The electrotherapy market is expected to register a CAGR of 5.10% during the forecast period 2020-2027, to reach USD 1,463.74 million by 2027. The global electrotherapy market is expected to have a market value of 1,463.74 million by 2027.
Electrotherapy is a pain-relieving treatment that uses electric impulses to relax muscles, improve blood circulation, repair tissues, and promote bone formation. The use of physiotherapy in the treatment of a variety of diseases has increased demand for electrotherapy around the world. The key players in the electrotherapy market are focusing on various growth strategies such as product launches and signing contracts and agreements for expanded reach and optimized operational costs.
For instance, in May 2018, DJO Global (US) entered a strategic partnership with XPO Logistics (US), a global logistics provider of cutting-edge supply chain solutions, to manage portions of DJO Global’s North American distribution activities. Similarly, in January 2018, LivaNova, PLC (UK) acquired ImThera Medical, Inc. (US), a privately held company developing an implantable neurostimulation device system. The global electrotherapy market is highly competitive, with players competing and partnering to gain a substantial market share.
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Key Players
MRFR recognizes the following companies as the key players in the global electrotherapy market —Medtronic plc (Ireland), Alimed, Inc (US), Cogentix Medical, Inc. (US), St. Jude Medical Inc.(US), Zynex Medical (US), DJO Global, Inc.(US), Livanova Plc (UK), Neuromextrix Inc.(US), Nervo Corp (US), and Boston Scientific Corporation (US)
Segment Analysis
The global electrotherapy market is segmented based on treatment type, device type, application, and end user.
- The global electrotherapy market based on treatment type has been segmented 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), and others.
- The market, by device type, has been segmented 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), and others.
- The global electrotherapy market, by application, has been segmented into pain management, neuromuscular dysfunction, urine and fecal incontinence, acute and chronic edema, tissue repair, iontophoresis, orthopedics, cardiology, and others. The pain management segment is further divided into chronic pain, chronic fatigue, migraine headaches, wound healing, diabetic nerve pain, stimulating bone growth, and others.
- The global electrotherapy market, by end user, is bifurcated into hospitals & clinics, rehabilitation centers, long-term care centers, and others.
Regional Analysis
The global electrotherapy market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas has been segmented into North America and Latin America, with the North America market further divided into the US and Canada. The Americas led the market and accounted for the largest share in 2019 owing to the increasing healthcare expenditure, growing research funding, and the rising clinical trials and R&D in electrotherapy.
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Europe held a significant share in the global electrotherapy market. This can be attributed to the prevalence of diabetes among all age groups in the region, mostly due to overweight and obese population, unhealthy diet, and physical inactivity. In addition, an increase in the cancer survivability rate in the region is also anticipated to drive the growth of the electrotherapy market. Moreover, high healthcare spending and increasing R&D pushed the market growth.
Asia-Pacific is expected to witness the highest market growth potential over the forecast period due to the rising prevalence of neuropathy and other associated disorders, increasing adoption of electrotherapy systems, government initiatives to provide palliative care in the APAC countries, and support to improve public health. The electrotherapy market in the Middle East & Africa is showing steady growth due to the growing geriatric population and increasing prevalence of painful diabetic neuropathy.
