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:
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.
Our in-depth analysis of the global electronic muscle stimulator market includes the following segments:
By Product Type
By Modality Type
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: 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.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Ans: High cost of muscle stimulator devices and time taking approval procedures are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the increasing technological advancements and rising awareness about fitness.
Ans: 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.
Ans: The major players dominating the global electronic muscle stimulator market NeuroMetrix, Inc., OMRON Corporation, BioMedical Life Systems, Inc., Zynex, Inc., among others.
Ans: The market is segmented by product type, modality type, application, end user, and by region.
Ans: 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.