Global Electroceuticals Market Size (2021 to 2026)
The size of the global electroceuticals market is predicted to value USD 34.24 billion by 2026 from USD 23.32 billion in 2021, growing at a CAGR of 7.98% during the forecast period.
This research report on the global electroceuticals market comprehensively assesses the market for the mentioned forecast period. The report involves different segments to analyze the patterns and factors assuming a significant part in the market. The market elements include the drivers, restrictions, openings, and challenges through which the effect of these components in the market is outlined. The drivers and restraints are natural components through opportunities, and challenges are extraneous variables of the market. The global electroceuticals market study gives an attitude toward the market's advancement and income throughout the forecast period.
Electroceuticals is an instituted term for an old therapeutic methodology that comprehensively involves all the bioelectronic meds. It includes clinically related gadgets that use electrical driving forces to influence change, accordingly adjusting bodily functioning as a choice to medicate-based remediation. These gadgets essentially recount and change electrical signals passing along the body's nerves containing sporadic or various impulses associated with a wide scope of illnesses. Electroceutical comprises neural embeds, for example, cochlear implants, retinal implants, or spinal cord for relief from discomfort, cardiovascular pacemakers, and implantable defibrillators. In past years, this field has extended to include deep brain stimulation and the electrical stimulation of the vagus nerve.
MARKET DRIVERS:
The growth of the global electroceuticals market is majorly attributed to the rise in the geriatric population, the regulatory approval of the latest advanced electromechanics, the rising investments and funds for the development of new therapies and electro-pharmaceuticals, the increase in the prevalence of neurological disorders, and the increasing prevalence of hearing loss. The rise in the worldwide geriatric population, increasing cost pressures from drug-based medicines, the developing interest of major pharmaceutical players in the electrical items segment, and the growing prevalence of neurological problems and chronic infections around the worldwide are a portion of the likely factors to drive the growth of the global electrical products market. Key market participants such as GlaxoSmithKline plc have made serious investments in the electrical products segment. In addition, various organizations, such as the National Institutes of Health (NIH) in the U.S., have greatly impacted the electrical products field. For example, the rising extent of neurological problems, epilepsy, Parkinson's disease, and more chronic diseases is predicted to grow the market for electroencephalographic/bioelectric drugs between 2021 and 2026.
Additionally, factors accountable to drive the market are the growing geriatric population, increasing financial expenditure on R and D to develop novel and innovative therapies and devices, rise in prevalence of neural diseases among the aging population like Alzheimer’s and Parkinson’s disease, and regulatory approvals or new and advanced electroceuticals.
MARKET RESTRAINTS:
However, factors like the expensive nature of products and low awareness among individuals hinder the growth of the global electroceuticals market. The high cost of installation and the lack of qualified professionals limit the market growth to some extent. In addition, lack of awareness in undeveloped countries is slowly restraining the growth rate of the electroceuticals market.
Impact of COVID-19 on the global electroceuticals market:
Covid-19 infections are spreading worldwide, and apprehensions are also growing over the shortage of essential life-saving devices and other essential medical supplies to prevent the rise of this pandemic and provide optimal care for those infected. Additionally, until drug treatment is developed, ventilators act as a vital treatment preference for COVID-19 patients, who may require intensive care. Furthermore, there is an urgent need to rapidly accelerate the manufacturing process of a wide range of test kits (antibody tests, self-administered, etc.). These attributes are to double the demand of the market in the coming years.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2020 to 2026 |
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Base Year |
2020 |
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Forecast Period |
2021 to 2026 |
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Segments Covered |
By Product, Type of Devices, Application, End-User, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East, and Africa |
This market research report on the global electroceuticals market has been segmented and sub-segmented based on the product, type of devices, application, end-user, and region.
Electroceuticals Market – By Product:
Based on the product, the implantable cardioverter defibrillators segment is expected to hold the largest share in the global electroceuticals market during the forecast period. An increasing number of cardiovascular problems associated with lifestyle changes are enhancing this segment's growth rate. In addition, the rising utilization of these devices in the hospitals for emergency healthcare is greatly influencing the growth rate of this segment. As a result, the cardiac pacemaker segment to have significant growth opportunities in the coming years.
Electroceuticals Market – By Type of Devices:
Based on device type, Implantable devices accounted for a significant share in the market in 2020 due to the prevalence of neurological diseases. In contrast, non-implantable devices are expected to grow at a higher CAGR. As a result, the non-invasive electroceuticals devices segment leads with the prominent shares of the market, increasing prominence for the minimally non-invasive procedures.
Electroceuticals Market – By Application:
Based on the application, the arrhythmia segment is leading with top shares of the market. An increasing number of cardia arrest problems is a major factor for the segment to grow. In addition, adopting the latest devices and the launch of innovative products in favor of the end-users are likely to propel the market's demand. Chronic back pain and Parkinson’s disease segments are expected to have the market's largest shares in the near future.
Electroceuticals Market – By End-Users:
Based on end-users, the hospital segment is expected to account for the market's largest share in 2020. A huge portion of this sector can be attributed to the expanding weight of diseases such as cardiac arrhythmias, Parkinson’s, Alzheimer’s, retinitis pigmentosa, epilepsy, and depression; and rising awareness about electroceuticals. Moreover, the individual user segment is projected to grow at the highest CAGR in the forecast period.
Electroceuticals Market – By Region:
Geographically, North America is leading the global electroceuticals market due to a developed healthcare system and market leaders. Furthermore, North America dominates the bioelectric medicines industry with the biggest income share due to medical device manufacturers such as Medtronic, Boston Scientific Corporation, and BIOTRONIK. Additionally, the extremely developed healthcare and availability of highly edge products in this region propel the electroceuticals market growth in North America.
The European accounted had accounted for more than 28.0% of the global market in 2019. Developing interest in creative clinical gadgets for the treatment and presence of huge bioelectric medication producers, mainly in Germany, Switzerland, U.K., and France, combined with extremely developed healthcare infrastructure, are required to stay significant driving factors for the market.
The Asia Pacific is expected to grow the fastest due to its increasing disposable income, government initiatives to develop healthcare infrastructure, and growing awareness. In addition, factors such as the growing geriatric population in Asian countries, such as China and India, are significant drivers to market growth. However, the predominance of chronic infections, including cardiac arrhythmias, Alzheimer's disease, Parkinson's disease, and epilepsy, is likely to drive the adoption of electroceuticals.
KEY MARKET PARTICIPANTS:
Companies playing a leading role in the global electroceuticals market profiled in this 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.
RECENT MARKET DEVELOPMENTS:
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Product
5.1.1 Introduction
5.1.2 Implantable Cardioverter Defibrillators
5.1.3 Cardiac Pacemakers
5.1.4 Spinal Cord Stimulators
5.1.5 Cochlear Implants
5.1.6 Deep Brain Stimulators
5.1.7 Transcutaneous Electrical Nerve Stimulators
5.1.8 Vagus Nerve Stimulators
5.1.9 Sacral Nerve Stimulators
5.1.10 Retinal Implants
5.1.11 Other Electrical Stimulators
5.1.12 Y-o-Y Growth Analysis, By Product
5.1.13 Market Attractiveness Analysis, By Product
5.1.14 Market Share Analysis, By Product
5.2 Type of Devices
5.2.1 Introduction
5.2.2 Implantable Electroceutical Devices
5.2.3 Non-Invasive Electroceutical Devices
5.2.4 Y-o-Y Growth Analysis, By Type of Devices
5.2.5 Market Attractiveness Analysis, By Type of Devices
5.2.6 Market Share Analysis, By Type of Devices
5.3 Application
5.3.1 Introduction
5.3.2 Arrhythmia
5.3.3 Chronic Back Pain
5.3.4 Failed Back Syndrome
5.3.5 Ischemia
5.3.6 Sensorineural Hearing Loss
5.3.7 Parkinson’s Disease
5.3.8 Tremor
5.3.9 Alzheimer's disease
5.3.10 Depression
5.3.11 Migraine
5.3.12 Epilepsy
5.3.13 Other Applications
5.3.14 Y-o-Y Growth Analysis, By Application
5.3.15 Market Attractiveness Analysis, By Application
5.3.16 Market Share Analysis, By Application
5.4 End-Users
5.4.1 Introduction
5.4.2 Hospitals
5.4.3 Research Institutes
5.4.4 Individual Users
5.4.5 Y-o-Y Growth Analysis, By End-Users
5.4.6 Market Attractiveness Analysis, By End-Users
5.4.7 Market Share Analysis, By End-Users
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Product
6.1.3.3 By Type of Devices
6.1.3.4 By Application
6.1.3.5 By End-Users
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Product
6.1.4.3 By Type of Devices
6.1.4.4 By Application
6.1.4.5 By End-Users
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Product
6.1.5.3 By Type of Devices
6.1.5.4 By Application
6.1.5.5 By End-Users
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Medtronic plc
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 St. Jude Medical, Inc.
8.3 Boston Scientific Corporation
8.4 Cochlear Limited
8.5 Sonova Holding AG
8.6 LivaNova PLC
8.7 Biotronik
8.8 Nevro Corporation
8.9 Second Sight Medical Products, Inc.
8.10 ElectroCore LLC
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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