Since the elderly are more exposed to chronic conditions that need minimally invasive treatment, the industry has benefited from an increasing number of Americans aged 65 and older
Los Angeles, California (PRWEB) December 21, 2011
The outlook for the TENS Machine Manufacturing industry is mostly bright, according to IBISWorld, the nation’s largest publisher of Industry research. According to IBISWorld’s report, revenue projected to increase at an average annual rate of 6.4% to $821.1 million in the five years to 2016. Driven by recovering economic conditions and higher insurance coverage, the TENS Machine Manufacturing industry will likely experience higher downstream demand from physical therapists and other independent physicians. For this reason, industry research firm IBISWorld has added a report on the TENS Machine Manufacturing industry to its growing Medical Devices collection.
This TENS Machine Manufacturing industry manufactures transcutaneous electrical nerve stimulation (TENS) devices. These machines provide electric currents to the nerves to stimulate them for therapeutic purposes, mainly for pain relief. Major manufacturers of transcutaneous electrical nerve stimulation (TENS) devices in the United States, include Djo Global (Empi, Chattanooga brands), Dynatronics Inc and Graham Field Health Products. These companies provide electric currents to the nerves to stimulate them for therapeutic purposes have experienced healthy growth over the past five years. Despite the economic recession that has brought down the entire manufacturing sector, the gaining popularity of over-the-counter machines and smaller but more affordable units has helped the TENS Machine Manufacturing industry post strong growth.
According to IBISWorld analyst, Janet Shim, an aging population in the United States has largely supported the industry's growth. “Since the elderly are more exposed to chronic conditions that need minimally invasive treatment, the industry has benefited from an increasing number of Americans aged 65 and older,” says Shim. In fact, this age group has a higher number of people suffering from chronic pain; data from the National Pain Foundation states that 78.0% of independent and healthy people aged between 60 and 65 reported chronic pain. Since the people in this age group often have higher incidences of chronic joint problems, like rheumatoid arthritis and osteoporosis, that cause painful symptoms, this demographic has largely fueled demand.
Despite strong industry growth driven by easier access to TENS devices and rising elderly population, the industry is rapidly maturing. Today, there are many models available in the market, which essentially provide the same function of stimulating nerves for pain relief. While some products differentiate themselves by adding features like electro muscle stimulation capabilities, the product market is becoming increasingly saturated and commoditized. As a result, competition has increased (from the import market in particular), causing smaller companies to merge with others to pool their resources or exit the industry completely.
In the five years to 2016, the industry will likely face risks associated with increased regulation. Because of greater taxes and changes in the 510(k) market approval reform, manufacturers may experience lower margins. Nonetheless, the outlook will remain generally positive, with higher levels of insurance coverage and rising household income spurring further industry growth. In the next five years, revenue is forecast to rise 6.4% annually to $821.1 million by 2016.
For more information, including latest Industry trends, statistics, analysis and market share information, download the full report from IBISWorld on the TENS Machine Manufacturing Industry
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