ALBANY, New York, October 19, 2015 /PRNewswire/ --
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.
Currently, electrical stimulation devices are used as an effective way to treat muscle weakening, in condition where body muscles has been affected by a neurological disorder (e.g. an injury or hemiplegia). Rise in incidence of low back pain and spinal injuries and increasing usage of ESDs in sports medicine has triggered the demand for ESDs globally. In terms of regional classification, the global electrical stimulation devices market has been segmented into five major markets: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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In terms of revenue, North America was the largest regional market for electrical stimulation devices, and accounted for a share of over 40% of the global market in 2014. Dominance of North America has been attributed to increasing aging population, highly structured health care industry, and availability of well-defined reimbursement policies from public and private health insurance firms. Additionally, according to the University of Maryland Medical Center (UMMC), approximately 60% to 80% adult population in the U.S. suffers from low-back pain and more than 13 million people visit a clinician for chronic back pain. Thus, the expanding patient base and positive product approvals are cumulatively analyzed to boost the market growth in this region.
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Europe was the second largest market for electrical stimulation devices in terms of revenue in 2014. Major countries such as Germany, the U.K., and France accounted for a majority share of the European market. Factors attributed to the rapid growth of the electrical stimulation devices market in Europe are increasing introduction of innovative products by top market players along with rising incidence of chronic back pain and diseases such as diabetes, injuries sustained from traffic-accidents, sports injuries, and occupational injuries are some of the key factors fueling the growth of the electrical stimulation devices market in Europe.
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Asia Pacific was the third largest market for electrical stimulation devices market in 2014, and is anticipated to grow at the highest CAGR during the forecast period. Certain factors such as, large pool of aged individuals and perpetual addition to the same, implementation of government initiatives aimed at improving health care access, and growing health care expenditure would drive the growth of the market in Asia Pacific. In addition, presence of large medical device sector in the developing regions of Asia Pacific would contribute towards the growth of electrical stimulation devices market. Asia Pacific was followed by Latin America (Brazil and Rest of Latin America) and Middle East & Africa (South Africa and Rest of MEA) in terms of market revenue.
Other Reports Published by Transparency Market Research:
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Boston Scientific Corporation, BTL Industries, Inc., Cyberonics, Inc., DJO Global, EnteroMedics Inc., Medtronic plc, Nevro Corp., NeuroMetrix, Inc., St. Jude Medical, Inc., Uroplasty, Inc. (Cogentix Medical), and Zynex, Inc. are the major players operating in the global electrical stimulation devices market. Among these, Medtronic plc, Boston Scientific Corporation, and St. Jude Medical, Inc. are the market leaders.
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The global electrical stimulation devices market has been segmented as follows:
Electrical Stimulation Devices Market, by Device Type
- 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
- Other Electrical Stimulation Devices (Electrotherapy Devices, Combination Devices, TNS, TMS, etc.)
Electrical Stimulation Devices Market, by Application
- Pain Management
- Neurological and Movement Disorder Management
- Musculoskeletal Disorder Management
- Metabolism & GIT Management (Stomach, Intestine, Pancreas, Digestion, Blood Pressure, Nausea, Vomiting, Gastroparesis, etc.)
- Incontinence Management (Fecal Incontinence, Urinary Incontinence, Urinary Retention)
- Others (Aesthetics, Training, Cosmetics, etc.)
Electrical Stimulation Devices Market, by Geography
- Rest of Europe
Asia Pacific (APAC)
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- South Africa
- Rest of MEA
Browse All Other Medical Devices Market Research Reports: http://www.transparencymarketresearch.com/medical-devices-market-reports-6.html
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