Electrical stimulation devices market analysis| Coherent Market Insights

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• ELECTRICAL STIMULATION DEVICES MARKET ANALYSIS
• Electrical Stimulation Devices Market, by Device
  (Spinal Cord Stimulation Devices, Deep Brain
  Stimulation Devices, Vagus Nerve Stimulation
  Devices, Sacral Nerve Stimulation Devices,
  Gastric Electric Stimulation Devices,
  Transcutaneous electrical nerve Stimulation
  Devices, Neuromuscular Electrical Stimulation
  Devices, Cranial Electrical Stimulation Device,
  and Other Electrical Stimulation Devices), by
  Application (Pain Management, Neurological and
  Movement Disorder Management, Musculoskeletal
  Disorder Management, Metabolism GIT Management,
  Incontinence Management, and Others), by End User
  (Hospitals, Specialty Clinics, Ambulatory
  Centers, and Others), and by Region (North
  America, Latin America, Europe, Asia Pacific,
  Middle East, and Africa) - Global Industry
  Insights, and Forecast till 2026

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• Figure 1. Global Electrical Stimulation Devices
  Market Value (US Mn), by Region, 2017

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• Increasing incidences of spinal injuries is
  expected to propel growth of the electrical
  stimulation devices market
• Electrical stimulation devices are used in
  preoperative and postoperative pain management in
  patients with spinal injuries. High incidence of
  spinal injuries caused due to accidents, falls or
  violence is expected to propel demand for spinal
  surgeries, which in turn is expected to drive the
  market growth. According to World Health
  Organization (WHO) factsheet in 2018, annually
  there are around 37.3 million falls, which
  require medical attention, whereas about 646,000
  individuals die each year, from falls globally.
• Moreover, increasing incidences of neurological
  disorders such as Alzheimers disease and trauma
  associated with spinal injuries is expected to
  propel growth of the electrical stimulation
  devices market over the forecast period. For
  instance, in August 2012, National Center for
  Biotechnology Information (NCBI) stated
  Alzheimers disease as the most frequent cause of
  dementia in Western societies and estimated
  around 5.5 million cases of the disease in the
  U.S., and 24 million globally.

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• However, increasing number of competitors have
  created intense competition in electrical
  stimulation devices market, leading to less
  profit margin and thus hindering the market
  growth. Also, rise in the number of local market
  players, is effecting decrease in prices of
  stimulation devices, which hinder the market
  growth. For instance, in January 2019,
  Neuroliefs featured Relivion a wearable
  neuromodulation technology at Annual
  International Headache Symposium in Israel
  (IHSI).
• Electrical stimulation devices play a major role
  in advanced healthcare, as it cause muscle
  contraction with the use of electric impulses.
  Electrical stimulation devices are used in
  treating muscle weakness due to injuries or
  neurological disorders. The lead wires and
  electrodes of stimulation devices are affixed on
  the skin over the target region of body.
• The global electrical stimulation devices market
  size was valued at US 3,956.0 million in 2017,
  and is expected to exhibit a CAGR of 4.7 over
  the forecast period (2018 2026).

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Figure 2. Global Electrical Stimulation Devices
Market Share (), by Application, 2018 and 2026

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Increasing prevalence of chronic diseases in
North America is expected to bolster the market
growth

• North America holds dominant position in the
  global electrical stimulation devices market,
  owing to high prevalence of chronic diseases.
  According to National Center for Biotechnology
  Information (NCBI), March 2018, an estimated 45,
  or around 33 million Americans were diagnosed by
  at least one chronic disease.
• Moreover, rise in geriatric population, who are
  highly susceptible to pain, is expected to
  bolster the market growth over the forecast
  period.
• According to American Psychological Association,
  2014 report, around 40 million people over the
  age 65 years account for 14 of total population
  and around 60 to 75 of people over age 65 years
  are diagnosed with persistent pain.
• Moreover, key players in the market are focused
  on availing the U.S. Food and Drug Administration
  (FDA) approval for novel products to treat
  patients. For instance, in August 2017, Boston
  Scientific Neuromodulation Corporation, received
  approval from U.S. FDA for Precision Spinal Cord
  Stimulator System, Precision Spectra Spinal Cord
  Stimulator System, Precision Novi Spinal Cord
  Stimulator System, Precision Montage MRI Spinal
  Cord Stimulator System, Precision Montage Spinal
  Cord Stimulator System, and Spectra WaveWriter
  Spinal Cord Stimulator System for pain associated
  with back surgery, low back, and leg pain.

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Key Players

• Major players operating in the global electrical
  stimulation devices market include Boston
  Scientific Corporation, BTL Industries, Inc.,
  Cyberonics, Inc., DJO Global, Inc., Medtronic
  plc., Nevro Corporation., NeuroMetrix, Inc., St.
  Jude Medical, Inc., Uroplasty, Inc. (Cogentix
  Medical), and Zynex, Inc.

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