Top 5 Insights From The Electrotherapy Systems Market Report 2024
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
According to The Business Research Company’s Electrotherapy Systems Global Market Report 2024, the electrotherapy systems market is expected to show promising growth in the forecast period.
Harnessing the Growth Trajectory
The electrotherapy systems market has experienced robust growth in recent years, with projections indicating a continuous upward trajectory. Key drivers fueling this expansion include:
- Rising prevalence of spinal injuries due to accidents
- Growth in the aging population
- Increase in health expenditures
- Rising incidences of back pain and neck pain
- Increasing focus on non-invasive therapies
Charting the Growth
The market size is poised to escalate from $4.55 billion in 2023 to $4.96 billion in 2024, marking a notable compound annual growth rate (CAGR) of 9.0%. Projections for 2028 suggest an even stronger growth, reaching $7.07 billion at a CAGR of 9.3%. Factors driving this forecasted surge include:
- Increasing approval of electrotherapy systems
- Strong emphasis on chronic pain management
- Rising healthcare expenditures
- Focus on personalized pain relief solutions
- Growing awareness and acceptance among patients and healthcare providers
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Expanding Electrotherapy Systems Market Is Driven By Growing Incidence Of Spinal And Sports Injuries
Rising Incidence, Rising Solutions
The uptick in spinal and sports injuries serves as a catalyst for the electrotherapy systems market’s expansion. Contributing factors include increased participation in high-impact activities and intensified competitive sports. Noteworthy statistics driving this narrative include:
- Incidence of sports and recreational spinal cord injuries rose from 14% in 2020 to 19% in 2021
- Annual global spinal cord injuries range between 250,000 and 500,000
- Approximately 17,000 new spinal cord injuries are recorded in the United States annually
Technological Advancements Transform The Electrotherapy Systems Market
Pioneering Innovations
Major players in the electrotherapy systems market are spearheading technological advancements to enhance treatment efficacy and patient comfort. Next-generation electrotherapies offer targeted electrical stimulation for various medical applications, including:
- Pain management
- Rehabilitation
- Neurological disorders
An exemplar of this advancement is the launch of Intelect Legend 2 and Intelect Transport 2 by Enovis, which streamline treatment procedures while improving patient outcomes.
Bioventus Strengthens Market Presence Through Bioness Acquisition
Strategic Expansion
Bioventus, through its acquisition of Bioness Inc., fortifies its market presence and expands its neurorehabilitation offerings. Bioness Inc. brings to the table a range of electrotherapy solutions, including functional electrical stimulation (FES) systems and robotic systems.
Segmentation Insights
Tailoring Solutions
The electrotherapy systems market is segmented based on technology, application, and end-user:
- Technology: Includes Transcutaneous Electrical Nerve Stimulation (TENS), Neuromuscular Electrical Stimulation (NMES), and more.
- Application: Encompasses chronic wound healing, pain management, and musculoskeletal disorders.
- End-User: Targets clinics, hospitals, and rehabilitation centers.
Regional Dynamics
Global Reach
North America currently leads the electrotherapy systems market, with Asia-Pacific anticipated to witness the fastest growth in the forecast period. This underscores the global reach and potential of electrotherapy systems in addressing healthcare needs across diverse demographics.
In conclusion, the electrotherapy systems market presents a landscape of dynamic growth driven by technological advancements, strategic acquisitions, and a growing emphasis on personalized healthcare solutions. As the market continues to evolve, it holds the promise of revolutionizing pain management and rehabilitation practices, offering hope and relief to millions worldwide.
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