Electrotherapy Market Size to Hit USD 1.03 Billion by 2030 at 3.80% CAGR – Report by Market Research Future (MRFR)

New York, USA, June 21, 2023 (GLOBE NEWSWIRE) — Electrotherapy Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Electrotherapy Market Information by Treatment Type, Device Type, Application, End-User, Region – Forecast till 2030”, the market is projected to grow from USD 0.83 Billion in 2023 to USD 1.03 billion by 2030, exhibiting a CAGR of 3.80% during the forecast period (2023 – 2030). 

Market Scope:

Electrotherapy refers to the use of electrical currents on the body for therapeutic purposes. Electrotherapy is a powerful treatment used by many physiotherapists for chronic pain, arthritis, musculoskeletal injuries, muscular atrophy, sports injuries, nerve discomfort, and nerve pain because of its ability to administer targeted and regulated electrical stimulation. Electrotherapy stimulates muscles and nerves superficially without injuring the patient. The use of electrotherapies such as interferential current (IC) therapy, therapeutic ultrasonography, electrical muscle stimulation, and transcutaneous electrical nerve stimulation, among others, is common practice for the management of chronic pain.

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Electrotherapy Market Competitive Outlooks:

Key Companies in the market of Electrotherapy includes

• Medtronic Inc (Ireland)
• Alimed
• Cogentix Medical
• Jude Medical
• Zynex Medical (US)
• DJO Global Inc. (US)
• Livanova Plc (UK)
• Nervo Corp (US)
• Neuromextrix Inc. (US)
• Boston Scientific Corporation (US), among others

Report Scope:

Electrotherapy Market Trends:

Market Drivers

The technological advancement, rising obesity, increasing healthcare expenses, and increasing number of sports injuries are the major factors driving the electrotherapy market growth. Demand for electrotherapy has been rising in tandem with the prevalence of orthopedic conditions like osteoarthritis. Knee osteoarthritis, chronic anxiety, and sleeplessness are all treated with electrotherapy. Major market growth drivers for the electrotherapy include technological progress, rising obesity, rising healthcare costs, and a growing number of sports-related injuries. It is anticipated that the expansion of the electrotherapy market revenue in the future years will be driven by factors such as public expenditure on healthcare, various investments by manufacturers, new products in the worldwide cerebral hemorrhage diagnostic & treatment, and venture capitals.

The increasing incidence of spinal cord injuries, the prevalence of chronic diseases, the growing number of elderly people, and the increasing number of regulatory approvals from key players are all factors that are propelling the market forward. The anticipated timeframe also features new prospects for the market of electrotherapy due to the growth of technological developments and modernization in healthcare devices, as well as the growth of demand from emerging economies.

Market Restraints

However, competition from other pain treatments and a lack of consumer knowledge of electrotherapy are expected to slow the expansion of the worldwide electrotherapy market.  

Browse In-depth Market Research Report (166 Pages) on Electrotherapy: https://www.marketresearchfuture.com/reports/electrotherapy-market-3185

COVID-19 Analysis:

As the COVID-19 epidemic has put a strain on healthcare systems around the world, it is expected that this will have a negative effect on the expansion of the worldwide electrotherapy industry. In addition, the COVID-19 epidemic hampered patients’ ability to get timely appointments for conditions like orthopedic injuries, diabetes, and chronic pain. As a result, this issue slowed the market growth of the electrotherapy and the products that support it.

Electrotherapy Market Segmentation:

By Treatment Type

Increases in the prevalence of chronic diseases like osteoarthritis and diabetes, as well as an increase in the number of product launches and product approvals for transcutaneous electrical nerve stimulation devices, led to the transcutaneous electrical nerve stimulation (TENS) therapy segment contributing the most to the electrotherapy market in 2022.

By Device Type

The market for transcutaneous electrical neural stimulators (TENS) is expected to develop at a higher rate than any other subsegment between 2022 and 2030, when the forecast period ends.

By Application

In 2022, the pain management subsector led the market, and it is expected to increase at the highest rate from 2022 to 2030. Due to increasing rates of chronic pain and the introduction and approval of new electrotherapy devices for pain management, the market is anticipated to maintain its upward trajectory over the projected period.

By End User

In 2022, hospitals and clinics dominated the electrotherapy market because of the widespread availability of trained medical professionals and the widespread use of cutting-edge electrotherapy technology. Additionally, the need for electrotherapy in healthcare facilities is expected to grow as the senior population expands.

Electrotherapy Market Regional Analysis:

In 2022, the market of electrotherapy in North America was worth USD 0.36 billion, and it is projected to increase at a healthy CAGR over the course of the forecast period. More people are getting hurt, more surgeries and minimally invasive procedures are being performed, and more people are being admitted to hospitals as a result.

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Due to factors including an aging population, rising rates of chronic disease, high healthcare spending, and access to cutting-edge treatment facilities, Europe’s electrotherapy market is the world’s second largest. In addition, Germany was the largest market for electrotherapy, while the UK was the fastest expanding market in Europe.

From 2022 to 2030, the market of electrotherapy in Asia is projected to expand at the highest compound annual growth rate (CAGR). The aging population, an increase in patients with neurology-related pain conditions, and the prevalence of diabetes are all contributing factors. In addition, the market of electrotherapy in China accounted for the lion’s share of the overall industry, while the market in India grew at the quickest rate in the Asia-Pacific region.

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