Electrical Stimulation Devices Market Opportunities, Challenges with Top Players Boston Scientific, BTL Industries,Cyberonics, DJO Global, Medtronic plc., Nevro

Electrical stimulation devices play a major role in advanced healthcare, as it cause muscle contraction with the use of electric impulses. Electrical stimulation devices are used in treating muscle weakness due to injuries or neurological disorders. The lead wires and electrodes of stimulation devices are affixed on the skin over the target region of body.

The global electrical stimulation devices market size was valued at US$ 3,956.0 million in 2017, and is expected to exhibit a CAGR of 4.7 % over the forecast period (2018 – 2026).

Electrical stimulation devices are used in preoperative and postoperative pain management in patients with spinal injuries. High incidence of spinal injuries caused due to accidents, falls or violence is expected to propel demand for spinal surgeries, which in turn is expected to drive the market growth. According to World Health Organization (WHO) factsheet in 2018, annually there are around 37.3 million falls, which require medical attention, whereas about 646,000 individuals die each year, from falls globally. Moreover, increasing incidences of neurological disorders such as Alzheimer’s disease and trauma associated with spinal injuries is expected to propel growth of the electrical stimulation devices market over the forecast period. For instance, in August 2012, National Center for Biotechnology Information (NCBI) stated Alzheimer’s disease as the most frequent cause of dementia in Western societies and estimated around 5.5 million cases of the disease in the U.S., and 24 million globally.

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However, increasing number of competitors have created intense competition in electrical stimulation devices market, leading to less profit margin and thus hindering the market growth. Also, rise in the number of local market players, is effecting decrease in prices of stimulation devices, which hinder the market growth. For instance, in January 2019, Neurolief’s featured Relivion a wearable neuromodulation technology at Annual International Headache Symposium in Israel (IHSI). North America holds dominant position in the global electrical stimulation devices market, owing to high prevalence of chronic diseases. According to National Center for Biotechnology Information (NCBI), March 2018, an estimated 45%, or around 33 million Americans were diagnosed by at least one chronic disease.

Moreover, rise in geriatric population, who are highly susceptible to pain, is expected to bolster the market growth over the forecast period.

According to American Psychological Association, 2014 report, around 40 million people over the age 65 years account for 14% of total population and around 60% to 75% of people over age 65 years are diagnosed with persistent pain. Moreover, key players in the market are focused on availing the U.S. Food and Drug Administration (FDA) approval for novel products to treat patients. For instance, in August 2017, Boston Scientific Neuromodulation Corporation, received approval from U.S. FDA for Precision Spinal Cord Stimulator System, Precision Spectra Spinal Cord Stimulator System, Precision Novi Spinal Cord Stimulator System, Precision Montage MRI Spinal Cord Stimulator System, Precision Montage Spinal Cord Stimulator System, and Spectra WaveWriter Spinal Cord Stimulator System for pain associated with back surgery, low back, and leg pain.

Key Players

Major players operating in the global electrical stimulation devices market include Boston Scientific Corporation, BTL Industries, Inc., Cyberonics, Inc., DJO Global, Inc., Medtronic plc., Nevro Corporation., NeuroMetrix, Inc., St. Jude Medical, Inc., Uroplasty, Inc. (Cogentix Medical), and Zynex, Inc.

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