Electrical Stimulation Devices (ESDs) Market to Reach a Worth of US$6.5 Billion by 2023; Rising Prevalence of Chronic Disorders Propels Market Growth
TMR anticipates that the electrical stimulation devices (ESDs) market feature the highest degree of competition due to the presence of robust opportunities for growth on the global level. However, the top three companies in the market collectively accounted for 70.6% share of the overall market in 2014. This may show a bit inclination toward the consolidation of the market. The top players in the electrical stimulation devices (ESDs) market include Boston Scientific Corp., Medtronic Plc., and St. Jude Medical Inc. In order to gain a profitable edge of the market, other key players are focusing on product innovation and expansion of consumer base through collaborations and acquisition of smaller and local companies.
The analysts from TMR estimate that the electrical stimulation devices (ESDs) market is likely to expand by exhibiting CAGR of 6.0% during the forecast period from 2015 to 2023. With this CAGR, the market is likely to reach a valuation of US$6.5 bn by the end of 2023 from US$3.8 bn in 2014.
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Based on the application, the pain management segment dominated the global electrical stimulation devices (ESDs) market by accumulating an overall share of 53.4% in 2014 and is projected to be dominant in the coming years. Regionally, North America dominated the global electrical stimulation devices (ESDs) market by accounting for 43.5% share in the overall market in 2014 and is estimated to retain its dominance in the coming years. This is primarily attributable to the rising prevalence of chronic pain globally.
Rising Prevalence of Chronic Disorders Propels Market Growth
Most of the demand for ESD is from the treatments used during treating a number of chronic diseases including diabetes, obesity, and chronic pain. Rising prevalence’s of chronic diseases is primarily augmenting the growth of the electrical stimulation devices (ESDs) market. The report from the World Health Organization (WHO) estimates that 13% of the world population is overweight and thus susceptible to cardiac diseases or chronic diseases. Additionally, a massive rise in diabetes is predicted in the next few years, which is creating a need for advanced and effective drugs or treatments. This is one of the major factor fuelling the growth of the electrical stimulation devices (ESDs) market.
Additionally, these factors are creating a need for advanced home or remote healthcare solutions, in which electrical stimulation devices (ESDs) plays a crucial part. Thus, the growth of the electrical stimulation devices (ESDs) market is expected to be at a promising CAGR.
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Availability of Substitutes Creates Challenge Market Growth
Despite these factors, the factors such as the availability of a large number of substitutes for electrical stimulation devices are expected to hinder the growth of the global electrical stimulation devices (ESDs) market to some extent. Additionally, the presence of other products offering a high level of efficiency for the treatment of chronic and cardiac diseases is hampering its adoption. Presence of stringent regulations over the selection and use of the devices is restraining the growth of the global electrical stimulation devices (ESDs) market.
Nonetheless, a large number of devices which are yet to receive, which can comply with these norms; introduction of these products is expected to offer most lucrative opportunities for growth in the global electrical stimulation devices (ESDs) market. Additionally, the electrical stimulation devices (ESDs) are increasingly used in the bone-related, neurological, and spinal diseases is expected to offer factors to drive market growth in the coming years.
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