Electrical Stimulation Devices Market Size, Share, Industry Trends and Forecast to 2030

Electrical Stimulation Devices Market Size & CAGR in 2021

The global electrical stimulation devices market size in 2021 was valued at USD 2.5 billion. It is expected to experience a compound annual growth rate (CAGR) of 4.8% from 2021 to 2028, reaching a market size of USD 3.6 billion by the end of the forecast period.

COVID-19 Impact on the Electrical Stimulation Devices Market

The COVID-19 pandemic had a mixed impact on the electrical stimulation devices market. While there was a temporary slowdown in elective procedures and surgeries due to lockdowns and restrictions, the demand for these devices increased in the rehabilitation and home healthcare sectors. The market witnessed a surge in demand for devices that could be used for remote patient monitoring and virtual care services. Manufacturers also faced supply chain disruptions and logistic challenges during the pandemic.

Electrical Stimulation Devices Dynamics

The global electrical stimulation devices market is driven by factors such as the increasing prevalence of chronic diseases, growing geriatric population, rising demand for non-invasive treatment options, and technological advancements in the healthcare sector. The market is also witnessing a shift towards portable and wearable devices that offer convenience and flexibility to patients. However, high costs associated with these devices and regulatory challenges may hinder market growth.

Segments and Related Analysis

The electrical stimulation devices market can be segmented based on product type, application, end-user, and region. Product types include spinal cord stimulators, deep brain stimulators, transcutaneous electrical nerve stimulation (TENS) devices, and others. Applications of these devices include pain management, neurological disorders, musculoskeletal disorders, and others. End-users of electrical stimulation devices include hospitals, clinics, ambulatory surgical centers, and home healthcare settings.

By Region Analysis

The electrical stimulation devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America currently dominates the market due to the presence of well-established healthcare infrastructure, high healthcare expenditure, and a large patient population. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period, attributed to increasing investments in healthcare, a rising geriatric population, and growing awareness about advanced treatment options.

Key Market Players and Competitive Landscape

Some of the key players in the electrical stimulation devices market include Medtronic, Boston Scientific Corporation, Abbott, BTL Industries, DJO Global, Zynex Medical, St Jude Medical, Cyberonics, Neuronetics, and Nurotron Biotechnology. These companies are focusing on product innovations, strategic collaborations, mergers & acquisitions, and geographical expansions to strengthen their market presence and gain a competitive edge.

Recent Happenings in the Electrical Stimulation Devices Market

- In April 2022, Medtronic launched a new spinal cord stimulation system that offers personalized pain relief for patients with chronic back pain. - Boston Scientific Corporation announced a partnership with a leading healthcare organization to develop innovative neuromodulation therapies for chronic pain management. - Abbott introduced a new line of wearable electrical stimulation devices for at-home pain management. - DJO Global collaborated with a renowned research institute to conduct clinical trials on the effectiveness of electrical stimulation devices in post-operative rehabilitation. - Zynex Medical expanded its product portfolio with the launch of new TENS devices targeting specific pain management needs.