Electrical Stimulation Devices Market Opportunities and Strategies to 2033

This report describes and explains the electrical stimulation devices market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global electrical stimulation devices market reached a value of nearly $7.1 billion in 2023, having grown at a compound annual growth rate (CAGR) of 8.66% since 2018. The market is expected to grow from $7.1 billion in 2023 to $11.3 billion in 2028 at a rate of 9.71%. The market is then expected to grow at a CAGR of 8.80% from 2028 and reach $17.2 billion in 2033.

Growth in the historic period resulted from the economic growth in emerging markets, increased demand for non-invasive treatment options, rise in use of rehabilitation therapies and rise in prevalence of muscle disorders. Factors that negatively affected growth in the historic period include low healthcare access and long treatment durations.

Going forward, the rising healthcare expenditure globally, increasing prevalence of chronic pain conditions, growth in sports injury treatment, supportive government initiatives, increasing prevalence of spinal cord injuries and growing incidence of neurological disorders will drive the market. Factors that could hinder the growth of the electrical stimulation devices market in the future include a lack of trained healthcare professionals and availability of alternative therapies.

The electrical stimulation devices market is segmented by device type into deep brain stimulation devices, neuromuscular electrical stimulation devices, sacral nerve stimulation devices, spinal cord stimulation devices and other devices. The spinal cord stimulation devices market was the largest segment of the electrical stimulation devices market segmented by device type, accounting for 40.7% or $2.9 billion of the total in 2023. Going forward, the neuromuscular electrical stimulation devices segment is expected to be the fastest-growing segment in the electrical stimulation devices market segmented by device type, at a CAGR of 11.9% during 2023-2028.

The electrical stimulation market is segmented by application into pain management, neurological & movement disorder management, musculoskeletal disorder management, metabolism & GIT management and other applications. The pain management market was the largest segment of the electrical stimulation market segmented by application, accounting for 33.7% or $2.4 billion of the total in 2023. Going forward, the neurological & movement disorder management segment is expected to be the fastest-growing segment in the electrical stimulation devices market segmented by application, at a CAGR of 11.1% during 2023-2028.

The electrical stimulation devices market is segmented by end user into hospitals, ambulatory surgical centers and other end users. The hospitals market was the largest segment of the electrical stimulation devices market segmented by end users, accounting for 59.1% or $4.2 billion of the total in 2023. Going forward, the ambulatory surgical centers segment is expected to be the fastest-growing segment in the electrical stimulation devices market segmented by end user, at a CAGR of 10.5% during 2023-2028.

North America was the largest region in the electrical stimulation devices market, accounting for 35% or $2.5 billion of the total in 2023. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the electrical stimulation devices market will be Asia-Pacific and Africa, where growth will be at CAGRs of 11.89% and 11.48% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 11.17% and 10.35% respectively.

The global electrical stimulation devices market is concentrated, with large players operating in the market. The top ten competitors in the market made up to 45.78% of the total market in 2023. Medtronic plc was the largest competitor with a 13.54% share of the market, followed by Boston Scientific Corporation with 7.30%, Abbott Laboratories with 6.65%, Koninklijke Philips N.V with 5.41%, Nevro Corp with 4.80%, LivaNova PLC (Cyberonics Inc) with 2.79%, Enovis Corporation (Compex) with 1.82%, BTL Corporate with 1.63%, Biotronik Inc with 1.02% and Zynex Medical Inc with 0.83%.

The top opportunities in the electrical stimulation devices market segmented by device type will arise in the spinal cord stimulation devices segment, which will gain $1.8 billion of global annual sales by 2028. The top opportunities in the electrical stimulation devices market segmented by application will arise in the pain management segment, which will gain $1.4 billion of global annual sales by 2028. The top opportunities in the electrical stimulation devices market segmented by end user will arise in the hospitals segment, which will gain $2.4 billion of global annual sales by 2028. The electrical stimulation devices market size will gain the most in the USA at $1.1 billion.

Market-trend-based strategies for the electrical stimulation devices market include focus on developing innovative products, regulatory approvals for technologically advanced electrical stimulation devices, developing small-sized rechargeable deep brain stimulation (DBS) devices, innovation in the spinal cord stimulation systems using AI (artificial intelligence) and developing next-generation sacral neuromodulation devices.

Player-adopted strategies in the electrical stimulation devices market include focus on enhancing operational capabilities through the launch of new products and strengthening market position through strategic acquisitions.

To take advantage of the opportunities, the analyst recommends the electrical stimulation devices companies to focus on developing non-invasive solutions for chronic wound care, focus on regulatory approvals for technologically advanced devices, focus on developing compact, rechargeable devices with remote programming capabilities, focus on Ai-driven innovation in spinal cord stimulation, focus on developing next-generation neuromodulation devices, focus on neuromuscular electrical stimulation devices segment for growth, expand in emerging markets, continue to focus on developed markets, focus on expanding distribution networks through strategic partnerships, provide competitively priced offerings, focus on partnerships and sponsorships, continue to use B2B promotions and focus on targeting ambulatory surgical centers.