Electrotherapy Market Size to Hit USD 1997.67 Million by 2033 | Straits Research
New York, United States, Oct. 15, 2024 (GLOBE NEWSWIRE) -- The use of electric impulses to relax muscles, improve blood flow, repair tissues, and encourage bone formation is known as electrotherapy. Global demand for electrotherapy has increased as a result of the use of physiotherapy in the treatment of various ailments. Electrotherapy is the application of electrical impulses to relax muscles, enhance blood flow, heal tissues, and promote bone growth.
Market Dynamics
New Product Launches and Technological Advances Drive the Global Market
Technological advancements in interferential therapy, ultrasound therapy, and transcutaneous electrical nerve stimulation are anticipated to support market growth. Recent product innovations from manufacturers allow us to see how far technology has come. For instance, in February 2021, KT Tape LLC (US) unveiled the newest addition to its recovery product line, KT Recovery+ Wave. The KT Wave, the powerful electromagnetic technology previously only available at a doctor's office, is transformed into a wearable, convenient solution by the FDA-approved wearable device KT Wave. It provides drug-free relief for sprains, arthritis, back pain, carpal tunnel syndrome, sports injuries, knee pain, and other symptoms. The increasing number of product launches and strategic moves made by manufacturers in the global electrotherapy market are expected to speed up market growth.
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High Market Growth to Support the Launch of New Products Creates Tremendous Opportunities
New products that can help patients in various ways, including pain relief, have also been developed as electrotherapy technology advances. According to data from the US Bureau of Economic Analysis, domestic production of medical supplies and equipment is increasing in real output and value-added (BEA). The larger "Medical Equipment and Supplies Manufacturing" industry had USD 102 billion in gross output and USD 62 billion in value added in 2018. This includes the two most essential subcategories, "Surgical and Medical Instrument Manufacturing" (USD 45.9 billion) and "Surgical Appliance and Supplies Manufacturing" (USD 37.4 billion). The latter category, which includes ventilators, masks, and numerous other essential medical supplies, saw an increase in real output of nearly 90% during the period under consideration. Manufacturing of analytical laboratory instruments (121.8%), irradiation apparatus (468.0%), and electromedical and electrotherapeutic apparatus (418.1%) were among the sectors that experienced notable increases in real output.
Regional Analysis
Americas is the most significant shareholder in the global electrotherapy market and is expected to grow at a CAGR of 5.53% during the forecast period. The developed healthcare system, growing demand for electrotherapy, and the existence of significant regional players are all factors in the Americas' 40.44% market share. Another aspect of the market's growth in the region is the high rate of sports-related injuries. For instance, according to estimates from the Centers for Disease Control and Prevention (CDC), 273,272 children (age 17 or younger) were treated in emergency departments (EDs) in the US in 2016 for nonfatal traumatic brain injuries (TBIs) related to sports and recreation. It is estimated that 3.5 million children suffer injuries from sports-related incidents annually. Bicycling was the second riskiest sport, with about 417,000 injuries, while football and basketball were third and fourth, with 404,000 and 292,000 injuries, respectively. In addition, the increasing use of electrotherapy systems in treating sports injuries among professional athletes and sportsmen is thus another factor driving the market in North America.
Europe is expected to grow at a CAGR of 4.43% during the forecast period. The rise in diabetes prevalence and the resulting increase in diabetic nerve pain are blamed for the market expansion. According to the World Health Organization, there are about 60 million diabetics in Europe (WHO). Diabetes is increasing in prevalence among people of all ages in the European region, primarily due to increased overweight and obesity, a poor diet, and sedentary lifestyles. In addition, the region's steadily rising cancer survivability rate and expanding geriatric population are also anticipated to contribute to the electrotherapy market's expansion. High healthcare spending is also expected to fuel the market's growth. According to a report released by the European Union, approximately 9.6% of the entire gross domestic product was spent on healthcare in European nations.
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Key Highlights
- Based on the treatment type, the global electrotherapy market is bifurcated into extracorporeal shock wave therapy, interferential current therapy (IC), magnetic field therapy, ultrasound therapy, transcutaneous electrical nerve stimulation (TENS) therapy, micro-current therapy, transcutaneous spinal electro analgesia (TSE), pulsed short wave diathermy (PSWD), spinal cord stimulation (SCS), percutaneous electrical nerve stimulation (PENS). The transcutaneous electrical nerve stimulation (tens) therapy segment is the highest contributor to the market and is expected to grow at a CAGR of 6.13% during the forecast period.
- Based on the device type, the global electrotherapy market is bifurcated into transcutaneous electrical neural stimulator (TENS), electronic muscle stimulator (EMS), interferential stimulator (IF), high voltage pulsed galvanic stimulator (HVPGS), microcurrent stimulator (MC) or microcurrent electrical neuromuscular stimulator (MENS). The transcutaneous electrical neural stimulator (TENS) segment owns the highest market share and is expected to grow at a CAGR of 5.91% during the forecast period.
- Based on the application, the global electrotherapy market is bifurcated into pain management, neuromuscular dysfunction, urine and fecal incontinence, acute and chronic edema, tissue repair, iontophoresis, orthopedics, and cardiology. The pain management segment is the highest contributor to the market and is expected to grow at a CAGR of 5.96% during the forecast period.
- Based on the end-user, the global electrotherapy market is bifurcated into hospitals and clinics, rehabilitation centers, and long-term care centers. The hospitals and clinics segment owns the highest market share and is expected to grow at a CAGR of 6.01% during the forecast period.
- Americas is the most significant shareholder in the global electrotherapy market and is expected to grow at a CAGR of 5.53% during the forecast period.
Competitive Players
- AliMedInc
- Cogentix Medical Inc
- St. Jude Medical Inc
- Zynex Medical
- DJO Global Inc
- Livanova Plc
- Nevro Corp
- Neurometrix Inc
- Boston Scientific Corporation
Recent Developments
- October 2022-Electromedical Technologies, Inc., a pioneer in developing and producing bioelectronic devices designed to relieve chronic, intractable, and acute pain through frequency and electro-modulation, introduced its new next-generation flagship device, the WellnessPro Infinity™.
Segmentation
- By Treatment Type
- Extracorporeal Shock Wave Therapy
- Interferential Current Therapy (IC)
- Magnetic Field Therapy
- Ultrasound Therapy
- Transcutaneous Electrical Nerve Stimulation (TENS) Therapy
- Micro-Current Therapy
- Transcutaneous Spinal Electro Analgesia (TSE)
- Pulsed Short WaveDiathermy (PSWD)
- Spinal Cord Stimulation (SCS)
- Percutaneous Electrical Nerve Stimulation (PENS)
- By Device Type
- Transcutaneous Electrical Neural Stimulator (TENS)
- Electronic Muscle Stimulator (EMS)
- Interferential Stimulator (IF)
- High Voltage Pulsed Galvanic Stimulator (HVPGS)
- Microcurrent Stimulator (MC) Or Microcurrent Electrical Neuromuscular Stimulator (MENS)
- By Applications
- Pain Management
- Neuromuscular Dysfunction
- Urine and Fecal Incontinence
- Acute and Chronic Edema
- Tissue Repair
- Iontophoresis
- Orthopedics
- Cardiology
- By End-User
- Hospitals and Clinics
- Rehabilitation Centers
- Long-Term Care Centers
- By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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