Electrotherapy Market

Growing Prevalence of sport injuries to boost market growth

The technological advancement, rising obesity, increasing healthcare expenses, and increasing number of sports injuries are the major factors driving the electrotherapy market growth. For instance, as per the National Safety Council (NSC), exercise (with or without equipment) caused roughly 468,000 injuries in 2019, the greatest of any category of sports and entertainment. With over 417,000 injuries, bicycling came in second, while football and basketball came in third and fourth, with 404,000 and 292,000 injuries, respectively. As a result, the market for electrotherapy is driven by the increasing frequency and incidence of sports injuries. Thus driving the market CAGR.

Further, rise in healthcare expenditure also support the market growth of electrotherapy. On 20 February 2019, as per WHO (World Health Organization), global health expenditure, according to which global spending on health rise in low- and middle-income countries by 6% and in high-income countries by 4%. Moreover, besides public expenditure on healthcare, various investments by manufacturers, new products in the global intracranial hemorrhage diagnosis & treatment, venture capitals also expected to drive the growth of the electrotherapy market revenue in the coming years.

The Global Electrotherapy Market Industry is significantly influenced by the increasing geriatric population, which is more susceptible to chronic ailments requiring effective management. As the global population ages, the demand for electrotherapy solutions is expected to rise, particularly for conditions such as arthritis and neuropathic pain. This demographic shift is likely to drive market growth, with projections indicating a compound annual growth rate (CAGR) of 5.11% from 2025 to 2035. Healthcare providers are increasingly recognizing the benefits of electrotherapy in improving the quality of life for elderly patients, thereby fostering a favorable environment for market expansion.

There is a growing awareness among patients and healthcare professionals regarding the benefits of non-invasive treatment options, which is propelling the Global Electrotherapy Market Industry forward. Patients are increasingly seeking alternatives to invasive procedures and long-term medication use, leading to a heightened interest in electrotherapy modalities. This trend is supported by educational initiatives and advocacy from healthcare organizations that emphasize the efficacy and safety of electrotherapy. As a result, the market is likely to witness increased adoption rates, contributing to its projected growth trajectory in the coming years.

The Global Electrotherapy Market Industry is experiencing a notable surge in demand for effective pain management solutions. With an increasing prevalence of chronic pain conditions, the market is projected to reach 0.75 USD Billion in 2024. Electrotherapy devices, such as transcutaneous electrical nerve stimulation (TENS) units, are gaining traction among healthcare providers and patients alike. This trend is driven by the growing awareness of non-invasive treatment options that minimize reliance on pharmaceuticals. As healthcare systems globally prioritize pain management, the adoption of electrotherapy is likely to expand, contributing to the overall growth of the market.

Regulatory support and favorable reimbursement policies are crucial drivers of the Global Electrotherapy Market Industry. Governments and health authorities are increasingly recognizing the therapeutic benefits of electrotherapy, leading to the establishment of guidelines that facilitate its integration into standard treatment protocols. Additionally, reimbursement policies that cover electrotherapy devices and treatments enhance accessibility for patients, thereby encouraging adoption. This supportive regulatory environment is expected to bolster market growth, as more healthcare providers incorporate electrotherapy into their practice, ultimately contributing to the overall expansion of the industry.

Technological innovations are playing a pivotal role in shaping the Global Electrotherapy Market Industry. The introduction of advanced electrotherapy devices, equipped with features such as wireless connectivity and user-friendly interfaces, enhances patient compliance and treatment efficacy. These advancements not only improve the functionality of devices but also broaden their application across various medical fields, including rehabilitation and sports medicine. As the market evolves, it is anticipated that the integration of artificial intelligence and machine learning will further optimize treatment protocols, potentially increasing the market size to 1.3 USD Billion by 2035.

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America electrotherapy market accounted for USD 0.36 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the growing incidence of injuries, rise in surgeries and minimally invasive procedures, as well as increasing hospital admissions across the region.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: ELECTROTHERAPY MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe electrotherapy market accounts for the second-largest market share due to the availability of cutting-edge treatment facilities, government backing for the growth of the healthcare industry, an ageing population, and an increase in incidence of chronic diseases, and high healthcare spending. Further, the Germany market of electrotherapy held the largest market share, and the UK market of electrotherapy was the fastest growing market in the European region.

The Asia-Pacific electrotherapy Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to increased rates of neuropathy and other related disorders, government initiatives, growing aged population, rising patients of neurology related pain disorders, increasing diabetic patients. Moreover, China market of electrotherapy held the largest market share, and the India market of electrotherapy was the fastest growing market in the Asia-Pacific region.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the market growth of electrotherapy. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the electrotherapy industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global electrotherapy industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, electrotherapy industry has provided medicine with some of the most significant benefits. The electrotherapy market major player such as Medtronic plc (Ireland), Alimed, Cogentix Medical, Jude Medical, Zynex Medical(US), DJO Global Inc. (US), Livanova Plc (UK), Nervo Corp (US), Neuromextrix Inc. (US), Boston Scientific Corporation (US), and others are working to expand the market demand by investing in research and development activities.

NeuroMetrix Inc. (US) is an innovation-driven organization focused on the global commercialization and development of non-invasive medical devices for the treatment and diagnosis of pain and neurological disorders. In September 2020, NeuroMetrix Inc. launched an app named Quell for Apple Watch, the first smartwatch app for an over-the counter pain relief device.

Also, Boston Scientific Corporation (US) is a company committed to change lives through innovative medical solutions that recover the health of patients. In January 2019, Boston Scientific Corportaion launched Vercise Gevia Deep Brain Stimulation (DBS) Systmes and Versice Primary Cell (PC). These two systems help physicians to control the range, position, shape, and direction of stimulation to treat Parkinson’s disease (PD) symptoms through highly modified therapy.