Magnet therapy generally uses a magnetic plate placed on the surface of point or around meridians in order to treat particular disease. The magnetic therapy devices are used to treat various disease indications including multiple sclerosis, arthritis, soft tissue injuries, healing bone fractures and pain management. A small magnet is used in the beginning of magnetic therapy based treatment. If no apparent results or no side effects are registered with usage of magnetic therapy devices, the strength of magnet and treatment length is gradually increased in order to achieve better results. Magnet treatment is reported to be relatively safe when using appropriate magnetic therapy devices. Magnetic therapy devices are on a broad level used by athletes for pain relief. It has been suggested that magnetic therapy devices may also find use in delaying bone healing. However, it is recommended not to use magnetic therapy devices in patients with pacemaker, patients allergic to metals or in patients with implanted defibrillators.
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New technological advancements in upcoming magnetic therapy devices such as introduction of microTesla magnetic field therapy and extremely low frequency magnetic field (ELF MF) based magnetic therapy, along with wide adoption for magnetic therapy devices among end users has reported to be a key driving factor for revenue growth in global magnetic therapy devices market. The introduction of home magnetic therapy devices is projected to be another primary factor driving growth of Magnetic Therapy Devices Market over the forecast years. Further, the low cost of magnetic therapy treatment sessions that costs about US$ 20 for 30 minutes enhances the demand for magnetic therapy treatment, thus increasing the revenue growth in magnetic therapy devices market. However, a number of side effects associated with usage of magnetic therapy devices such as decrease in blood pressure, dizziness, palpitation, vomiting, low energy and nausea may hamper the revenue growth of magnetic therapy devices market.
According to the results obtained from studies conducted to scientifically validate magnetic therapy sessions and treatments, it has been reported that about 90% of patients show significant improvement in their ailments. The fact that magnetic therapy devices are highly compatible with the traditional medicine in order to treat various indications and most commonly in pain management. This creates further opportunities for the new manufacturers to increase their production capacity for advanced magnetic therapy devices in developing countries in order to pose levelled competition to already existing key players in magnetic therapy devices market.
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The magnetic therapy devices have registered high demands from home use settings, hospitals and specialty clinics owing to effective results and long term benefits obtained by using magnetic therapy devices. The pulsed electro-magnetic field energy based magnetic therapy devices are most widely used magnetic therapy devices, thereby accounting to be the leading revenue generating segment in global magnetic therapy devices market. Based on the end user, hospitals followed by specialty clinics is expected to be the leading end user segment in global magnetic therapy devices market.
Magnetic Therapy Devices Market: Regional Overview
Among the regional presence, North America is projected to be most lucrative market for magnetic therapy devices due to growing prevalence of various diseases such as arthritis and ever increasing patient pool opting for advanced pain management solutions. Europe followed by East Asia is anticipated to be second largest revenue generating market for magnetic therapy devices due to presence of high number of regional device manufacturers along with advanced healthcare infrastructure in the region. Also, North America and Europe cumulatively accounts for a significant revenue share in magnetic therapy devices market due to favorable regulatory scenario present in the region for approval of magnetic medical devices. Middle East and Africa therefore is expected to register sluggish growth in magnetic therapy devices owing to poor adoption for magnetic therapy treatment procedures over conventional medications.
Magnetic Therapy Devices Market: Key Players
Some of the key magnetic therapy devices manufacturers present across the globe are EMD Medical Technologies, Iskra Medical d.o.o., Curatronic Ltd., Swiss Bionic Solutions Holding GmbH, BEMER and others.
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