Increasing investments in noninvasive treatments for chronic ailments have been increasing potential applications for magnetic therapy devices
Increasing investments in noninvasive treatments for chronic ailments have been increasing potential applications for magnetic therapy devices
Fact.MR, Rockville MD: A new report on the magnetic therapy devices market by market research firm Fact.MR has projected a steady rate of growth through 2021. The covid-19 pandemic has resulted in a moderate slump in the demand for magnetic therapy devices owing to restraints on production activities during the crisis period. High potential for applications in low-cost therapeutics with minimal requirements for hospitalization, are important factors that will support long-term growth prospects for market players.
According to the National Institute of Health, therapeutic devices integrated with permanent magnets are available widely and at low costs, while being fairly easy to use. Magnets are also viewed among consumers as potentially safer alternative to conventional medicine such as analgesic compounds. Health service researchers are pushing to test magnetic therapy devices to minimize the economic burden of chronic musculoskeletal ailments.
Magnets are fairly cheap to produce. Consequently, they are considered ideal for long-term treatments. On the other hand, high-quality scientific evidence in terms of effectiveness, safety and cost is not widely available. As a result, clinical trials on the efficacy of magnetic therapy devices are key to the future of the industry.
“Extensive investments for research into alternative medicine and the introduction of technologies such as extremely low frequency magnetic field therapy and microTesla magnetic field therapy, in addition to widespread adoption of magnetic therapy devices among end users is expected to be a major driving factor for revenue generation opportunities in global magnetic therapy devices market,” comments a Fact.MR analyst.
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Key Takeaways from Fact.MR’s Magnetic Therapy Devices Market
- Pulsed electromagnetic field energy devices will reflect a faster rate of growth backed by high demand in pain management applications.
- Soft tissue healing applications will display steady growth over the forecast period owing to positive outcomes in clinical trials.
- United States has emerged as a highly lucrative market for magnetic therapy devices owing to rising adoption of advanced pain management solutions and awareness of arthritis treatments.
Magnetic Therapy Devices Market – Prominent Drivers
- Advances in low frequency magnetic field technologies for therapeutics drive growth in the industry.
- Growing consumer interest in home therapy devices is generating significant growth opportunities.
- Low cost of magnetic therapy compared to traditional medicine is key driving factor.
Magnetic Therapy Devices Market – Key Restraints
- Lack of adequate scientific evidence about the efficacy of magnetic therapy remains a challenge for market players.
- Side effects including dizziness, reduced blood pressure, and low energy levels hinder use of magnetic therapy devices.
Discover more about the magnetic therapy devices market with figures data tables and table of contents. You can also find detailed market segmentation at https://www.factmr.com/report/3412/magnetic-therapy-devices-market
Competitive Landscape
Major players in the magnetic therapy devices market include but are not limited to BEMER, EMD Medical Technologies, Swiss Bionic Solutions Holding GmbH, Iskra Medical d.o.o, and Curatronic Ltd.
Leading players in the magnetic therapy devices market are focused on the development and launch of new products in line with medical regulatory standards, to consolidate geographical expansion strategies.
In April 2021, Somavedic Technologies announced the launch of Somavedic Medic Sky a new frequency therapy device aimed towards minimizing side effects of geopathic stress, and electromagnetic fields.
In March 2021, MagVenture announced the launch of its Flow Arm patent-pending technology aimed towards non-invasive brain stimulation positioning applications.
In August 2020, the FDA approved transcranial magnetic stimulation therapy as a viable treatment option for patients with obsessive compulsive disorders.
More Insights on the Magnetic Therapy Devices Market
In its latest report, Fact.MR offers unbiased analysis of the global magnetic therapy devices market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (constant energy magnets and pulsed electromagnetic field energy), magnetic field therapy type (microTesla Magnetic Field Therapy and Extremely Low Frequency Magnetic Field (ELF MF) Therapy), end user (hospitals, specialty clinics, and homecare settings), and application (multiple sclerosis, scalp acupuncture, pain management, arthritis, soft tissue injuries, bone fracture healing, and others) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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Source: Fact.MR