Pulse Electromagnetic Field Therapy Devices Market- Growth, Trends, Covid-19 Impact, And Forecasts (2022 - 2027)

Pulse Electromagnetic Field Therapy Devices Market- Growth, Trends, Covid-19 Impact, And Forecasts (2022 - 2027)

The pulse electromagnetic field therapy devices market is projected to register a CAGR of 7.8% during the forecast period.

The COVID-19 pandemic is likely to increase the demand for advanced medical products. The initial lockdown period and stay-at-home orders have resulted in the reduced physical activity of the individuals. Moreover, for the working population, the work from home trend has resulted in more sitting hours which is leading to body pain. Hence, this is likely to create a need for advanced therapeutic devices to maintain wellness. Besides, Maryland business, in 2020, also marketed pulsed electromagnetic field devices (PEMF) for the treatment or prevention of coronavirus. Staying safe during the COVID-19 pandemic is the top priority for everyone. PEMF is an amazing drug-free technology that is presently one of the best ways to help prevent the virus from getting fatal.

An increase in the demand for pain relief devices is also driving the market growth. This is largely driven by an increase in the incidence and prevalence of arthritis and joint problem that boost the demand for pain relief devices. As per the Centers for Diseases Control and Prevention (CDC), chronic pain is one of the main reasons people seek medical care. Also, as per the CDC statistics, in 2019, 20.4% of the adults had chronic pain and 7.4% adults had chronic pain that often-limited life or work activities. Chronic pain and high impact chronic pain both increased with the age and were highest among adults aged 65 years and over.

Back pain is the most common type of chronic pain. As per the data from American Physical Therapy Association and CDC, back pain is slightly more common in adult women as compared to men. Globally, 30% of the adult female population suffers from lower back pain as compared to 25% of the adult male population. According to the American Chiropractic Association Study, back pain is one of the major causes of disability worldwide. Nearly 30% of the Unites States population experienced lower back problems in the last three months of 2019 as compared to 28% in 1997. The American Chiropractic Association and the National Institute of Neurological Disorders and Stroke have both asserted that 80% of the population is likely to experience lower back pain in the coming years. One-half of all working Americans, which equates to around 80 million, admit to having back pain symptoms every year. The United States Bureau of Labor Statistics (BLS) conducted research in 2018 revealing back pain injuries affect over 600,000 American workers each year, to the tune of more than USD 50 billion annually. Back pain is a huge challenge to the international health systems. Both disability and costs attributed to lower back pain are projected to increase in the coming future, particularly in low-income and middle-income countries.

Key Market TrendsThe Hospital Segment is Expected to Hold a Major Market Share in the Pulse Electromagnetic Field Therapy Devices Market.

The increasing cases of COVID-19 are the major factor that boosts the segment’s growth. The severe acute respiratory syndrome coronavirus leads to low oxygen saturation and respiratory failure in patients with the COVID-19 disease. An observational study performed on COVID-19 patients in 2020 revealed a significant positive correlation between magnetic flux density, frequency, or temperature, associated with the real low-field thoracic magnetic stimulation (LF-ThMS) and SpO2 levels in all COVID-19 patients. Hence, such positive clinical evidence is likely to boost the adoption of pulse electromagnetic field therapy devices in hospitals, thereby supporting segmental growth in the coming future.

The rising incidences of fractures due to accidents, sports injuries, fall from a certain height, and indications such as knee pain, joint pain, and arthritis are factors that drive the segment’s growth. According to the National Safety Council (NSC), in 2020 bicycling accounted for about 426,000 injuries, the most of any category of sports and recreation. Exercise, with or without equipment, followed with about 378,000 injuries, while ATV, moped, and minibike use with 230,000 injuries, and skateboard, scooter, and hoverboard use, with 218,00 injuries, ranked third and fourth. The NSC reports that there were about 130,000 swimming injuries treated in emergency departments in 2020, with children under the age of 14 suffering half of all injuries. A report by the Consumer Product Safety Commission found that between 2018 and 2020, 78 percent of children treated in EDs for pool-related nonfatal drowning injuries were younger than five years of age. Hence, the above-men factors are likely to contribute to segmental growth.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period.

The rising number of patients experiencing osteoporosis and osteoarthritis is projected to boost the demand for pulse electromagnetic field therapy device therapy in the region. Besides, the ongoing transition towards minimally invasive procedures is expected to enhance regional growth. Also, the presence of a well-developed healthcare structure in the United States is anticipated to boost the product demand. Besides, the presence of well-established market players in the United States is also supporting the market growth in the region. For instance, Orthofix Medical Inc., a United States-based firm has around 30 years of experience in healing patients, and their bone growth therapy devices are the number one prescribed bone growth stimulators in the country.

As per the CDC, Osteoporosis is the most common bone disease characterized by weakening of bone tissue, bone structure, and strength and may lead to increased risk of fractures. Fractures are common among aging individuals. There are an estimated two million osteoporotic fractures each year in the United States. Hip fractures are especially important and considered a major public health concern due to high morbidity, mortality, and medical expenses, and the toll on the nation’s economy. Also, as per the study by CDC on “Osteoporosis or Low Bone Mass in Older Adults: the United States, 2017–2018”, the age-adjusted prevalence of osteoporosis at either the femur neck or lumbar spine or both among adults aged 50 and over was 12.6% and was higher among women (19.6%) compared with men (4.4%). Hence, the above-mentioned factors are likely to augment the market growth in the region.

Competitive Landscape

The pulse electromagnetic field therapy devices market is fragmented & competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently operating in the market are Bemer, LLC, Orthofix Medical Inc., I-Tech Medical Division, Oska Pulse, Medithera, NUAGE HEALTH DEVICES PVT. LTD., Oxford Medical Instruments Health Store, EarthPulse, Swiss Bionic Solutions, Magnus Magnetica, LLC.

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Companies Mentioned
 
Bemer, LLC
Orthofix Medical Inc.
I
Tech Medical Division
Oska Pulse
Medithera
NUAGE HEALTH DEVICES PVT. LTD.
Oxford Medical Instruments Health Store
EarthPulse
Swiss Bionic Solutions
Magnus Magnetica, LLC

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