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Electromagnetic therapy device market will grow at 7.9% CAGR by 2032

Posted on by darion

The electromagnetic therapy device market is witnessing strong growth, expected to grow from USD 451.6 million in 2023 to approximately USD 965.9 million by 2033, at a compound annual growth rate (CAGR) of 7.9% in 2024 –2033. This growth is due to several factors, including technological advances, increasing clinical evidence supporting the effectiveness of electromagnetic therapy, and growing consumer interest in non-invasive pain management solutions.

Key growth drivers include the increasing use of low-frequency electromagnetic therapy devices, which had a market share of over 62.5% in 2023 due to their perceived safety and effectiveness. Additionally, the pain management segment dominated the market with over 45.3% market share, driven by demand for non-invasive treatments. The market is also seeing significant use in bone growth applications, reflecting wider acceptance in orthopedic treatments.

Challenges facing the market include high costs associated with the latest electromagnetic therapy devices, which may limit their widespread use, and ongoing skepticism about the long-term safety and effectiveness of these devices despite growing clinical evidence. However, opportunities lie in the integration of advanced technologies such as the Internet of Things (IoT) and artificial intelligence (AI) to increase treatment personalization and effectiveness.

Recent market developments highlight the growing popularity of portable electromagnetic therapy devices due to their convenience and the increasing use of these devices in home care settings. Hospitals remain the dominant end-users, representing over 51.8% of market share in 2023, highlighting the clinical acceptance of these therapeutic devices.

Key takeaways

  • The market is expected to reach $965.9 million by 2033, growing at approx 7.9% CAGR from 2024, upwards from $451.6 million in 2023
  • Low frequency devices have a 62.5% market share in 2023, preferred for their safety and effectiveness, indicating consumer preferences.
  • Pain management applications lead with a 45.3% market share in 2023, followed by bone growth and other diverse applications.
  • Hospitals with the so-called 51.8% market share in 2023, and home care facilities are gaining popularity due to the devices’ portability and ease of use.
  • The market growth is driven by advancements in portable electromagnetic therapy devices for the treatment of injuries and the growing number of clinical studies proving the benefits of the therapy.
  • The high cost of advanced devices and the perceived lack of solid evidence of long-term safety are key barriers to widespread adoption.
  • Possibilities include integrating electromagnetic therapy with IoT and artificial intelligence for personalized solutions and expanding into new therapeutic areas.
  • Trends include increasing acceptance of pulsed electromagnetic field (PEMF) technology, demand for wearable devices, and the development of low-cost OTC products.
  • North America has 42.1% market share i $190.1 million in 2023, with the Asia-Pacific region expected to have the fastest CAGR thanks to supportive policies and health awareness.

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Key segments of the electromagnetic therapy device market

Power

  • Low frequency
  • High frequency

App

  • Pain management
  • Bone growth
  • Others

End use

  • Hospitals
  • Home care settings
  • Others

Key Regions

  • North America (USA, Canada, Mexico)
  • Western Europe (Germany, France, UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic countries, rest of Western Europe)
  • Eastern Europe (Russia, Poland, Czech Republic, Greece, rest of Eastern Europe)
  • APAC (China, Japan, South Korea, India, Australia and New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, rest of APAC)
  • Latin America (Brazil, Colombia, Chile, Argentina, Costa Rica, rest of Latin America)
  • Middle East and Africa (Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, rest of MEA)

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Analysis of key players

Bedfont Scientific, through its subsidiary NewMed, focuses on pulsed electromagnetic field (PEMF) therapy devices. These non-invasive devices use the Earth’s magnetic fields to promote cell repair, promote regeneration, relieve pain and improve sleep. The NewMed division has been successful, delivering over 800 devices since its inception in 2014. The company’s goal is to increase awareness and use of PEMF therapy, supported by positive user reviews and clinical studies showing significant benefits in treating pain and improving sleep.

Orthofix Holdings operates in the electromagnetic therapy device sector, focusing on the stimulation of bone growth. Their devices, such as CervicalStim and PhysioStim, use PEMF technology to improve the healing process of spinal fractures and fusions. Orthofix has received FDA approval for various indications, highlighting the clinical effectiveness of their products. The company’s strong focus on research and development ensures continuous innovation and support for patients after orthopedic surgery.

The I-Tech Medical Division specializes in advanced PEMF therapy devices aimed at both the professional and consumer markets. Their flagship product, Magcell Microcirc, is designed to improve microcirculation and reduce pain in chronic diseases. I-Tech Medical uses cutting-edge technology to deliver portable, easy-to-use devices that provide effective treatment options for a variety of musculoskeletal problems. The company’s commitment to quality and effectiveness has earned it a solid reputation in the PEMF therapy market.

OSKA offers portable PEMF devices designed to relieve pain and improve mobility. Their product, OSKA Pulse, is a portable device that provides PEMF therapy to reduce inflammation and accelerate healing. OSKA focuses on providing drug-free, non-invasive solutions that can be easily integrated into everyday life, making their devices popular among people seeking alternative pain management methods. The company’s innovative approach and user-friendly design have contributed to its growth in the electromagnetic therapy device market.

Medithera develops and markets PEMF therapeutic systems for professional and home use. Their devices are designed to improve overall well-being, improve blood circulation and promote cellular health. Medithera products are used in various therapeutic areas, including sports medicine and rehabilitation. By focusing on the therapeutic benefits of electromagnetic fields, Medithera aims to provide effective, non-invasive treatment options that naturally support health and recovery.

Key players in the electromagnetic therapy device market:

  • Scientific bedfont
  • Ortofix Holding
  • I-Tech Medical Department
  • OSKA
  • Medithera
  • NiuDeSai
  • Nuage Health
  • Oxford Medical Instruments Health
  • Bemer

Scope of the report on the electromagnetic therapy devices market >> Market value (2023): USD 451.6 million || Projected revenues (2033): USD 965.9 million || CAGR (2024–2033): 7.9% || Estimated base year: 2023 || Historical period: 2019-2022 || Forecast period: 2024-2033.

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