Global Electric Stimulation Devices Market – Industry Trends and Forecast to 2030

Global Electric Stimulation Devices Market, By Device (Spinal Cord Stimulation Devices, Deep Brain Stimulation Devices, Vagus Nerve Stimulation Devices, Sacral Nerve Stimulation Devices, Gastric Electric Stimulator Devices, Transcutaneous electrical nerve Stimulation Devices, Neuromuscular Electrical Stimulation Devices, Cranial Electrical Stimulation Device, Others), Application (Pain Management, Neurological and Movement Disorder Management, Musculoskeletal Disorder Management, Metabolism & GIT Management, Incontinence Management, Others), End-User (Hospitals, Specialty Clinics, Ambulatory Centres, Others) – Industry Trends and Forecast to 2030.

Electric Stimulation Devices Market Analysis and Size

The global electric stimulation device market is experiencing steady growth, driven by the increasing prevalence of chronic diseases, technological advancements, a growing aging population, favorable reimbursement policies, and increasing awareness and acceptance.

Data Bridge Market Research analyses that the electric stimulation devices market which was USD 6366.77 million in 2022, would rocket up to USD 15,061.11 million by 2030, and is expected to undergo a CAGR of 10.45% during the forecast period. This indicates that the market value. "Neurological" dominates the application segment of the electric stimulation devices market owing to the growing demand for electric stimulation devices for neurological nerve stimulation. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Electric Stimulation Devices Market Scope and Segmentation

Market Definition

Electrical stimulators are the minor electronic equipment a patient wears and is attached to the skin via electrodes externally. Electrical stimulators can be used for numerous purposes, including reducing acute post-operative pain and swelling, treating chronic intractable pain, maintaining muscle tone during reduced spasticity, temporary immobilization, and helping injured spinal cord patients to stand, walk and grasp independently.

Electric Stimulation Devices Market Dynamics

Drivers

• Increasing prevalence of chronic diseases

The increasing prevalence of chronic diseases such as cardiovascular, neurological, and musculoskeletal diseases is a major driver of the electrical stimulation devices market. These devices are widely used for pain relief, muscle rehabilitation, and neuromodulation and offer effective treatment options for patients with chronic conditions. As the global burden of chronic diseases continues to increase, the demand for electrical stimulation devices is expected to increase significantly.

• Growing aging population

The world's ever-increasing aging population is a major electrical stimulation devices market driver. As people age, they are more susceptible to chronic pain, neurological disorders, and other age-related conditions that can benefit from electrical stimulation therapy. As the elderly population grows, the demand for electrical stimulation devices to improve quality of life and provide effective solutions to health problems associated with aging will increase.

• Research and development proficiencies

Rising expenditure for research and development proficiencies, especially in developed and developing economies, about medical instruments and devices will further create lucrative market growth opportunities. Research and development proficiencies being conducted to develop electric stimulation devices also bolstered the market growth rate.

• Growing investment in healthcare facilities

Surging focus on improving healthcare facilities' condition and overall healthcare infrastructure is another important factor fostering the market growth. The rising number of partnerships and strategic collaborations between the public and private players about funding and application of new and improved technology further creates lucrative market opportunities.  

Opportunities

• Expansion into emerging markets

The electrical stimulation devices market offers a significant opportunity to expand into emerging markets. Rapid economic growth, improving health infrastructure, and rising disposable incomes in  China, India, Brazil, and Mexico create a favorable market environment. These areas have a large population base, including a growing middle class, which increases spending on healthcare. By strategically entering this emerging market, manufacturers of electrical stimulation devices can take advantage of the growing demand for advanced medical technologies and benefit from a relatively untapped customer base.

• Integration of digital health solutions

Integrating digital health solutions with electrical stimulation devices offers a promising opportunity. Digital health technologies such as smart apps, wearables, and remote monitoring systems can improve the functionality and accessibility of electrical stimulation devices. These solutions allow patients to monitor treatment progress, customize settings and receive personalized recommendations for optimal treatment results. In addition, data collected through digital health solutions can provide healthcare providers with valuable information that leads to more informed decision-making and better patient care. Digital health integration allows manufacturers to differentiate their products and respond to the changing needs of patients and healthcare professionals. 

Restraints/ Challenges

• High cost of electric stimulation devices

One of the main constraints in the market for electrical stimulation devices is the high cost associated with these devices. Advanced electrical stimulation devices, such as implantable neurostimulators, can be expensive, making them less affordable for some patients and healthcare systems. High costs may limit the adoption of these devices, especially in areas with limited healthcare budgets or inadequate reimbursement. Cost containment and pressure from healthcare payers can create challenges for manufacturers to enter the market and generate revenue.

• Stringent regulatory requirements

The electrical stimulation device market is governed by strict regulatory agencies such as the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA). Obtaining official permits and complying with the necessary regulations can be time-consuming and expensive for manufacturers. Stringent safety, efficacy, and clinical trial requirements can delay product launch and increase development costs. Adhering to evolving regulatory standards and maintaining compliance throughout the product life cycle may limit market growth. 

• Ethical and safety concerns

Electrical stimulation devices, especially invasive or implantable devices, raise ethical and safety issues. The potential risks associated with these devices, such as infection, failure, and tissue damage, require strict safety practices and controls. Adhering to strict quality control procedures, conducting rigorous clinical trials, and ensuring post-marketing surveillance is critical to maintaining patient safety and obtaining regulatory approvals. Public perception and concern about electrical stimulation therapy's long-term safety and ethical implications may also present challenges to market acceptance and adoption.

• Integration with existing healthcare systems

Integrating electrical stimulation devices into existing healthcare systems can be difficult due to several factors. Compatibility issues with electronic health records (EHR) systems and other medical devices, lack of standard protocols for device interoperability, and limited integration with telemedicine platforms may prevent the seamless integration of electrical stimulation therapy into routine healthcare practices. Collaboration between device manufacturers, healthcare providers, and technology providers is essential to overcome these challenges and facilitate the seamless integration of electrical stimulation devices into healthcare systems.

This electric stimulation devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the electric stimulation devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In March 2019, CARMEL. Ind. received FDA market clearance for the Cervella Cranial Electrotherapy Stimulator. The FDA cleared the Cervella medical device for the treatment of anxiety, depression, and insomnia
• In April 2018, Cala Health received FDA clearance for Cala ONE as an individualized prescription neuromodulation therapy for transplant relief of hand tremors in adults with essential tremor (ET)

Global Electric Stimulation Devices Market Scope

The electric stimulation devices market is segmented on the basis of device, application, and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Device

• Spinal cord stimulation devices
• Deep brain stimulation devices
• Vagus nerve stimulation devices
• Sacral nerve stimulation devices
• Gastric electric stimulator devices
• Transcutaneous electrical nerve stimulation devices
• Neuromuscular electrical stimulation devices
• Cranial electrical stimulation device
• Others

Application

• Pain management
• Neurological and movement disorder management
• Musculoskeletal disorder management
• Metabolism & GIT management
• Incontinence management
• Others

End-User

• Hospitals
• Specialty clinics
• Ambulatory centers
• Others

Electric Stimulation Devices Market Regional Analysis/Insights

The electric stimulation devices market is analysed and market size insights and trends are provided by country, device, application, and end-user, as referenced above.

The countries covered in the electric stimulation devices market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the electric stimulation devices market due to the rise in the prevalence of chronic disorders, increase in chronic pain, rise in the prevalence of sports injuries, and rise in chronic pain among individuals in this region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to the increase in government initiatives to promote awareness, rise in medical tourism, growing research activities in the region, availability of massive untapped markets, large population pool, and the growing demand for quality healthcare in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The electric stimulation devices market also provides you with a detailed market analysis for every country's growth in healthcare expenditure for capital equipment, installed base of different kinds of products for the electric stimulation devices market, impact of technology using lifeline curves, and changes in healthcare regulatory scenarios and their impact on the electric stimulation devices market. The data is available for historic period 2015-2020.

Competitive Landscape and Electric stimulation devices Market Share Analysis

The electric stimulation devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the electric stimulation devices market are:

• Medtronic (Ireland)
• Asahi Kasei Corporation (Japan)
• Boston Scientific Corporation (U.S.)
• Koninklijke Philips N.V. (Netherlands)
• Zynex Medical (U.S.)
• Abbott (U.S.)
• NeuroMetrix, Inc. (U.S.)
• Cyberonics, Inc. (U.S.)
• BIOTRONIK, Inc. (Germany)
• Defibtech, LLC. (U.S.)
• CU Medical System Inc. (South Korea)
• Beijing Pins Medical Co., Ltd (China)
• DJO Global (U.S.)
• MicroPort Scientific Corporation (China)
• Aleva Neurotherapeutics SA. (Switzerland)
• Bioinduction Ltd (U.K.)
• Nevro Corporation (U.S.)
• St. Jude Medical, LLC (U.S.)
• Stryker (U.S.)
• Soterix Medical Inc. (U.S.)