Global Electroceuticals Market

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Global Electroceuticals Market

Global Electroceuticals Market was valued $xx Bn in 2019 and is expected to reach $28.5 Bn by 2026, at a CAGR of xx% during the forecast period.
Global Electroceuticals Market Introduction

Electroceuticals are medical devices that use electrical impulses to affect changes in body functions. Electroceuticals are a non-drug alternative that is expected to become the gold standard for treating a variety of diseases in the future. Electroceuticals, unlike other muscle or tissue stimulators, work on the basis of neurostimulation, which is the use of electrical impulses to modulate the nervous system. Electroceuticals have been used to treat a variety of diseases and disorders, and they are effective in both invasive and non-invasive methods for treating neurological conditions. In the future, these are expected to be a genuine replacement for drug-based medications.
Global Electroceuticals Market Dynamics

The rising geriatric population, which requires bioelectric medicine, is expected to drive growth over the forecast period. Medical disorders such as cardiac arrhythmias, Parkinson's disease, Alzheimer's disease, epilepsy, and depression are common among the elderly. These conditions are treated with advanced electroceuticals such as implantable cardioverter defibrillators, cochlear implants, cardiac pacemakers, and spinal cord stimulators. Another major factor driving the electroceuticals market is increased investment in the development of advanced bioelectric medicine.

In recent years, the global pharmaceutical market has experienced strong growth. The development of the Electroceuticals market is expected to be influenced by the overall growth of the pharma market. Disease patterns are shifting all over the world. Developed healthcare economies like the United States and Europe are grappling with issues like rising drug prices, universal health care, and an increase in the number of heart and cancer patients. Patients are struggling to keep up with rising medical costs. The electroceuticals market has a chance to fill this void because the medicine has few side effects and can cure in a short period of time.

The pharmaceutical segment, which is another critical component that can act as a catalyst in the growth of the Bioelectronic medicines market, is eroding as a result of multiple research and key collaborations. Electroceuticals are being increasingly adopted by pharmaceutical companies, biotechnology companies, research institutes, and laboratories. Because electroceutical devices are small, there is a lot of scope for companies with product pipelines to enter the medical device industry. The use of electroceuticals is causing a shift in the pharmaceutical industry, as well as technological advancements in the medical device industry.
Global Electroceuticals Market Segment Analysis

Due to the high use of these products for arrhythmia, the implantable cardioverter defibrillators segment had the highest revenue grossing segment in 2019. In addition, rising geriatric population, increased incidence of sudden cardiac arrests and advanced product development are expected to drive market growth.

Because of the rising prevalence of Parkinson's disease and lifestyle-related disorders such as obesity and depression, the deep brain stimulator market is expected to grow significantly over the forecast period. According to the European Parkinson's Disease Association (EPDA), there are approximately 6.3 million Parkinson's patients worldwide, with 1.2 million of them living in Europe. Due to product advancement and new product launches by companies, the sacral nerve stimulators segment accounted for a significant revenue share. Nevro Corp. received FDA approval for the new Senza II SNS System in August 2018. The company expects this launch to aid in the expansion of its product portfolio in the neuromodulation and pain treatment segments.

The electroceuticals market is segmented into implantable and noninvasive electroceuticals devices based on their type. Due to the widespread use of these products to treat arrhythmia, chronic pain, ischemia, depression, tremor, and sensorineural hearing loss, implantable electroceuticals devices were the highest revenue-generating segment in 2019. Manufacturers are focusing on releasing advanced products to meet customers' unmet needs. For example, in August 2018, Biotronik released the MoMe cardiac monitor, which is designed to improve the early detection and diagnosis of cardiac arrhythmias.

Global Electroceuticals Market

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Global Electroceuticals Market Regional Insights

Global Electroceuticals Market Regional InsightsBecause of the presence of medical device manufacturers such as Medtronic, Boston Scientific Corporation, and BIOTRONIK, North America dominated the electroceuticals industry with the largest revenue share of xx% in 2019. Furthermore, the region's advanced healthcare and availability of advanced products have fueled growth. Following North America, Europe accounted for over 28.0 % market in 2018. Growing demand for innovative medical devices for treatment, as well as the presence of large electroceutical manufacturers, primarily in Germany, Switzerland, the United Kingdom, and France, as well as a well-developed healthcare infrastructure, are expected to be major market drivers.

Due to the rising geriatric population in Asian countries such as China and India, the Asia Pacific region is expected to have the highest CAGR during the forecast period. In addition, the prevalence of chronic diseases such as cardiac arrhythmias, Alzheimer's disease, Parkinson's disease, and epilepsy is on the rise in this region, driving electroceuticals adoption.

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Global Electroceuticals Market Report Scope: Inquire before buying

Global Electroceuticals Market, by Region

• North America
• Europe
• South America
• MEA
• Asia Pacific
Global Electroceuticals Market Key Players

• Medtronic plc
• St. Jude Medical, Inc.
• Boston Scientific Corporation
• Cochlear Limited
• Sonova Holding AG
• LivaNova PLC
• Biotronik
• Nevro Corporation
• Second Sight Medical Products, Inc.
• and ElectroCore LLC
• BioElectronics Corporation
• MED-EL
• Cefaly Technology
• Stimwave LLC
• Vomaris Innovations, Inc
• EnteroMedics Inc
• NeuroSigma, Inc.
• Oticon Medical

 

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