Electrotherapy Market

Market Overview

The global electrotherapy market size was valued at USD 1,143.8 million in 2022. It is expected to reach USD 1,805.18 million by 2031, growing at a CAGR of 5.20% during the forecast period (2023–2031).

Electrotherapy is a form of pain management that involves using electric impulses to relax muscles, enhance blood flow, repair tissues, and stimulate bone growth. The use of physiotherapy in treating several illnesses has increased the demand for electrotherapy on a global scale. The use of electric impulses to relax muscles, improve blood flow, repair tissues, and encourage bone formation is known as electrotherapy.

In addition, global demand for electrotherapy has increased due to the use of physiotherapy in the treatment of various ailments. To be more precise, an electrotherapy system employs energy waves from the electromagnetic spectrum to alter the body's physiologic and chemical processes. The majority of patients who utilize electrotherapy systems for pain management have chronic pain from fractures, arthritis, back and neck discomfort, and post-surgical wounds.

Highlights

• Transcutaneous Electrical Nerve Stimulation (TENS) therapy dominates the treatment type segment
• Transcutaneous Electrical Neural Stimulator (TENS) dominates the device type segment
• Americas is the highest contributor to the market

Market Dynamics

Global Electrotherapy Market Drivers:

New Product Launches and Technological Advances

Market growth is anticipated to be accelerated by the growing number of product launches and strategic moves made by manufacturers in the global electrotherapy market. All forms of electrotherapy involve introducing physical energy into the biological system. As an illustration, using ultrasound causes the degranulation of mast cells, which releases arachidonic acid, a precursor to the production of prostaglandins and leukotriene, which function as inflammatory mediators. Technological developments in transcutaneous electrical nerve stimulation, ultrasound therapy, and interferential therapy are anticipated to support market growth during the forecast period.

Furthermore, manufacturers have recently introduced refined products, allowing us to observe technological advancements. For instance, KT Tape LLC (US) announced the newest advancement in its recovery product lineup, KT Recovery+ Wave, in February 2021. (KT Wave). The FDA-approved wearable device KT Wave converts the potent electromagnetic technology previously available at a clinician's office into a practical, wearable, on-the-go solution. For sports injuries, knee pain, arthritis, back pain, carpal tunnel, sprains, and other symptoms, it offers drug-free pain relief.

Increased Healthcare Spending

Each nation's comprehensive and comparable health spending estimates support national and international health goals. The World Health Organization (WHO) published a new report on global health expenditures on February 20, 2019, showing a 4% increase in high-income countries and a 6% increase in low and middle-income countries. In addition, both domestic and external funding is changing, but middle-income countries are getting less external funding. The government pays less than 40% of primary care costs. For instance, according to estimates, US citizens spent over USD 10,000 on healthcare in 2018. This was much more than other OECD countries spent (after adjusting for differences in country purchasing power).

Furthermore, Switzerland spent less than 70% of this total, and the OECD average was less than 40% (USD 3,994). Government spending on healthcare, policies relating to healthcare facilities, distribution of essential medications, and disposable income increase patient adherence to available treatments. Manufacturers, venture capitalists, and new products are expected to invest heavily in the intracranial hemorrhage diagnosis and treatment market.

Global Electrotherapy Market Restraints:

Lack of Physiotherapists and Strict Regulations

Electrotherapy uses a variety of modalities, such as electrical, sound, light, or thermal, to lessen pain and enhance bodily functions. The potential for skin irritation that can result from leaving pads on in one location for an extended period is the risk associated with transcutaneous electrical nerve stimulation therapy. Cranial electrotherapy stimulation (CES) devices have been used in clinical populations as an adjunctive treatment for several clinical disorders, including anxiety, insomnia, depression, and post-traumatic stress disorder.

Many of the original CES devices were subject to Class III regulations from the 1980s to the early 2000s by the US Food and Drug Administration (FDA). The FDA issued a final directive in 2016 designating CES products marketed to treat insomnia or anxiety as Class II (special controls) medical devices. The market growth may be constrained by a product recall ordered by the US FDA, such as the HealthPax Cranial Electrotherapy Stimulator, which must be returned for testing and replacement.

Global Electrotherapy Market Opportunities:

High Market Growth to Support the Launch of New Products

As electrotherapy continues to advance, new products that can benefit patients in various ways, including pain relief, have also been developed. Medical equipment and supply production domestically is growing in real output and value-added, according to data from the US Bureau of Economic Analysis (BEA). The larger "Medical Equipment and Supplies Manufacturing" industry had USD 102 billion in gross output and USD 62 billion in value added in 2018. This includes the two most essential subcategories, "Surgical and Medical Instrument Manufacturing" (USD 45.9 billion) and "Surgical Appliance and Supplies Manufacturing" (USD 37.4 billion).

Additionally, real output in the latter category—which includes ventilators, masks, and a variety of other crucial medical supplies—rose by almost 90% during the period under consideration. Other industries saw significant increases in real output as well, including "manufacturing of analytical laboratory instruments" (121.8%), "manufacturing of irradiation apparatus" (468.0%), and "manufacturing of electromedical and electrotherapeutic apparatus" (418.1%). Manufacturing electrotherapy-related goods exhibit an exponential incremental opportunity for market entrants with a high return on investment.

Regional Analysis

Americas Dominate the Global Market

By region, the global electrotherapy market is segmented into America, Europe, Asia-Pacific, and the Middle East and Africa.

Americas is the most significant shareholder in the global electrotherapy market and is expected to grow at a CAGR of 5.53% during the forecast period. The established healthcare infrastructure, rising interest in electrotherapy, and the presence of major regional players all contribute to the Americas' market share of 40.44%. High rates of sports-related injuries are another factor contributing to the market's expansion in the area. For instance, the Centers for Disease Control and Prevention (CDC) estimates that in 2016, emergency departments (EDs) in the US treated 273,272 children (age 17 or younger) for nonfatal traumatic brain injuries (TBIs) related to sports and recreation. It is further estimated that children suffer about 3.5 million injuries each year due to sports-related incidents.

In addition, according to the National Safety Council, exercise, whether done with or without exercise equipment, resulted in around 468,000 injuries in 2019—more than any other sport or leisure activity (NSC). With roughly 417,000 injuries, bicycling was the next most dangerous sport, while football and basketball came in third and fourth with 404,000 and 292,000 injuries, respectively. Therefore, the market in North America is further driven by the rising use of electrotherapy systems in treating sports injuries among professional athletes and sportsmen.

Europe is expected to grow at a CAGR of 4.43% during the forecast period. The market expansion is attributed to the rise in diabetes prevalence and the resulting diabetic nerve pain. About 60 million people in Europe have diabetes, according to the World Health Organization (WHO). In the European region, diabetes is becoming more common among people of all ages, primarily due to an uptick in overweight and obesity, a poor diet, and sedentary lifestyles. Additionally, it is anticipated that the region's steadily rising cancer survivability rate and growing geriatric population will fuel the growth of the electrotherapy market.

High healthcare spending is also expected to fuel the market's expansion. According to a report released by the European Union, approximately 9.6% of the total gross domestic product was spent on healthcare in European countries. In addition, similar efforts are being made in many European nations to persuade manufacturers to conduct research and development in preparation for introducing cutting-edge medical equipment. The market has been propelled forward by rising awareness and advanced healthcare infrastructure.

Asia-Pacific is anticipated to grow the fastest over the forecast period. This is due to several factors, including growing concern over the prevalence of neuropathy and other related disorders, a rise in the number of patients experiencing pain disorders related to neurology, and a consequent need for electrotherapy. These elements are fueling the electrotherapy market expansion in Asia-Pacific. The demand for electrotherapy as a pain management alternative is also rising in Asia-Pacific countries due to various government initiatives to provide palliative care for patients suffering from chronic pain. Additionally, the region's market is expanding due to more athletes using electrotherapy systems, a growing geriatric population, and an increase in the prevalence of diabetes. The International Diabetes Federation (IDF) estimated that 88 million adults in South-East Asia, aged 20 to 79, have diabetes as of 2019. By 2045, it is predicted to reach 153 million people. Therefore, it is anticipated that growing electrotherapy adoption will spur market expansion.

The Middle East and African electrotherapy market is expanding steadily. The rising elderly population explains this in middle eastern nations and the rising incidence of excruciating diabetic neuropathy. By 2020, there will be 20% more people in Iran over 60, according to an article published in PubMed in 2019. Additionally, electrotherapy's market growth in the Middle East and Africa is fueled by the increasing approval of various treatment options. As a result, the growing elderly population in this area will call for an efficient neuropathic treatment plan, which will support market growth.

Segmental Analysis

The global electrotherapy market is segmented by treatment type, device type, application, and end-user.

Based on the treatment type, the global electrotherapy market is bifurcated into extracorporeal shock wave therapy, interferential current therapy (IC), magnetic field therapy, ultrasound therapy, transcutaneous electrical nerve stimulation (TENS) therapy, micro-current therapy, transcutaneous spinal electro analgesia (TSE), pulsed short wave diathermy (PSWD), spinal cord stimulation (SCS), percutaneous electrical nerve stimulation (PENS).

The transcutaneous electrical nerve stimulation (TENS) therapy segment is the highest contributor to the market and is expected to grow at a CAGR of 6.13% during the forecast period. Due to an increase in the prevalence of chronic diseases like osteoarthritis and diabetes and an increase in the number of product launches and product approvals for transcutaneous electrical nerve stimulation devices, the transcutaneous electrical nerve stimulation segment currently dominates the market. It is anticipated to maintain this trend throughout the forecast period.

Based on the device type, the global electrotherapy market is bifurcated into transcutaneous electrical neural stimulator (TENS), electronic muscle stimulator (EMS), interferential stimulator (IF), high voltage pulsed galvanic stimulator (HVPGS), microcurrent stimulator (MC) or microcurrent electrical neuromuscular stimulator (MENS).

The transcutaneous electrical neural stimulator (TENS) segment owns the highest market share and is expected to grow at a CAGR of 5.91% during the forecast period. Pain can be alleviated using transcutaneous electrical nerve stimulation (TENS), which employs a very low-voltage electrical current. A transcutaneous electrical nerve stimulation (TENS) machine is a portable battery-operated device with leads attached to adhesive pads. The pads are used topically, right onto the skin.

Based on the application, the global electrotherapy market is bifurcated into pain management, neuromuscular dysfunction, urine and fecal incontinence, acute and chronic edema, tissue repair, iontophoresis, orthopedics, and cardiology.

The pain management segment is the highest contributor to the market and is expected to grow at a CAGR of 5.96% during the forecast period. Due to an increase in the prevalence of chronic pain and an increase in the number of electrotherapy device launches and approvals for pain management, the pain management segment currently holds a monopoly on the market and is anticipated to maintain this trend throughout the forecast period. The demand for electrotherapy to treat chronic pain is driven by an increase in the prevalence of back pain and neck pain brought on by a sedentary and unhealthy lifestyle, a lack of physical activity, and the consumption of unhealthy food.

Based on the end-user, the global electrotherapy market is bifurcated into hospitals and clinics, rehabilitation centers, and long-term care centers.

The hospitals and clinics segment owns the highest market share and is expected to grow at a CAGR of 6.01% during the forecast period. Due to the expansion of numerous hospitals and clinics and increased government spending to build healthcare infrastructure, the hospitals and clinics segment currently dominates the market. It is anticipated to maintain this trend throughout the electrotherapy market forecast period. Additionally, the aging population is expected to result in a higher prevalence of chronic pain, increasing the demand for electrotherapy in hospitals and clinics.

Recent Developments

• October 2022-Electromedical Technologies, Inc., a pioneer in developing and producing bioelectronic devices designed to relieve chronic, intractable, and acute pain through frequency and electro-modulation, introduced its new next-generation flagship device, the WellnessPro Infinity™.