electrical stimulation devices Market

The global electrical stimulation devices market is expected to reach US$11,334.0 million by 2027 from US$ 5,643.7 million in 2019; it is estimated to grow at a CAGR of 9.3% during 2020–2027.

The rising prevalence of neurological diseases and increasing cases of chronic painare the major factorsdriving the growth of this market. However, the high cost of treatments involving electrical stimulation devices is hindering the marketgrowth. 

Neurological diseases represent significant burden on national health systems, especially in terms of disease diagnosis, treatment, and management. Several frequently reported neurological diseases include narcolepsy, Parkinson’s disease, Alzheimer’s disease, multiple sclerosis, spinal muscular atrophy (SMA), and Duchenne muscular dystrophy. According to data published by National Institutes of Neurological Disorders and Stroke, 7,000 rare neurological diseases were registered in the USin 2019. Additionally, according to the same study, these conditions are responsible for significant number of morbidities and mortalities. The sleep deprivation, as well as sudden changes in sleep patterns; psychological stress; inherited genetic fault; and aging are the main factors that are resulting in the rise in prevalence of neurological diseases. Therefore, elderly population is highly vulnerable to acquiring neurological conditions. According to a study published by Clinical Practice ResearchDatalink, the prevalence of Parkinson’s disease is highly correlated with aging. Moreover, the morbidities and disabilities caused by these diseases are also reported to be affecting the economic performances of countries. According to the data published by National Institute of Health (NIH) in 2019, ~40 million Americans suffer from neurological diseases in the US, whereas additional 20 million people experience occasional sleeping problems.Over the past few decades, there have been various research and development activities pertaining to the diagnosis and management of neurological diseases. Advancements in healthcare systems and modernizing diagnostic systems are likely to bring improvements in the screening processes for rare neurological diseases. Such technological advancements, coupled with growing prevalence of neurological diseases, are driving the growth of the electrical stimulation devices market.

The global electrical stimulation devicesmarketis segmented on the basis of device type and application. Based on device type, themarketis segmented into spinal cord stimulation devices, deep brain stimulation devices, vagus nerve stimulation (VNS) devices, sacral nerve stimulation (SNS) devices, gastric electrical stimulation (GES) devices, transcutaneous electrical nerve stimulation (TENS) devices, neuromuscular electrical stimulation (NMES/EMS) devices and other devices. Based on application, the electrical stimulation devicesmarkethas been segmented intopain management, neurological and movement disorders management, musculoskeletal disorder management, metabolism and GIT (Gastrointestinal Tract)management, incontinence management, and other applications. The pain managementsegment held the largest share of the market in 2019,and it is further expected to register the highest CAGR during the forecast period.

The Center for Drug Evaluation and Research (CDER), Canada Foundation of Innovation (CFI), European Federation of Pharmaceuticals Industries Associations (EFPIA), European Medical Association (EMA), Food and Drug Administration (FDA), India Brand Equity Foundation (IBEF), and Ministry of Health and Prevention