In a groundbreaking projection for 2023, the Global Functional Electrical Stimulation Industry is set to achieve a market worth of US$ 620.9 million, marking a pivotal moment for the sector. Anticipating sustained growth, industry experts foresee an impressive Compound Annual Growth Rate (CAGR) of 4.1% from 2023 to 2033, propelling the market to a projected value of US$ 931.4 million.
The surge in market expansion is intrinsically linked to the escalating incidence of spinal cord injuries, underscoring the critical role that functional electrical stimulation plays in rehabilitation and enhancing the quality of life for those affected. Notably, data from 2018 to 2022 reflects a CAGR of 2.6% for the Global Functional Electrical Stimulation Industry , laying the foundation for the robust growth expected in the coming decade.
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What is Driving the Demand for Functional Electrical Stimulation?
The Functional Electrical Stimulation market is experiencing growth due to several factors, including the increasing incidence of musculoskeletal disorders, advancements in medical technology, the rising importance of pain management therapies across various fields of medicine, and the growing number of physiotherapists using muscle stimulators to alleviate pain, discomfort, restore muscle tone, and rehabilitate different parts of the body.
In addition, an unhealthy diet, lack of physical activity, and exercise are contributing to the demand for Functional Electrical Stimulation.
As the prevalence of musculoskeletal disorders continues to rise globally, driven by unhealthy lifestyles and habits, the demand for Functional Electrical Stimulation is expected to increase significantly. According to data from the World Health Organization in February 2021, approximately 1.71 billion people worldwide are affected by musculoskeletal conditions, with low back pain being the most prevalent and affecting 568 million individuals worldwide.
US and Canada Functional Electrical Stimulation Market Outlook
Obesity is associated with nervous system illnesses and can result in stroke, a condition in which blood flow to the brain is disrupted. Obesity is growing more prevalent in the United States as a result of changing lifestyles such as eating unhealthy foods and sleeping sporadically.
Obesity prevalence grew from 30.5% to 42.4% between 2000 and 2018, according to the CDC.
As a result, from 2022 to 2032, the demand for Functional Electrical Stimulation is predicted to increase.
Europe Demand Outlook for Functional Electrical Stimulation
The region has a significant prevalence of musculoskeletal problems, which benefits the electrical stimulation market directly. Poland and Hungary, for example, have the highest rates of musculoskeletal diseases in Europe, with 6.737 and 6.697 cases per 100,000 people, respectively.
The demand for Functional Electrical Stimulation in the region is increasing as the prevalence of musculoskeletal illnesses rises.
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Who are the Key Manufacturers and Suppliers of the Global Functional Electrical Stimulation Industry?
The key players of Functional Electrical Stimulation include HASOMED GmbH, Bioness Inc., Trulife, Otto Bock, Odstock Medical Limited, Hobbs Rehabilitation, MotoMed, and others.
The above companies follow certain strategies like merger & acquisition, getting FDA approval, and new product launches to be at the top position in the market. For instance, in May 2017, Ottobock collaborated with Bioness for the distribution of the new FES generation from Bioness.
Integrated Global Functional Electrical Stimulation Industry Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
Note: Although care has been taken to maintain the highest levels of accuracy in FMI’s reports, recent market/vendor-specific changes may time to reflect in the analysis.
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Key Segments
By Product Type:
- Wired Devices
- Wireless Devices
By Indication:
- Neurological Disorders
- Pain Management
- Musculoskeletal Disorders
- Others
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Clinics
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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