APAC Electroceuticals Market

APAC Electroceuticals Market Size (2023 to 2028)

The size of the Asia Pacific Electroceuticals Market was valued at USD 3.84 billion in 2023. This value is estimated to be growing at a CAGR of 9.6% to reach USD 6.08 billion by 2028 during the forecast period.

Electrical engineering is a medical device that uses electrical impulses to modulate the body's neural circuits as an alternative to drug interventions. These electrochemical devices read and modify electrical signals that pass through the nerves in the body that can occur in association with a wide range of diseases. 

Simultaneously, the health infrastructure in the Asia-Pacific region is improving dramatically due to the increase in health spending by individuals and governments, coupled with growing insurance penetration, which is expected to contribute significantly to the healthcare market electrical engineering in the Asia-Pacific region. Emerging Asia-Pacific economies, particularly China and India, are investing heavily in the development of innovative therapies. Moreover, several prominent market players operating in the Asia-Pacific region are driving the growth of the market. The increasing prevalence of neurological disorders and chronic disease cases is a crucial driver of market growth, as government initiatives and businesses increasingly focus on innovation and R&D projects for therapies and electro pharmacy efficient with technological advancement in electro-pharmaceutical, which will create lucrative opportunities for the market. The increasing geriatric population and increasing preference of electro-pharmaceuticals over drug treatments due to increasing cost pressure and ineffectiveness of drug-based drugs will drive the market growth.

However, the high cost of installation and the lack of qualified professionals limit the market. In contrast, the lack of knowledge will be a problematic factor for the market.

Impact of COVID-19 on the market

Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost every country globally, and the World Health Organization has declared it a public health emergency. The 2019 coronavirus disease (COVID-19) is already starting to be felt and will significantly affect the bioelectric electrochemical medicine market in 2020. The COVID-19 epidemic has had effects in many aspects, such as flight cancellations; travel bans and quarantines; restaurants closed; all indoor/outdoor restricted events; more than forty countries have declared a state of emergency; a massive downturn in the supply chain; stock market volatility; declining business confidence, growing public panic, and uncertainty about the future.

This research report on the APAC Electroceuticals Market has been segmented and sub-segmented into the following categories:

• By Product: Pacemakers, Cochlear Implants, and Spinal Cord Stimulators
• By Type Of Device: Implantable and Non-Invasive
• By Application: Arrhythmia, Depression, and Migraine
• By End User: Hospitals and Research Institutes
• By Country: India, China, Japan, South Korea, Australia, New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore, and Rest of APAC

Regional Analysis:

Developing economies in Asia and the Pacific, particularly China, Japan, and India, are investing heavily in developing innovative medical and therapeutic devices. For example, in China, Sonova Group launched an international coaching institute in Jiangsu Province in 2019 that supplies both theoretical and practical experience for hearing personnel. In April 2018, the company successfully received approval from the Government of India, Ministry of Commercial Affairs, and Central Registry Center to establish a subsidiary of Lepu Medical in India. This expansion will help the company expand its geographic presence in Asia-Pacific and better serve and meet customer demand. Besides, the growing incidence of various health disorders, such as spinal cord injury, epilepsy, and other diseases, contributes to the growth of the electro-pharmaceutical market in the Asia-Pacific region. According to the WHO estimate, the incidence of epilepsy is considerably high in emerging economies such as China and India. According to Epilepsy, the Official Journal of the International League Against Epilepsy, in 2019, of the approximately 4.5 billion people living in the Asia-Pacific region, about 26 million people had epilepsy. Besides, the increasing incidence of various health disorders, such as spinal cord injury, epilepsy, and other diseases, contributes to the growth of the Asia-Pacific region's electro-pharmaceutical market. According to the WHO estimate, the incidence of epilepsy is considerably high in emerging economies such as China and India.

China is leading the market regionally due to the presence of a developed healthcare system as well as the presence of market leaders. India is expected to grow the fastest owing to its increasing disposable income, increasing government initiatives to develop healthcare infrastructure, and growing awareness. Implantable devices have held a significant share in the market due to the prevalence of neurological diseases, while non-implantable devices are expected to grow at a higher CAGR. The hospital segment is expected to account for the largest share of the market in 2016, while the individual users' segment is projected to grow at the highest CAGR in the forecast period.

The Top companies leading in the APAC Electroceuticals Market profiled in the report are 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.