Albany, NY, Feb. 04, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research “Electrical Stimulation Devices (ESDs) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023”, the global electrical stimulation devices market was valued at USD 3.8 billion in 2014 and is projected to expand at a CAGR of 6.0% from 2015 to 2023 to reach USD 6.5 billion in 2023.
Electrical stimulation devices or electronic muscle stimulation devices are essentially electrotherapy devices that are specifically designed to cause muscle contraction via electrical impulses. Non-invasive technology devices have been a major focus area in the past few years of medical device manufacturers, as majority of ESDs available in the market require surgical implantation as well as replacement surgeries after every few years. Factors such as escalating prevalence of chronic medical conditions, increasing geriatric population, introduction of novel technologies are driving the growth of the global electrical stimulation devices market. However, certain factors such as presence of alternative treatment therapies, low endorsement from regulatory bodies, and risks associated with implant procedures might pull back the growth of electrical stimulation devices market.
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North America Largest Regional Market, APAC Registers Fastest Growth
The global electrical stimulation devices market is divided on the basis of geography into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Factors such as rise in number of sports-related injuries, increasing prevalence of lifestyle-associated diseases, growing incidence of pain indications among the elderly, and increasing access to high-quality healthcare have led North America to emerge as the dominant regional market for electrical stimulation devices.
Asia Pacific, on the other hand, is anticipated to emerge as the region with the highest growth over the next eight years. The rapid growth in this regional electrical stimulation devices market can be attributed to rise in disposable income among population in emerging economies such as India and China, growing geriatric population base, increased demand for advanced medical and surgical interventions. China is a prominent market for electrical stimulation devices in this region and is driven by rise in chronic illnesses, increase in healthcare spending, higher incidence rate of road accidents, and large base of disabled population.
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Based on device type, the global electrical stimulation devices market has been segmented into spinal cord stimulation (SCS) devices, deep brain stimulation (DBS) devices, vagus nerve stimulation (VNS) devices, sacral nerve stimulation (SNS) devices, gastric electric stimulation (GES) devices, transcutaneous electrical nerve stimulation (TENS) devices, neuromuscular electrical stimulation (NMES/EMS) devices, and other electrical stimulation devices (electrotherapy devices, combination devices, TNS, TMS, etc.).
Spinal cord stimulation (SCS) devices dominated the market in 2014 due to increasing number of SCS implantation in the chronic pain management of trunk or limbs, which includes pain associated with post-back surgery syndrome, lower back, or legs coupled with growing incidence of neuromuscular diseases in developed regions. However, the vagus nerve stimulation (VNS) devices segment is expected to grow at the highest CAGR during the forecast period as these devices are becoming extremely important to reduce epilepsy seizures and improve postictal recovery in patients.
Zynex, Inc., Nevro Corp., BTL Industries, Inc., Boston Scientific Corporation, Cyberonics, Inc., DJO Global, Uroplasty, Inc. (Cogentix Medical), NeuroMetrix, Inc., St. Jude Medical, Inc., EnteroMedics Inc., and Medtronic plc are some of the prominent players operating in the global electrical stimulation devices market.
Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research