Pulsed Electromagnetic Field Therapy Devices Market Value Share, Analysis and Segments 2018-2026
Pulsed Electromagnetic Field Therapy Devices Market: Drivers and Restraints
The rising wellness market coupled with the growing expenditure and acceptance of alternative therapy is the prime mover of the pulsed electromagnetic field therapy devices market. The growing awareness and the complimentary influence of yoga, and alternative therapies is generating a large demand for the pulsed electromagnetic field therapy devices market. The large economic burden coupled with the large prevalence of non-union fractures which account for almost 12 % of the total fracture cases is driving a large adoption of pulsed electromagnetic field therapy devices. The growing geriatric population, increase in risk factors associated with fractures such as accidents, falls, growing sports culture are the demographic drivers of the market. The number of people aged 60 years or older is expected to rise from 900 million to 2 billion between 2015 and 2050, representing a growth from 12% to 22% of the total global population, according to recent World Health Organization report.
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However psychometric factors such as lifestyle changes, growing popularity of wellness, influence of media and peer group pressure are achieving greater weightage in the adoption of the pulsed electromagnetic field therapy devices market. The growing incomes of women is a strong determinant of the pulsed electromagnetic field therapy devices market as fractures and diseases such as osteoporosis affect women disproportionately as compared to men. The rising ecommerce industry and the emergence of self-claimed learned customers is expected to drive a large volume of sales of the pulsed electromagnetic field therapy devices.
Advancements in technology such as development of miniaturized, narrow pulsed electromagnetic field therapy devices using advanced materials, automated patterns of varying pulsed electromagnetic field, remote operations by integration with mobile devices and others are appealing to the customer tastes, which is further charging the pulsed electromagnetic field therapy devices market. Thus product development represents the largest market opportunity and many players are launching ergonomic products.
However the pulsed electromagnetic field therapy devices market is constrained by the poor experimental validation and the lack of understanding of the mechanism of the bone healing effect achieved by pulsed electromagnetic field therapy. The inconclusive and insufficient evidence coupled with the lack of support from the main line clinical practice professionals has greatly limited the application of the pulsed electromagnetic field therapy devices. Pulsed electromagnetic field therapy devices are approved by the FDA. However pulsed electromagnetic field therapy devices need to be marketed as as wellness products and are restrained from making claims of effectiveness for treatment of diseases, laying them open to criticism as superficial externalities, and pseudoscience.
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The high pressure on pricing owing to large market fragmentation and the high volume & low-value nature of the pulsed electromagnetic field therapy devices market, which makes price a very significant value proposition for the pulsed electromagnetic field therapy devices market. Close collaboration with wellness clinics coupled with large advertisement and marketing is crucial as they have the highest influence on the buying decision. Shelf-positioning is an extremely important which drives the importance of close collaboration with retailers. Companies are also developing specialized franchise to develop a brand image and boost customer loyalty.
Pulsed Electromagnetic Field Therapy Devices Market: Overview
Based on regions, the global pulsed electromagnetic field therapy devices market is classified into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, Middle East & Africa, and Asia Pacific Pulsed electromagnetic field therapy devices market excluding Japan. North America led by US is expected to account for the largest share of the global pulsed electromagnetic field therapy devices market owing to larger number of well ness clinics, developed healthcare infrastructure, and large wellness market.
The Europe pulsed electromagnetic field therapy devices market is expected to be led by the Germany, France, Italy, Spain, Portugal and the UK. Germany has a large medical devices industry which is a prime driver of the European pulsed electromagnetic field therapy devices market. The large medical devices industry of Europe manufactures a bulk of pulsed electromagnetic field therapy devices especially in countries such as Germany, Austria and Switzerland. These pulsed electromagnetic field therapy devices are then exported to North America as electric massagers or electric yoga mats.
The Latin America pulsed electromagnetic field therapy devices market is disproportionately biased towards aesthetic and wellness products owing to influence of the media and tourism industry. The developing medical tourism industry of Ecuador, Brazil and Venezuela is driving a large pulsed electromagnetic field therapy devices market. The Middle East and Africa pulsed electromagnetic field therapy devices market is expected to be driven by the gulf economies of Saudi Arabia, Kuwait, and Qatar. However, the poor per capita income of African countries is likely to hamper the pulsed electromagnetic field therapy devices market growth.
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Some of the major players in the global pulsed electromagnetic field therapy devices market are EarthPulse, SEDONA Wellness LTD., Bedfont Scientific Ltd., Innovative Medicine, LLC., ONDAMED, Orthofix Holdings, Inc., Pulse Centers, Curatronic, Oxford Medical Instruments, Pulsed Energy Technologies LLC., SomniResonance, Curatronic Ltd., MediCrystal and others.
The pulsed electromagnetic field therapy devices report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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