The global functional electrical stimulation market is projected to reach a valuation of approximately USD 620.9 million in 2023. According to Future Market Insights (FMI), the market is expected to register a compound annual growth rate (CAGR) of 4.1% from 2023 to 2033, culminating in an estimated value of USD 931.4 million by the end of the forecast period.
Key Growth Factors:
The anticipated growth of the functional electrical stimulation market is largely driven by the increasing prevalence of spinal cord injuries, which necessitate advanced therapeutic interventions. Functional electrical stimulation is emerging as a vital treatment modality for individuals with spinal cord injuries, providing improved mobility and enhancing the quality of life.
The market has shown a positive trajectory over the past few years, with a CAGR of 2.6% recorded between 2018 and 2022, reflecting growing recognition of the benefits of functional electrical stimulation in rehabilitation.
Industry Impact:
Functional electrical stimulation involves the application of electrical currents to activate muscles and nerves, facilitating movement and improving functionality for patients suffering from spinal cord injuries and related conditions. As awareness of its therapeutic benefits continues to rise, the demand for functional electrical stimulation devices and therapies is expected to increase.
Future Outlook:
With the rising incidence of spinal cord injuries and advancements in technology, the functional electrical stimulation market is well-positioned for sustained growth. Stakeholders in the healthcare industry are likely to invest further in research and development to enhance treatment efficacy and accessibility.
Future Market Insights, in its latest business report, elaborates on the current situation of the global Functional Electrical Stimulation market in terms of volume, value, production, and consumption. The report scrutinizes the market into various segments, end uses, regions, and players on the basis of demand patterns, and future prospects.
Understanding the Impact of Covid-19 on Healthcare Industry
With the pandemic plaguing maximum countries across the globe, healthcare industry is witnessing its fair share of ‘ups and downs’. The COVID-19 has placed an enormous strain on the healthcare sector’s workforce, facilities and infrastructure. Despite the endless pressure, healthcare sector is growing at a moderate pace due to the improvement in infrastructure and advancement in technology, healthcare sector is delivering a healthy performance.
The FMI’s latest report on the Functional Electrical Stimulation market gives a detailed analysis on the impact of COVID-19 with an incisive coverage on the innovative strategies adopted by the market players to survive the challenges due to pandemic.
Functional Electrical Stimulation Market: Segmentation
By Product Type:
- Wired Devices
- Wireless Devices
By Indication:
- Neurological Disorders
- Pain Management
- Musculoskeletal Disorders
- Others
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Clinics
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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 stands as 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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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