Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSThe global electronic muscle stimulator market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The market is anticipated to be driven by the growing usage of muscle stimulators among physiotherapists, shifting focus on pain management therapies regarding sports medicine and technological advancements in the medical sector. Along with these, involvement of government and non-government organizations to develop innovative and novel technologies for muscle stimulation is also expected to drive market growth. Additionally, rising occurrence of anterior cruciate ligament (ACL) tear, hamstring, and hip flexor strain amongst sports players is further anticipated to boost market growth in the upcoming years. Every year, there are approximately 100,000 to 200,000 cases of ACL ruptures in the United States alone. Moreover, the rise in growth opportunities in developing countries, along with the increase in awareness about the need for electronic muscle stimulator are also projected to boost the market expansion in the future.
On the basis of product type, the market is segmented into neuromuscular electrical stimulation, functional electrical stimulation, transcutaneous electrical nerve stimulation, interferential, burst mode alternating current, micro current electrical neuromuscular stimulator, and others. Out of these, the transcutaneous electrical nerve stimulation (TENS) segment is expected to hold the largest share in the market owing to the growing prevalence of sports injuries and increasing number of cases of arthritis.
Based on modality type, the portable segment is estimated to acquire the largest revenue in the market as these devices are used extensively for relaxation of muscle spasms, increasing blood circulation and for managing chronic pain caused by arthritis. Additionally, by application, the segment for pain management is anticipated to grab a notable market share owing to the increasing geriatric population that suffers from muscle pain and the growing number of incidences of chronic pain disorders. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing awareness about health and fitness, growing adoption of pain management therapies and rising use of smart devices for maintaining health. The growth of the market in this region can also be attributed to the escalating governmental and non-governmental agencies expenditure on improving healthcare infrastructure. According to the World Bank, for China, the share of health expenditure as percentage of GDP has increased to 5.35% in 2018, up from 5.15% in 2017. Moreover, increasing cases of sports injuries in this region is also assessed to boost market growth in this region. Furthermore, the market in North America is evaluated to occupy the largest share during the forecast period, owing to the strong presence of market players and early adoption of advanced muscle stimulators. Moreover, increasing implementation of advanced technologies in the medical industry, coupled with high purchasing power of consumers are further expected to drive market growth in this region. Europe is projected to be the second largest shareholder in the market ascribing to good healthcare infrastructure and advancements in technology. Rising prevalence of cancer within the region is also evaluated to contribute to the market growth. As per the reports of WHO, Europe holds only the one eighth of the total world population but has around one quarter of the total cancer cases, with about 3.7 million new patients per year.
The global electronic muscle stimulator market is further classified on the basis of region as follows:
Our in-depth analysis of the global electronic muscle stimulator market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising prevalence of cancer and arthritis and increasing government and non-government initiatives for development of muscle stimulator devices are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
High cost of muscle stimulator devices and time taking approval procedures are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing technological advancements and rising awareness about fitness.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The major players dominating the global electronic muscle stimulator market NeuroMetrix, Inc., OMRON Corporation, BioMedical Life Systems, Inc., Zynex, Inc., among others.
The market is segmented by product type, modality type, application, end user, and by region.
With respect to application, the pain management segment grabs the largest market share owing to the increasing geriatric population that suffers from muscle pain and growing prevalence of chronic pain disorders.
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