Cranial & Auricular Electrotherapy Stimulation Devices Market By Product Type (Cranial Electrostimulation Devices And Auricular Electrostimulation Devices), By Application (Insomnia, Depression, Anxiety, Pain Management, And Others), By Geography is projected to expand at a significant CAGR forecast till 2026 owing to rising prevalence of mental & psychiatric disorders and growing demand for electrostimulation devices as an alternative option for treatment.
Global Cranial & Auricular Electrotherapy Stimulation
Devices Market was valued at USD XX billion in 2020, growing at a CAGR of XX%
during the forecast period from 2021 to 2026 to reach USD XX billion by 2026.
The rise in demand for Cranial & Auricular Electrotherapy Stimulation
Devices is primarily due to the rising prevalence of various mental and
psychiatric disorders, increase in chronic pain cases across the globe,
increasing insomnia among the population. Moreover, the rise in research and
development investment by key manufacturers along with various ongoing clinical
trials for device development are other factors expected to boost the market
for cranial & auricular electrotherapy stimulation devices.
Cranial & Auricular Electrotherapy Stimulation
Devices Market Insights
Cranial and auricular electrotherapy devices are small
devices that use a current of less than 4 mA for activating the brain and
cranium for the treatment of anxiety, depression, pain, and others. The growing
prevalence of mental disorders such as depression, bipolar disorder,
schizophrenia, dementia, and other psychoses is expected to surge the demand
for cranial and auricular electrotherapy stimulation devices. According to the
World Health Organization (WHO) 2019 report, approximately 264 million people
were affected by depression which is one of the common mental disorders and
also the leading cause of disability worldwide.
In addition, the increasing prevalence of chronic pain among
the population is also a driving factor for the cranial & auricular
electrotherapy stimulation devices market. For instance, as per the Center for
Disease Control and Prevention (CDC) 2019 data, approximately 20.4% of
the adult population suffered from chronic pain and at least 7.4% of
adults had high impact chronic pain (chronic pain that frequently limits life
or work activities).
Thus, the above-mentioned factors could be potential driving
factors for the global cranial & auricular electrotherapy stimulation
devices market.
However, the high cost of the cranial & auricular electrotherapy stimulation devices and lack of awareness regarding these devices may pose a minor hurdle for the growth of the Cranial & Auricular Electrotherapy Stimulation Devices market.
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