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Electrotherapy Market

Electrotherapy Market

by Type (Transcutaneous electrical nerve stimulation, Therapeutic ultrasound, Others), by Application (Pain management, Anxiety and Insomnia Management, Sports Medicine, Others), by End User (Hospitals and clinics, Rehabilitation Centers): Global Opportunity Analysis and Industry Forecast, 2021-2031

Report Code: A15398
Pages: 280
Oct 2022 | 876 Views
Author(s) : Linu D , Onkar S
Tables: 150
Charts: 60
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Electrotherapy Market Research, 2031

The global electrotherapy market size was valued at $979.0 million in 2021 and is projected to reach $1,636.4 million by 2031, registering a CAGR of 5.3% from 2022 to 2031. The application of electrical currents to the body to achieve therapeutic results is known as electrotherapy. By applying targeted and controlled electrical stimulation, electrotherapy is a potent treatment that many physiotherapists utilize to treat chronic pain, arthritis, musculoskeletal injuries, muscular atrophy, sports injuries, nerve discomfort, and nerve pain. Electrotherapy works by gently and non-invasively activating muscles & nerves through the skin's surface. Chronic pain is treated with a variety of electrotherapies, including interferential current (IC) therapy, therapeutic ultrasonography, electrical muscle stimulation, and transcutaneous electrical nerve stimulation

The COVID-19 outbreak is anticipated to have a negative impact on the growth of the global electrotherapy market as the pandemic has stressed healthcare systems across the globe. Moreover, COVID-19 pandemic caused disruption in consultation for diseases such as orthopedic disorders & diabetes, and for chronic pain. Thu, this factor restrained the demand for electrotherapy procedures as well as their devices.

Growth of the global electrotherapy market size is majorly driven by technological advancement in the healthcare sector, an increase in the number of electrotherapy industry, a rise in awareness regarding electrotherapy among people, and a rise in a number of chronic diseases such as orthopedic disorders & diabetes that raised the demand for their treatment through electrotherapy. Diabetic peripheral neuropathy (DPN) is the most common complication of diabetes and is often associated with pain where electrotherapy is required. According to the International Diabetes Federation, in 2021, 90 million people were suffering from diabetes in South-East Asia, and 206 million people in Western Pacific. Moreover, a number of adults with diabetes is expected to reach 113 million by 2030 and 151 million by 2045 worldwide. Thus, a rise in a number of diabetes patients is anticipated to fuel the electrotherapy market growth. 

Electrotherapy Market

Advancement in the technology for electrotherapy is anticipated to fuel the growth of the market. For instance, in January 2022, Medtronic Plc., a global leader in healthcare technology, announced approval from the U.S. Food and Drug Administration (FDA) for an Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator for the treatment of chronic pain associated with diabetic peripheral neuropathy (DPN). Moreover, in May 2022, Abbott Laboratories, a medical device manufacturing company, announced the approval of the U.S. FDA for its new Proclaim Plus spinal cord stimulation system, which provides tailored relief to multiple pain. This strategy helped the company to increase its sales.

Sports injury involves damage to part of the body due to sports, exercise, or athletic activities. A sports injury can be acute (sudden) or chronic (develop over time). Thus, electrotherapy is performed on athletes or players to treat pain due to sports injuries. Henceforth, the rise in the prevalence of sports injuries is anticipated to drive the demand for electrotherapy. Thus, this factor attributes to fueling the growth of the electrotherapy market. For instance, according to the National Safety Council (NSC), in 2021, exercise equipment-related injuries are approximately 409,000 the most in any category of sports and recreation

The rise in a number of orthopedic disorders such as osteoarthritis attributes to driving the demand for electrotherapy. Electrotherapy is used in knee osteoarthritis, anxiety, and insomnia management associated with chronic pain. Osteoarthritis is one of the most common forms of arthritis. For instance, according to the Centers for Disease Control and Prevention, in 2019, it was reported that approximately 32.5 million (1 in 7 U.S. adults) people were diagnosed with osteoarthritis. Thus, to treat such orthopedic disorders, demand for electrotherapy is projected to rise, thereby strengthening the market growth.

On the other hand, alternative treatment option for pain and a lack of awareness regarding electrotherapy is anticipated to restrain the growth of the global electrotherapy market.  

Electrotherapy Market Segmentation

The global electrotherapy market share is segmented based on type, application, end-user, and region. Based on type, the market is segmented into transcutaneous electrical nerve stimulation, therapeutic ultrasound, and others. Other segments include electrical muscle stimulation, and interferential current (IC) therapy. As per application, the market is classified into pain management, anxiety & insomnia management, sports medicine, and others. Pain management segment is bifurcated into back pain and neck pain. Other segments include veterinary pain management, aesthetics, and face lifting & toning. By end user, the market is bifurcated into hospitals & clinics, and rehabilitation centers. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Segment Review

Electrotherapy Market By Type

The transcutaneous electrical nerve stimulation segment dominated the market in 2021 and is expected to continue this trend throughout the forecast period, owing to a rise in the prevalence of chronic diseases such as osteoarthritis & diabetes and a rise in the number product launch and product approval for transcutaneous electrical nerve stimulation device.

Electrotherapy Market
By Type

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Transcutaneous electrical nerve stimulation segment held a dominant position in 2021 and would continue to maintain the lead over the forecast period.

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Electrotherapy Market By Application

The pain management segment dominated the market in 2021 and is expected to continue this trend throughout the forecast period, owing to a rise in the prevalence of chronic pain and an increase in the number of electrotherapy device launches & approvals for pain management. An increase in the prevalence of back pain and neck pain due to a sedentary and unhealthy lifestyle, lack of physical movement, and consumption of unhealthy food drives the demand for electrotherapy for the treatment of chronic pain.

Electrotherapy Market
By Application

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Sports Medicine segment held a dominant position in 2021 and would continue to maintain the lead over the forecast period.

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Electrotherapy Market By End User

The hospitals & clinics segment dominated the market in 2021 and is expected to continue this trend throughout the electrotherapy market forecast period, owing to an increase in several hospitals & clinics and a rise in expenditure by the government to develop healthcare infrastructure. Moreover, the rising geriatric population is anticipated to increase the prevalence of chronic pain which fuels the demand for electrotherapy in hospitals and clinics.

Electrotherapy Market
By End User

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Hospitals and clinics segment held a dominant position in 2021 and would continue to maintain the lead over the forecast period.

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Electrotherapy Market By Region

The market in North America was dominant in terms of revenue among other regions in 2021, owing to the wide presence of the electrotherapy industry that manufactures electrotherapy devices and technological advancement in the healthcare sector. On the other hand, Asia-Pacific was the second-largest contributor to the market in 2021 and is expected to register the fastest CAGR during the forecast period, owing to an increase in initiatives taken by the government to develop healthcare infrastructure and the rise in the geriatric population.         

Electrotherapy Market
By Region

2031
North America 
Europe
Asia-Pacific
LAMEA

North America was holding a dominant position in 2021 and would continue to maintain the lead over the analysis period.

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Some of the major companies that operate in the global electrotherapy market share include Abbott, AliMed, Colfax, EMS Physio Ltd, HMS Medical system, Medtronic, OMRON Healthcare, Palex Medical, Skin Inc., and Zynex Medical.    

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electrotherapy market analysis from 2021 to 2031 to identify the prevailing electrotherapy market opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the electrotherapy market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes an analysis of the regional as well as global electrotherapy market trends, key players, market segments, application areas, and market growth strategies.

Electrotherapy Market Report Highlights

Aspects Details
Market Size By 2031 USD 1.6 billion
Growth Rate CAGR of 5.3%
Forecast period 2021 - 2031
Report Pages 280
Type
  • Transcutaneous electrical nerve stimulation
  • Therapeutic ultrasound
  • Others
Application
  • Pain management
    • Type
      • Back pain
      • Neck pain
  • Anxiety and Insomnia Management
  • Sports Medicine
  • Others
End User
  • Hospitals and clinics
  • Rehabilitation Centers
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Spain, Rest Of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, Rest Of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest Of LAMEA)
Key Market Players Abbott Laboratories, AliMed, Colfax, ems physio ltd, HMS Medical system, Medtronic, Inc., Omron Healthcare, Palex Medical SA, Zynex Medical, Skin Inc.
 

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Electrotherapy is a medical practice primarily used to treat arthritis, muscle atrophy, sports injury, and nerve pain through passing electrical currents. The electrotherapy market is expected to grow during the forecast period owing to rise in cases of spinal injuries & chronic pain conditions, growth in geriatric population, and rapid regulatory approvals from higher authorities related to electrotherapy.

Rise in adoption of key strategies such as collaboration, acquisition, agreement, and partnership by key players of electrotherapy market fuels its growth. Moreover, rise in number of product launch & approvals for electrotherapy drives the market growth. For instance, in January 2022, Medtronic Plc., a global leader in healthcare technology, announced the approval from the U.S. FDA for Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator for the treatment of chronic pain associated with DPN. Moreover, in May 2022, Abbott Laboratories, a medical device manufacturing company, announced the approval of the U.S. FDA for its new Proclaim Plus spinal cord stimulation system, which provides tailored relief to multiple pain areas.

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FREQUENTLY ASKED QUESTIONS?

A. The top companies that hold the market share in electrotherapy market are Abbott, AliMed, Colfax, EMS Physio Ltd, HMS Medical system, Medtronic, OMRON Healthcare, Palex Medical, Skin Inc., and Zynex Medical

A. Asia-Pacific is expected to register highest CAGR rom 2022 to 2031, owing to increase in initiatives taken by government to develop healthcare infrastructure and rise in geriatric population.

A. The key trends in the electrotherapy market are technological advancement in healthcare sector, rise in awareness regarding electrotherapy among people, and rise in number of chronic diseases such as orthopedic disorders & diabetes that raised the demand for their treatment through electrotherapy

A. The base year for the report is 2021.

A. Yes, electrotherapy companies are profiled in the report

A. The total market value of electrotherapy market is $979 million in 2021.

A. The forecast period in the report is from 2022 to 2031

A. The market value of electrotherapy market in 2022 was $1028 million

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