#electroceuticals

Major Growth Drivers:

The rising geriatric population and subsequent growth in the prevalence of neurological & cardiovascular disorders drives growth in the electroceuticals market, rising government support & funding for neurological disorders, and the increasing investments and funding for research on CRM devices are among the other factors. Emerging economies such as China and Japan are providing lucrative opportunities for the players operating in the electroceuticals market.

Restraints: High cost of electroceutical devices

The high cost of electroceutical devices such as cochlear implants and neurostimulators is a major factor restraining market growth, particularly in price-sensitive regions such as the Asia Pacific, Latin America, and Africa. Healthcare providers, especially in developing countries such as Brazil and Mexico, have low financial resources to invest in sophisticated technologies.

Moreover, the staff must be extensively trained for the efficient handling and maintenance of electroceutical devices. In line with this, extensive R&D activities are required to develop technologically advanced electroceutical devices such as cochlear implants. This results in a significant increase in the cost of manufacturing. Consequently, high-capital investments are required to carry out such activities, which only the established or major players in the market can afford.

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Projected Revenue Surge in Coming Years:

The global electroceuticals/bioelectric medicine market is projected to reach USD 21.5 billion by 2026 from USD 16.8 billion in 2021, at a CAGR of 5.0% during the forecast period.

Noninvasive electroceutical devices segment to register the highest growth rate during the forecast period

The electroceuticals market is segmented into implantable electroceutical devices and noninvasive electroceutical devices. In 2020, the noninvasive electroceutical devices segment accounted for the highest growth rate. Factors such as the rising R&D investments by companies for novel product development and technological advancements are contributing to the growth of this segment.

The hospitals, clinics, and ASCs segment accounted for the largest share of the electroceuticals market, by end user segment, in 2020

Based on end users, the electroceuticals market has been segmented into hospitals, clinics, and ASCs; and other end users. In 2020, the hospitals, clinics, and ASCs segment accounted for the largest share of the electroceuticals market. The improving healthcare infrastructure in developing countries is driving this segments growth.

North America is the largest regional market for electroceuticals market

The global electroceuticals market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the electroceuticals market. The large share of this region can be attributed to the increasing healthcare spending and the highly developed healthcare system in the US and Canada.

Global Leading Companies:

The major players operating in this market are Medtronic plc (Ireland), Boston Scientific Corporation (US), Abbott Laboratories, Inc. (US), LivaNova PLC (UK), Cochlear Ltd. (Australia), MicroPort Scientific Corporation (China), Sonova Group (Switzerland), Nevro Corp. (US), Axonics Modulation Technologies, Inc. (US), Neuronetics, Inc. (US), Second Sight Medical Products, Inc. (US), NeuroPace, Inc. (US), BIOTRONIK (Germany), Medico S.p.A. (Italy), Nurotron Biotechnology Co. Ltd. (US), MED-EL (Austria), Aleva Neurotherapeutics SA (Switzerland), NeuroSigma, Inc. (US), BioWave Corporation (US), Soterix Medical Inc. (US), Bioinduction Ltd. (UK), GiMer Medical (Taiwan), Cefaly (Belgium), BioControl Medical (Israel), and tVNS Technologies GmbH (Germany).

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Global Electroceuticals Market is Expecting a Revenue Surge at CAGR of 5.0% During Forecast Period

Overview of This Study: This study involved four major activities in estimating the current size of the electroceuticals market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.…

Overview of This Study:

This study involved four major activities in estimating the current size of the electroceuticals market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.

The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate segments and subsegments' market size.

Market Size Estimation:

Both top-down and bottom-up approaches were used to estimate and validate the electroceuticals market's total size. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

# The key players in the industry have been identified through extensive secondary research # The revenues generated by leading players operating in the electroceuticals market have been determined through primary and secondary research # All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources

Projected Revenue Surge:

The global electroceuticals/bioelectric medicine market is projected to reach USD 21.5 billion by 2026 from USD 16.8 billion in 2021, at a CAGR of 5.0%.

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Global Growth Driving Factors:

The rising geriatric population and subsequent growth in the prevalence of neurological & cardiovascular disorders drives growth in the electroceuticals market, rising government support & funding for neurological disorders, and the increasing investments and funding for research on CRM devices are among the other factors. Emerging economies such as China and Japan are providing lucrative opportunities for the players operating in the electroceuticals market.

Data Triangulation:

After arriving at the overall market size applying the process mentioned above, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Recent Developments:

# In March 2021, Medtronic plc (Ireland) received US FDA approval for its Intellis Platform with Differential Target Multiplexed (DTM) programming to treat chronic intractable back and leg pain.

# In January 2021, Boston Scientific Corporation (US) received US FDA approval for its Vercise Genus Deep Brain Stimulation System.

# In January 2020, Medtronic plc (Ireland) acquired Stimgenics, LLC (US), a pioneer of DTM, a novel spinal cord stimulation therapy.

The hospitals, clinics, and ASCs segment accounted for the largest share of the electroceuticals market, by end user segment, in 2020

Based on end users, the electroceuticals market has been segmented into hospitals, clinics, and ASCs; and other end users. In 2020, the hospitals, clinics, and ASCs segment accounted for the largest share of the electroceuticals market. The improving healthcare infrastructure in developing countries is driving this segments growth.

North America is the largest regional market for electroceuticals market

The global electroceuticals market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the electroceuticals market. The large share of this region can be attributed to the increasing healthcare spending and the highly developed healthcare system in the US and Canada.

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Key Players: