also been utilized in lower extremity rehabilitation to increase gait characteristics such as foot-pulling acceleration, swing power, and ground impact force, resulting in faster walking speeds and a more efficient system of muscle strength for gait. Therefore, current developments in healthcare delivery have stimulated research into strategies to deliver FES on an outpatient basis.

One solution is Myant's garment-based stimulation technology (Toronto, Canada). These garments combine cloth with silver thread or conductive layers to implant electrodes into the clothing to deliver electrical stimulation. Compared to other solutions, these wearable garments should be adjustable, cost-effective, multifunctional, and durable and allow for independent application by the patient. Thus, from the above statements, the market is expected to drive in the forecast period.

High costs and stringent device licensingare associated with physiotherapy treatments will hamper the market growth

High costs are associated with physiotherapy treatments, resulting in limited device acceptability. Long approval processes are causing delays in introducing new items to the market. Stringent device licensing regulations and a wide choice of electrical stimulation system alternatives are the factors the market is expected to get hampered in the forecast period.

COVID-19 Impact Analysis

The COVID-19 pandemic is the most devastating health crisis that humanity has faced in the last century. The lack of viable medicinal options has hampered the fight against the disease. Based on solid research findings, electric stimulation can be a viable adjuvant to currently utilized symptomatic therapy and antiviral medications. Based on preclinical studies, electric stimulation can improve respiratory functions, limit SARS-CoV-2 growth, alleviate pain, raise immunity, and improve antiviral medication penetration. Furthermore, NMES is a simple and non-invasive therapy for muscle strengthening that is generally well tolerated, produces no adverse effects, requires no or little assistance from patients, and is relatively inexpensive. As a result, demonstrating the efficacy of NMES therapy for physical and muscle function in COVID-19 patients may support its systematic inclusion in post-ICU rehabilitation protocols for patients with post-intensive care syndrome.

Electric Stimulation Devices Market Segmentation Analysis 

Pain Management segment is expected to hold the largest market share in electric stimulation devices market.

The pain management segment accounted for the largest market share in 2021. The segment benefits from the increasing prevalence of chronic pain disorders, and the growing usage of Pain Management products due to their high therapeutic advantages are the factors the market is driven in the forecast period. For instance, chronic pain is estimated to affect 11% to 40% of persons in the United States. The most prevalent chronic pain issue is low back pain. Women and people over the age of 65 are more prone to experience chronic pain. Chronic pain costs the United States up to $635 billion every year. Severe depression affects more than 8 out of 10 chronic pain patients. One in every four patients suffering from chronic pain has a sleep disturbance. Chronic pain affects at least 10% of the world's population. Therefore, the demand for electric stimulation devices for chronic pain has increased. Thus, from the above statements, the market segment accounted for the largest market share in the forecast period.

Electric Stimulation Devices Market Geographical Share 

North America region holds the largest market share in the global electric stimulation devices market

North America accounted for the largest market share in 2021. The rise in chronic pain, the prevalence of sports injuries, the rise in the geriatric population, and significant market competitors focused on obtaining FDA approval for novel products to treat patients are the factors the market is driven in the forecast period. For instance, in May 20, 2022, NeuroMetrix, Inc. announced that its wearable technology for chronic pain therapy had gained 510(k) approval (K140333) from the United States Food and Drug Administration (FDA) for over-the-counter usage. The company is nearing the end of developing a consumer-oriented chronic pain management product. The gadget is built on wearable technology, currently used in the Company's SENSUS Pain Management System, to induce safe and effective pain treatment by gentle, non-invasive electrical stimulation of sensory neurons. It is lightweight and can be worn throughout the day and while sleeping. Thus, for the statements, North America accounted for the largest market share in the forecast period.   

Electric Stimulation Devices Market Key players

Major key players in the electric stimulation devices market are Boston Scientific Corporation, Cyberonics, Inc, Colfax Corporation (DJO Global, Inc.), Medtronic plc, Nevro Corporation, Abbott, NeuroMetrix, Inc., BTL Industries, Inc., Cogentix Medical Inc., Zynex Inc.

Boston Scientific Corporation:

Overview:

Boston Scientific Corporation is a developer, manufacturer and marketer of medical devices used in various interventional medical specialties. The company offers its products in businesses such as Interventional Cardiology, Peripheral Interventions, Cardiac Rhythm Management, Electrophysiology, Endoscopy, Urology and Pelvic Health, Neuromodulation and Specialty Pharmaceuticals. Moreover, it operates in three segments: MedSurg, Rhythm and Neuro, and Cardiovascular. MedSurg consists of Endoscopy, Urology, and Pelvic Health businesses. The rhythm segment consists of Cardiac Rhythm Management, Electrophysiology and Neuromodulation businesses. Across 100+ countries, the company delivers care more effectively by reducing costs, increasing efficiencies, and expanding access to care to help more people live healthier lives.

­Product Portfolio:

Precision Novi Primary Cell Spinal Cord Stimulator System: Precision Novi is the smallest, thinnest high, capacity primary cell spinal cord stimulator implant with a unique contoured shape. This improved implant shape was designed to enhance patient comfort and address the primary cause of revision surgeries: pain over the implant site.

The global electric stimulation devices market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.