Seattle, WA -- (SBWire) -- 10/04/2019 --Electrical stimulation devices play a crucial role in advanced healthcare, as it leads to muscle contraction with help of electric impulses. These devices find applications in neurological disease and muscle weakness treatment. During the treatment, lead wires and electrodes of stimulation devices are attached on the skin over the target.

The global electrical stimulation devices market size was valued at US$ 3,956.0 million in 2017, and is expected to exhibit a CAGR of 4.7 % over the forecast period (2018 – 2026).

Growing incidences of spinal injuries is expected to drive growth of the global electrical stimulation devices market

Electrical stimulation devices find applications in preoperative and postoperative pain management in patients with spinal injuries. Increasing incidence of spinal injuries caused due to accidents, falls, or violence is expected to boost the demand for spinal surgeries, which in turn, is expected to drive the market growth in the near future. According to the World Health Organization (WHO) factsheet in 2018, around 37.3 million falls are recorded globally, of which around 646,000 require die annually.
Furthermore, increasing occurrences of neurological disorders such as Alzheimer's disease and trauma associated with spinal injuries is expected to drive growth of the global electrical stimulation devices market over the forecast period. For instance, in August 2012, National Center for Biotechnology Information (NCBI), Alzheimer's disease is the most frequent cause of dementia in Western societies and estimated around 5.5 million cases of the disease in the U.S., and 24 million globally.

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However, growing number of participants in the industry has created intense competition in the global electrical stimulation devices market, leading to less profit margin and thus restraining the market growth. Furthermore, increasing number of local market players, that are affecting price decline of stimulation devices, is expected to hinder the market growth in the near future. For instance, in January 2019, Neurolief's presented 'Relivion', a wearable neuromodulation technology, at Annual International Headache Symposium in Israel (IHSI).

Rising prevalence of chronic diseases in North America is expected to boost the market growth
North America holds dominant position in the global electrical stimulation devices market. This is owing to high prevalence of chronic diseases. According to the National Center for Biotechnology Information (NCBI), in March 2018, an estimated 45%, or around 33 million Americans were diagnosed by at least one chronic disease.

Moreover, growing geriatric population, who are highly vulnerable to pain, is expected to drive the market growth over the forecast period.

According to American Psychological Association, 2014 report, around 40 million people in the U.S are aged 65 years above of 14% of total population and around 60% to 75% of people are aged 65 years and above are diagnosed with persistent pain.

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Moreover, key players in the market are involved in gaining the U.S. Food and Drug Administration (FDA) approval for novel products to treat patients. For instance, in August 2017, Boston Scientific Neuromodulation Corporation, received the U.S. FDA approval for Precision Spinal Cord Stimulator System, Precision Spectra Spinal Cord Stimulator System, Precision Novi Spinal Cord Stimulator System, Precision Montage MRI Spinal Cord Stimulator System, Precision Montage Spinal Cord Stimulator System, and Spectra WaveWriter Spinal Cord Stimulator System indicated for pain associated with back surgery, low back, and leg pain.

Key Players
Major players operating in the global electrical stimulation devices market include Boston Scientific Corporation, BTL Industries, Inc., Cyberonics, Inc., DJO Global, Inc., Medtronic plc., Nevro Corporation., NeuroMetrix, Inc., St. Jude Medical, Inc., Uroplasty, Inc. (Cogentix Medical), and Zynex, Inc.

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