Dublin, July 28, 2021 (GLOBE NEWSWIRE) -- The "Electroceuticals/Bioelectric Medicine Market by Product (Pacemaker, ICD, Cochlear Implant, Deep Brain, Spinal Cord, Vagus, Sacral Nerve Stimulators), Application (Ischemia, Epilepsy), Type (Implantable, Noninvasive), End User - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
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%
Market growth is driven by factors such as the increasing investments and funding for research on CRM devices, rising government support & funding for neurological disorders, and the rising geriatric population and subsequent growth in the prevalence of neurological & cardiovascular disorders.
On the other hand, the high cost of electroceutical devices and the requirement of high capital investments are the major factors hampering the growth of this market.
"The cochlear implants segment accounted for the highest growth rate in the electroceuticals market, by product, during the forecast period"
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 based on product.
In 2020, the cochlear implants segment accounted for the highest growth rate in the electroceuticals market. The increasing prevalence of hearing loss is a major factor contributing to the growth of this segment.
"Hospitals, clinics, and ASCs segment accounted for the highest CAGR"
Based on end users, the electroceuticals market is segmented into hospitals, clinics, and ASCs; and other end users. In 2020, the hospitals, clinics, and ASCs segment accounted for the highest growth rate. This can be attributed to the increasing adoption of electroceutical devices to serve a large patient pool.
"Asia Pacific: The fastest-growing region electroceuticals market"
The global electroceuticals market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is projected to register the highest CAGR during the forecast period.
Factors such as the rising healthcare spending, increasing pharmaceutical research funding, increasing government efforts to increase awareness about early disease detection, expansion of private-sector hospitals to rural areas in various APAC countries, and the presence of high-growth markets in the region are driving the growth of the electroceuticals market in this region.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Electroceuticals Market Overview
Figure 15 Rising Prevalence of Cardiovascular & Neurological Disorders to Drive the Market Growth
4.2 Electroceuticals Market Share, by Product, 2021 Vs. 2026
Figure 16 Cardiac Pacemakers & Implantable Cardioverter Defibrillators Segment Will Continue to Dominate the Market in 2026
4.3 Electroceuticals Market Share, by Type, 2021 Vs. 2026
Figure 17 Implantable Electroceutical Devices Segment to Dominate the Market During the Forecast Period
4.4 Electroceuticals Market Share, by End-user, 2021 Vs. 2026
Figure 18 Hospitals, Clinics, and Ascs to Continue to Dominate the Market in 2026
4.5 Electroceuticals Market: Geographic Growth Opportunities
Figure 19 Asia-Pacific to Register the Highest Growth Rate in the Electroceuticals Market During the Forecast Period
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Geriatric Population and Subsequent Growth in the Prevalence of Neurological & Cardiovascular Disorders
5.2.1.2 Rising Government Support & Funding for Neurological Disorders
5.2.1.3 Increasing Investments and Funding for Research on CRM Devices
5.2.2 Restraints
5.2.2.1 High Cost of Electroceutical Devices
5.2.3 Opportunities
5.2.3.1 Emerging Markets
5.2.4 Challenges
5.2.4.1 the Dearth of Trained Professionals
5.2.4.2 Challenges Associated with Battery Life and Device Replacement
5.3 Impact of COVID-19 on the Electroceuticals/ Bioelectric Medicine Market
5.4 Ranges/ Scenarios
5.4.1 Electroceuticals/Bioelectric Medicine Market
5.5 Pricing Analysis
5.6 Patent Analysis
5.6.1 Patent Analysis of Cardiac Pacemakers
5.6.2 Patent Analysis of Cochlear Implants
5.7 Trade Analysis
5.7.1 Trade Analysis for Pacemakers
5.8 Value Chain Analysis
5.9 Supply Chain Analysis
5.10 Ecosystem Analysis of the Electroceuticals/ Bioelectric Medicine Market
5.10.1 Role in Ecosystem
5.11 Porter's Five Forces Analysis
5.12 Regulatory Landscape
5.13 Technology Analysis
5.14 Trends/Disruptions Impacting Customer's Business
5.14.1 Revenue Shift & Revenue Pockets for Electroceutical Devices Manufacturers
5.14.2 Revenue Shift for Electroceuticals/Bioelectric Medicine Market
Company Profiles
Key Players
- Medtronic plc
- Abbott Laboratories, Inc.
- Boston Scientific Corporation
- Cochlear Ltd.
- Livanova plc
- Microport Scientific Corporation
- Sonova Group
- Nevro Corp.
- Axonics Modulation Technologies, Inc.
- Second Sight Medical Products, Inc.
Other Players
- Neuronetics, Inc.
- Neuropace, Inc.
- Biotronik
- Medico S.P.A.
- Nurotron Biotechnology Co. Ltd.
- Med-El
- Aleva Neurotherapeutics Sa
- Neurosigma, Inc.
- Biowave Corporation
- Soterix Medical Inc.
- Bioinduction Ltd
- Gimer Medical
- Cefaly
- Biocontrol Medical
- Tvns Technologies Gmbh
For more information about this report visit https://www.researchandmarkets.com/r/7sbtov