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Electrotherapy Systems Market Growth, Size, Share & Forecast 2024-2033 | Trends & Key Players
Electrotherapy Systems Market Growth
According to The Business Research Company's, The electrotherapy systems market size has grown strongly in recent years. It will grow from $4.55 billion in 2023 to $4.96 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to the rising prevalence of spinal injuries due to accidents, growth in the aging population, increase in health expenditures, rising incidences of back pain and neck pain, and increasing focus on non-invasive therapies.
The electrotherapy systems market size is expected to see strong growth in the next few years. It will grow to $7.07 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to Increasing approval of electrotherapy systems, strong emphasis on chronic pain management, rising healthcare expenditures supporting the adoption of electrotherapy systems, focus on personalized pain relief solutions for chronic conditions, increasing awareness and acceptance of electrotherapy systems among patients and healthcare providers. Major trends in the forecast period include technological advancements, launch of innovative products, approval of breakthrough devices by regulatory bodies, regulatory approvals for new electrotherapy technologies, focus on pain management in high-contact sports such as football, rugby, and wrestling.
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Market Drivers and Trends:
The rising prevalence of spinal and sports injuries is expected to propel the growth of the electrotherapy systems market going forward. Spinal and sports injuries refer to physical trauma or damage sustained by the spinal cord, vertebrae, or surrounding tissues, as well as injuries incurred during sports or athletic activities. The rising prevalence of spinal and sports injuries is attributed to increased participation in high-impact activities, intensified competitive sports, and inadequate injury prevention measures. Spinal and sports injuries utilize electrotherapy systems for targeted pain relief, muscle rehabilitation, and tissue healing due to their non-invasive and effective treatment modalities. For instance, in October 2022, according to a report published by the New Zealand Spinal Trust, a New Zealand-based non-profit organization dedicated to assisting individuals with spinal cord injuries, the incidence of sports and recreational spinal cord injuries (SCI) saw a rise, climbing from 14% in 2020 to 19% in 2021. Furthermore, in May 2022, according to the National Library of Medicine, a US-based government library, every year between 250,000 and 500,000 people suffer spinal cord injuries around the world. Every year, around 17,000 new spinal cord injuries are recorded in the United States, and it is estimated that 282,000 Americans have survived spinal cord injuries. Therefore, the rising prevalence of spinal and sports injuries is driving the growth of the electrotherapy systems market.
Major companies operating in the electrotherapy systems market are focused on innovative technologies, such as next-generation electrotherapies, to maintain competitiveness and meet evolving consumer needs. Next-gen electrotherapy delivers targeted electrical stimulation for various medical applications, including pain management, rehabilitation, and neurological disorders, offering improved efficacy, precision, and patient comfort. For instance, in April 2023, Enovis, a US-based medical technology company, launched Intelect Legend 2 and Intelect Transport 2, cutting-edge electrotherapy systems that provide benefits such as increased muscular contractions, less patient discomfort, and reduced neural fatigue. It has an intuitive user interface that simplifies treatment settings by allowing therapists to select indications rather than technical waveforms. This streamlines the treatment procedure for the best patient care.
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Major Key Players of the Market:
Abbott Laboratories, Phoenix Healthcare Group, Medtronic PLC, Boston Scientific Corporation, Omron Healthcare Inc, St. Jude Medical Inc, DJO Global LLC, LivaNova PLC, BTL Industries LLC, Beurer GmbH, Nevro Corporation, Cyberonics Inc, Zynex Inc, Dynatronics Corporation, Uroplasty Inc, North Coast Medical Inc, PureCare by Fabrictech, NeuroMetrix Inc, TensCare Ltd, Cionic Inc, EMS Physio Ltd, STYMCO Medical, Neuro20 Technologies Corp, Eme srl
Electrotherapy Systems Market 2024 Key Insights:
• The electrotherapy systems market size is expected to see strong growth in the next few years. It will grow to $7.07 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Expanding Electrotherapy Systems Market Is Driven By Growing Incidence Of Spinal And Sports Injuries
• Technological Advancements Transform The Electrotherapy Systems Market
• North America was the largest region in the electrotherapy systems market in 2023
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