Research Nester published a report titled “Functional Electrical Stimulation Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers a detailed overview of the global functional electrical stimulation market in terms of market segmentation by product type, indications, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with a detailed discussion on current and future market trends that are associated with the growth of the market.
The global functional electrical stimulation market is anticipated to attain a CAGR of ~8.5% over the forecast period, i.e., 2022 – 2031. The market is segmented by indication into neurological disorders, pain management, musculoskeletal disorders, and others, out of which, the neurological disorders segment is anticipated to hold a substantial share over the forecast period.
This can be accounted to the growing incidences of accidents or traumatic events, causing failure of central nervous system or spinal cord. As per a report by the World Health Organization (WHO), 0.25 to 0.5 million people suffer from a spinal cord injury, annually.
The global functional electrical stimulation market is anticipated to grow on the back of increasing incidences of partial or complete paralyses. Functional electrical stimulation is an advanced method of using low-energy electrical pulses to create artificial body movements amongst paralyzed individuals. Moreover, the increasing adoption of advanced technology in the healthcare sector, is also estimated to boost the market growth.
On the basis of geographical analysis, the global functional electrical stimulation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period on account of increasing prevalence of paralyses in the region, along with rapid adoption of advanced medical technology in the developed countries.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Adoption of Advanced Technology in the Healthcare Sector to boost the Market Growth
According to the data by the World Bank, 9.845% of the global GDP was spent on healthcare in 2019.
The increasing expenditure in the healthcare sector, along with the growing adoption of advanced technology, are estimated to boost market growth. Furthermore, the rising awareness amongst people regarding healthcare is further anticipated to boost the market growth.
However, high cost of functional electrical stimulation is expected to operate as key restraint to the growth of global functional electrical stimulation market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global functional electrical stimulation market which includes company profiling of Abbott Laboratories, Mylan N.V., Sanofi S.A., Teva Pharmaceutical Industries Ltd., GlaxoSmithKline plc, Merck & Co., Inc., Otsuka Pharmaceutical Co., Ltd., Novartis International AG, F. Hoffmann-La Roche AG, and Eli Lilly and Company.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments.
On the whole, the report depicts detailed overview of the global functional electrical stimulation market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.