Global functional electrical stimulation market is growing

NEW YORK, June 22, 2022 (GLOBE NEWSWIRE) — Between 250,000 and 500,000 people worldwide suffer a spinal cord injury each year, according to the World Health Organization. Functional electrical stimulation (FES) is a technology that uses low-energy electrical impulses to induce artificial body movements in people with spinal cord injuries, paralysis, or central nervous system injuries. Although there is no credible estimate of global prevalence, annual global incidence is estimated at 40 to 80 cases per million people, and approximately 6.8 million people die from neurological diseases each year.

Research Nester has published an in-depth market report on “Global Functional Electrical Stimulation Market‘ for the forecast period of 2022 to 2031, which encompasses the ongoing industry innovations and recent trends that are being adopted by the key industry players to achieve their business goals. Apart from that, the comprehensive data on market size, growth rate, market revenue share, growth opportunities and challenges faced by the market players, as well as worldwide analysis on five major regions – North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa has been provided in the report.

According to the World Health Organization, around 1.71 billion people suffer from musculoskeletal problems every year, including 568 million from back pain, and up to 1 billion people are affected by neurological diseases. The market growth is expected to grow due to the increasing prevalence of musculoskeletal and central nervous system disorders, which are the leading causes of paralysis. Additionally, the market is predicted to grow over the forecast period as more advanced technologies are implemented in the healthcare industry. The global Functional Electrical Stimulation market is anticipated to grow at a CAGR of ~8.5% during the forecast period 2022-2031.

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On the basis of geographic analysis, the global functional electrical stimulation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Of these, the market in the North America region is expected to hold the largest market share during the forecast period due to the increasing prevalence of paralysis in the region. According to the National Organization for Rare Disorders, approximately 25,000 people develop muscular dystrophy in the United States each year. Furthermore, the technological advancement in the medical industry is expected to drive the market growth in the projected period.

The Asia Pacific market is expected to witness significant market growth during the forecast period owing to the increasing burden of neurological diseases that cause partial or total paralysis. For example, in 2019, 64.4 million people in Southeast Asia and 85 million people in the Western Pacific were diagnosed with neurological disorders. However, the increasing awareness of the people and the improvement of the healthcare facilities in the region are likely to drive the market growth over the estimated period.

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The study further considers YOY ​​growth, demand and supply and projected future opportunities in North America (US, Canada), Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand). , Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]North Africa, South Africa, Rest of Middle East and Africa).

The global functional electrical stimulation market is segmented by indication into neurological disorders, pain management, musculoskeletal disorders, and others. Of these, the neurological diseases segment is expected to grow at a significant CAGR over the forecast period due to an increasing number of cases of central nervous system failure, most of which are caused by accidents or damage to the spinal cord. According to the World Health Organization, the lives of around 1.3 million people die prematurely in traffic accidents every year. Nonfatal injuries affect between 20 and 50 million more people, with many becoming paralyzed as a result of their injury. In addition, some diseases, especially cancer, can travel to the spinal cord or brain and cause paralysis.

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Further, by end-user, the global functional electrical stimulation market is segmented into hospitals, clinics, ambulatory health centers, and others. Out of these, the hospital segment is estimated to capture the maximum market share during the forecast period due to the rising cases of paralysis and rising healthcare expenses as people become more conscious about health and spinal cord diseases. According to World Health Organization records, more than 930 million people spend 10% of their household income on health care. Moreover, the technological advancement in the healthcare sector is likely to drive the market growth in the near future.

The global functional electrical stimulation market is also segmented by product type.

Global Functional Electrical Stimulation Market Segmentation by product type

  • Wired Devices
  • wireless devices
  • Other

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Some of the prominent key players and their company profiles mentioned in the report include Abbot Laboratories, Teva Pharmaceuticals Industries Ltd., Mylan NV, Sanofi SA, GlaxoSmithKline plc, Merck & Co., Inc., Otsuka Pharmaceutical Co., Ltd., Novartis International AG, F. Hoffmann-La Roche AG, Eli Lily and Company and other key market players. The profiling includes growth opportunities, challenges, and market trends prevailing in the market.

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