The Europe electrical stimulation devices market is expected to reach US$ 3,433.1 million by 2027 from US$ 1,745.6 million in 2019. The market is estimated to grow at a CAGR of 9.0% from 2020 to 2027.
The factors that are driving growth of the market are owing to increasing adoption of electrical stimulation devices, increasing prevalence of neurological conditions, growing awareness about benefits provided by electrical stimulation devices, and rising number of product introductions. On the other hand, higher cost of implants is likely to restrain the market growth to a certain extent.
Growing number of product approvals is one of the prominent factor for the growth of the Germany electrical stimulation devices during the forecast period. For instance, in December 2017, HASOMED has entered into a partnership with Ekso Bionics to launch Functional Electrical Stimulation (FES) for the EksoGT Exoskeleton. Through this partnership, HASOMED’s RehaStim2 FES that previously used for research, integrated with EksoGT exoskeleton that is now CE Marked and available for routine clinical use in Europe. Such constructive strategies are anticipated to propel the growth of the market by 2027.
The Europe electrical stimulation devices market, based on device type, is segmented into spinal cord stimulation devices, deep brain stimulation devices, vagus nerve stimulation (VNS) devices, sacral nerve stimulation (SNS) devices, gastric electrical stimulation (GES) devices, transcutaneous electrical nerve stimulation (TENS) devices, and other devices. In 2019, the spinal cord stimulation devices segment held a larger share of the market; however, the sacral nerve stimulation devices segment is expected to register a higher CAGR in the market during the forecast period.
A few major primary and secondary sources referred to in the process of preparing the report on the electrical stimulation devices market are the World Health Organization, Ministry of Health and Prevention, and Ministry of Health and Family Welfare.