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.
Electrotherapy systems are mostly used by athletic trainers and therapists in the management of athletic injuries. This is used in relieving pain, elicit muscle contraction and to manage edema and chronic wound. The system is used in ion-therapy, for stimulating the motor system and in pain management programs. In neuromuscular diseases, electrotherapy is used to support voluntary movement and build muscles through the activation of muscle systems and neuro-facilitation. It is mostly used for pain management for patients who are suffering from chronic pain associated with post-surgical incisions, arthritis, and pains of the back, neck and fractures. This system is also used to increase the production of corticosteroids and vitamin D in the body. It can be used to treat inflammatory conditions associated with orthopedics, bronchitis and certain conditions associated with psoriasis. It uses energy waves of electromagnetic spectrum to create changes in body. It is able to stimulate the intracellular activities in the body that results in fast healing of wounds. Growing demand for chronic treatment methods is anticipated to foster the growth of electrotherapy system market, which is further estimated to propel the growth of the market during the forecast period (2019-2027).
Market Size and Forecast
The electrotherapy system market is anticipated to record a CAGR of 5.36% over the forecast period. The market is segmented by applications into neuromuscular dysfunction, pain management, tissue repair, sports injury treatment, acute and chronic edema, urine and fecal incontinence and iontophoresis out of which pain management segment is expected to capture a significant demand. This is primarily attributed to rising demand for extensive surgical procedures, traumas, and other indications resulting in the rising demand for efficient pain management resources. The market is also segmented on the basis of product into transcutaneous spinal electroanalgesia, transcutaneous electrical nerve stimulation, interferential current therapy, spinal cord stimulation, electro acupuncture, pulsed short wave diathermy, micro current therapy and percutaneous electrical nerve stimulation and by end-users into hospitals, long-term care centers, rehabilitation centers, clinics and others.
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Rise in spiral injuries have resulted in a growing demand for efficient devices capable of minimizing the recovery time. Improper postures and sedentary lifestyle are some of the factors for such injuries. Electrotherapy treatment helps in minimizing the pain with the help of an electrode. Increasing use of innovative technologies in medical field has resulted in removing pain in small period of time. Rising demand for advanced medical equipment is expected to propel the growth of electrotherapy system market around the world.
Dynamic development of biomedical engineering results in new technical solutions applied in creating new medical devices. The devices that are currently used in physical therapies often replace traditional treatment methods. In addition, due to their rare adverse effects, physical methods shorten treatment period, improve the quality of life, and reduce therapy costs.
Various alternative treatment options are now available to treat various diseases such as obesity & diabetes. Electrotherapy is one of the methods providing alternative treatment solutions instead of using medications for the same.
The medical field has introduced many advanced treatment options, but these are not still in the knowledge of the people. Further, ineffective reimbursement policies are also negatively impacting the adoption rate of these devices. Such factors are expected to restrain the growth of electrotherapy system market across the globe.
Our in-depth analysis of the electrotherapy system market includes the following segments:
On the basis of regional analysis, the electrotherapy system market is segmented into five major regions North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America market is anticipated to capture the largest market share in the electrotherapy system market owing to increasing adoption of these system in treating sports injuries.
According to Chartered Society of Physiotherapy, in 2017 there has been an increasement in the number of users of physiotherapy treatment with almost 350,000 people logging in, which had increased by almost 20% in comparison to the previous year, across USA, UK, India, Canada and Australia. With growing demand for chronic diseases treatment, the market of Asia Pacific is expected to observe a substantial growth by 2027.
The electrotherapy system market is further classified on the basis of region as follows: