Much of the demand for electrical stimulation devices is courtesy use for treating a number of chronic diseases such as obesity, diabetes, and chronic pain. The rate of prevalence of these conditions is rising at an alarming pace across the globe. According to a WHO report, nearly 13% of the global population was overweight. A massive rise in diabetes across the globe is also predicted in the next few decades. Moreover, the massive and rising patient pool of chronic pain presents the need for effective interventions.
Transparency Market Research estimates that the global electrical stimulation devices market will offer vast growth opportunities for companies in the next few years. The market is expected to exhibit a CAGR of 6.0% from 2015 to 2023, rising from a valuation of US$3.8 bn in 2014 to an opportunity of US$6.5 bn by 2023.
In terms of application, the segment of pain management is projected to be the key contributor of revenue to the global electrical stimulation devices market over the forecast period. The segment accounted for a massive 53.4% of the global market in 2014 and is expected to rake in the leading share in the global market over the forecast period as well, chiefly owing to the rising prevalence of chronic pain across the globe. From a geographical standpoint, the market in North America, which held a significant 43.5% of the global market in 2014, is expected to retain dominance over the forecast period as well.
Availability of a number of substitutes to electrical stimulation devices in global marketplaces hinder the adoption of the latter to some extent. The higher level of efficiency offered by some of these alternative treatments could have the consumer favor them over electrical stimulation devices for the treatment of bone-related, spinal, and neurological conditions. Moreover, many electrical stimulation devices are yet to be approved by the U.S. FDA, which could impact their adoption across regional markets with strict regulations pertaining to the use of devices or equipment that fall in the medical and healthcare categories.
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Featuring a high degree of competition, the global market for electrical stimulation devices has most growth opportunities and competition confined between leading few vendors in the market, observes Transparency Market Research in a recent report. The top three vendors in the market, namely Boston Scientific Corp., St. Jude Medical Inc., and Medtronic Plc., collectively accounted for 70.6% of the global market in 2014. The consolidated market boasts an intense level of competitiveness among key players, with focus on strategic collaborations, acquisition of smaller companies, and geographical expansion, as a way to outpace peers, becoming more intense.