Chicago, May 01, 2023 (GLOBE NEWSWIRE) -- Electroceuticals, also referred to as bioelectronic medicine, is a rapidly growing field of medicine that applies electrical stimulation to the body to treat a wide range of conditions. As technology advances, electroceuticals is expected to become an increasingly important area of healthcare. In the near future, electroceuticals will revolutionize how physicians treat diseases, as well as how patients manage their own health.
Electroceuticals market in terms of revenue was estimated to be worth $16.8 billion in 2021 and is poised to reach $21.5 billion by 2026, growing at a CAGR of 5.0% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. The rising geriatric population and subsequent growth in the prevalence of neurological & cardiovascular disorders, the increasing investments and funding for research on CRM devices, and rising government support & funding for neurological disorders are the major factors driving the electroceuticals market’s growth.
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Electroceuticals Market Scope:
| Report Coverage | Details |
| Market Revenue in 2021 | $16.8 billion |
| Estimated Value by 2026 | $21.5 billion |
| Growth Rate | Poised to grow at a CAGR of 5.0% |
| Market Size Available for | 2016–2026 |
| Forecast Period | 2021–2026 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, type, end user, and region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Emerging markets |
| Key Market Drivers | Rising geriatric population and subsequent growth in the prevalence of neurological & cardiovascular disorders |
Based on product, the electroceuticals market is segmented into cardiac pacemakers & implantable cardioverter defibrillators, spinal cord stimulators, cochlear implants, deep brain stimulators, transcutaneous electrical nerve stimulators, vagus nerve stimulators, sacral nerve stimulators & gastric electrical stimulators, and other electrical stimulators. In 2020, the cardiac pacemakers & implantable cardioverter defibrillators segment accounted for the largest share of the electroceuticals market, mainly due to the rising prevalence of CVD, increasing incidence of arrhythmias, and rising technological advancements.
Based on type, the electroceuticals market is segmented into implantable electroceutical devices and noninvasive electroceutical devices. In 2020, the implantable electroceutical devices segment accounted for the largest share of the electroceuticals market. The large share of this segment can mainly be attributed to the rising incidence of neurological & cardiovascular disorders, growing geriatric patient pool, and an increase in the number of product approvals.
Based on end users, the electroceuticals market has been segmented into hospitals, clinics, and ambulatory surgical centers (ASCs); and other end users. In 2020, the hospitals, clinics, and ASCs segment accounted for the largest share of the electroceuticals market, mainly due to the increasing adoption of electroceutical devices to serve a large patient pool. The rising incidence of cardiovascular & neurological conditions and the improving healthcare infrastructure in developing countries also drive the market growth of this end-user segment.
The global electroceuticals market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest regional market for electroceutical devices in 2020. The large share of North America in this market can be attributed to the increasing prevalence of cardiovascular & neurological disorders and the highly developed healthcare system in the US and Canada.
Key Market Players:
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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Hypothetic Challenges of Electroceuticals Market in Near Future:
- Regulatory and Safety Concerns: As electroceuticals become more widely used, regulatory authorities and safety concerns are likely to become a major challenge for the market. Governments may impose strict regulations on the production and use of electroceuticals, which could limit their availability and increase costs for manufacturers, distributors and consumers.
- Lack of Clinical Evidence: Clinical evidence is essential for the approval and use of electroceuticals. As of now, there is limited evidence to support the efficacy of electroceuticals, and this could be a major impediment to their acceptance. Manufacturers will have to dedicate significant resources to conducting clinical trials and obtaining regulatory approval.
- High Cost: Electroceuticals are expensive and this could limit their accessibility to the general public. Manufacturers will have to focus on developing cost-effective electroceuticals in order to make them more affordable and widely available.
- Technology Obsolescence: Electroceuticals are based on technology that may become obsolete over time. Manufacturers need to focus on developing new technologies that are more advanced and efficient in order to remain competitive in the market.
- Quality Control: Quality control and assurance is essential for the safety and efficacy of electroceuticals. Manufacturers need to ensure that their products meet the highest standards of quality in order to maintain public trust and acceptance.
Top 3 Use Cases of Electroceuticals Market:
- Neuromodulation: Electroceuticals are used to stimulate or inhibit nerve activity in the body, allowing for the treatment of a variety of conditions, such as chronic pain, depression, epilepsy, and other neurological disorders.
- Cardiac Rhythm Management: Electroceuticals are used to treat cardiac arrhythmias and other heart conditions, such as atrial fibrillation.
- Wound Healing: Electroceuticals are used to promote healing of wounds, such as chronic ulcers and diabetic foot ulcers. The stimulation of cells and tissue helps to speed up the healing process and reduce the risk of infection.
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.
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