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Press Release: Electrotherapy System Market to Surpass US$ 7,664.7 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Electrotherapy is a powerful medical device used by physiotherapists to treat chronic pain, muscle wasting, musculoskeletal injuries and nerve pain by using targeted and controlled electrical stimulation to the nerves. Electrotherapy is a gentle and non-invasive modality which works by stimulating nerves and muscles through the surface of the patients’ skin. Electrotherapy used in medical treatment as follows: Electric impulses interfere with the body’s pain signals and thus reduce chronic pain, help in release of endorphins that naturally decrease pain in the body, help in stimulating muscle tissue to contract, reduce atrophy and stimulate the production of cells, reduce inflammation and promote collagen production. This inhibits pain in patients.
The global electrotherapy system market is estimated to be valued at US$ 4,523.0 million in 2020 and is expected to exhibit a CAGR of 7.8 % during the forecast period (2020-2027).
Figure 1. Global Electrotherapy System Market Value (US$ Mn), 2016-2027
The increasing incidence of spinal injuries and the rising geriatric population susceptible to pain and neurological disorders are factors that are expected to drive the market growth during the forecast period. According to the report published by the National Spinal Cord Injury Statistical Center in 2018, incidence of spinal cord injury is approximately 54 cases per one million people in the U.S and around 17,700 new cases of spinal cord injury are diagnosed each year in the U.S.
Moreover, the increasing number of product launches and regulatory approvals for electrotherapy systems are expected to propel the market growth during the forecast period. For instance, in June 2018, Medtronic plc received the U.S. Food and Drug Administration’s approval for Deep Brain Stimulation (DBS) Clinician Programmer and Activa Programming Application for enhancing clinical programing experience and workflow for efficient treatment of chronic pain.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2020: | US$ 4,523.0 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 7.8 % | 2027 Value Projection: | US$ 7,664.7 Mn |
| Geographies covered: |
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| Companies covered: |
Medtronic Plc, Zynex Medical Inc., DJO Global, Inc., Nevro Corporation, BTL Industries, Inc., Zealmax Innovations Pvt. Ltd, LivaNova PLC, EMS Physio Ltd, STYMCO Medical and Omron Corporation |
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Global Electrotherapy System Market – Impact of Coronavirus (COVID-19)
Following the outbreak of COVID-19 in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of the coronavirus (COVID-19) has resulted in more than 41 million infected individuals worldwide as of October 22, 2020.
According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 37 million cases and 1 million deaths due to coronavirus disease (COVID-19) were reported up till October 12, 2020 across the globe.
The coronavirus (COVID-19) pandemic and resulting lockdowns in various countries across the globe have impacted the financial status of businesses in all sectors. The private healthcare sector is one of the sectors which has been majorly impacted by the COVID-19 pandemic. The pandemic has negatively impacted the development, production, and supply of medicines and also affected growth of the electrotherapy system market across the globe due to lockdowns implemented by governments of several countries. The nationwide lockdowns have led to closure of industrial establishments, except manufacturing of essential commodities and disruption in supply chain of the pharmaceuticals and kits for diagnostic and therapeutic use.
Moreover, there is no clinical proven treatment for COVID-19, thus various research institutes, healthcare companies are focusing on developing the treatment for COVID-19 during this pandemic. According to US National Library of Medicine Report Published in July 2020, stated that various research institutes in US such as New York Cardiovascular Research, Aurora Health Care, University of Wisconsin and Icahn School of Medicine at Mount Sinai, New York are focusing developing treatments such as transpulmonary electrotherapy for reduction of lung infection in COVID-19 patients, till yet the results of the studies are not completed and are not clinically approved by regulating bodies.
Figure 2. Global Electrotherapy System Market Share (%), by Region, 2020
Among regions, North America is expected to witness significant growth in the global electrotherapy system market owing to launch of novel stimulation devices for indications such as epilepsy that are difficult to be treated through medications. In January, 2019, Boston Scientific Corporation launched the Vercise Primary Cell (PC) and Vercise Gevia Deep Brain Stimulation (DBS) Systems featuring the Vercise Cartesia Directional Lead. The U.S. Food and Drug Administration (FDA) approved the technology which enables physicians to control the range, shape, position, and direction of electrical stimulation to treat symptoms of Parkinson's disease (PD) through highly-personalized therapy.
Key Players
Major players operating in the global electrotherapy system market are Medtronic Plc, Zynex Medical Inc., DJO Global, Inc., Nevro Corporation, BTL Industries, Inc., Zealmax Innovations Pvt. Ltd, LivaNova PLC, EMS Physio Ltd, STYMCO Medical and Omron Corporation.
Electrotherapy is the use of electric signals in treatment of various disease conditions such as deep brain stimulators for neurological diseases. Electrotherapy is also applied for speed wound healing with the use of electric current on upper surface of the skin. Moreover, electrotherapy has a wide range of alternative medical devices and treatments such as extracorporeal shock wave therapy, magnetic field therapy, ultrasound therapy, microcurrent therapy, interferential current therapy and others.
Market Dynamics
The global electrotherapy system market is expected to witness significant growth during the forecast period as key players are launching new products and focused on obtaining product approvals. For instance, in January 2018, Nevro Corporation received U.S. FDA approval for its next-generation Senza II Spinal Cord Stimulation (SCS) System delivering HF10 therapy.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 46 market data tables and 48 figures on "Physical Electrotherapy System Market – Global Forecast to 2027”.
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