According to a recent report by FMI, the sector for pelvic floor stimulators market is expected to generate global sales of US$ 140.39 million in 2023. The market’s demand outlook is still positive, and according to FMI, it will grow at an 8.8% CAGR from 2023 to 2033, reaching US$ 325.41 million by that time.
The pelvic floor stimulators are recommended for patients facing urologic disorders like cystitis, urinary retention, kidney stones, and benign prostatic hyperplasia. Within the Asia Pacific region, countries like China, India, and Japan, are experiencing a surge in the elderly population with urinary issues, leading to heightened demand for the device.
The industry is estimated to flourish significantly due to extensive research and development in pelvic floor stimulators. The study aims to facilitate robust therapies for treating weak pelvic floor muscles and stress urinary incontinence. High investment by key players is projected to propel market development in the next decade.
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Widespread chronic diseases like hypertension and diabetes, often the root cause of several urological disorders, are also spurring the demand for pelvic floor stimulators. As per the 2017 analysis by Canadian Urological Association, bladder cancer is one of Canada’s leading types of cancer. The increasing cases of bladder cancer the world over is catalyzing the pelvic floor stimulators market growth.
Geographically, the Asia Pacific is displaying substantial demand for pelvic floor stimulators by healthcare professionals. The expansion in the regional market can be attributed to surging government spending, increasing awareness initiatives by different organizations, and rising investments. For instance, the South Korean government has undertaken the responsibility of disseminating awareness about urology issues.
North America holds the lion’s share in the market. The high count of key players established healthcare infrastructure, and the prevalence of sexual dysfunction and neurodegenerative diseases are crucial factors upholding regional growth.
Top Highlights from the FMI’s Analysis of the Pelvic Floor Stimulators Market:
- The United States pelvic floor stimulators industry presently shares around 76% of the North American region.
- Over the forecast period, the United Kingdom’s pelvic floor stimulators industry is anticipated to expand at a CAGR of 8.7%.
- In 2022, the India pelvic floor stimulators industry crossed 55% of sales recorded in South Asia.
- The Australian market is projected to represent a CAGR of 10.6% in the forecast period.
- The electrical stimulators segment is projected to register a CAGR of 9.1% over the upcoming years.
- The hospital segment significantly contributed to overall market growth. From 2023 to 2033, the segment is projected to record a CAGR of 9.2%.
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How are Industry Players Increasing their Foothold in the Market?
Competitors providing pelvic floor stimulators are introducing innovations to invigorate their product portfolios. By releasing technologically advanced products, the companies are targeting potential customers. Additionally, the firms are engaging in mergers and acquisitions to support their market position. By implementing these strategies, companies can boost their capacity, multiply their product portfolio, and enhance device competency.
Following are Some Recent Developments in the Market:
- Product Launch
Zynex, an electrotherapy devices manufacturer launched NeuroMove in February 2018. The product is aimed at survivors of stroke who seek to regain their movement using neuroplasticity.
- Acquisition
Laborie, a medical technology company completed the acquisition of Clinical Innovations in February 2020. The acquisition was completed for US$ 525 million. Through this acquisition, the company projected to invigorate its foothold in the market.
Key Players in the Market:
- Medtronic Plc
- Atlantic Therapeutics
- Laborie Inc.
- The Prometheus Group
- Everyway Medical Instruments Co., Ltd.
- KayCo 2 Ltd.
- InControl Medical Ltd.
- Tic Medizintechnik GmbH
- Shenzhen XFT Medical Ltd.
- Chiaro Technology Ltd.
- Zynex Inc.
- Utah Medical Products, Inc.
- Verity Medical Ltd.
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Pelvic Floor Stimulators Industry by Category:
Product Type:
- Electrical stimulators
- Magnetic Stimulators
Application:
- Urinary Incontinence
- Sexual Dysfunction
- Neurodegenerative Diseases
End User:
- Hospitals
- Ambulatory Surgical Centers
- Specialized clinics
- Homecare setting
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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