North America Electroceuticals Market

North America Electroceuticals Market Size (2023 to 2028)

The size of the Electroceuticals Market in North America is valued at USD 8.77 billion in 2023. It is estimated to be growing at a CAGR of 7.35% to reach USD 12.50 billion by 2028.

Increased approvals for novel and advanced electroceuticals, rising government funds, and investments in developing new therapies and electroceuticals are expected to drive the market growth from 2023 to 2028. Technological advancements and Y-O-Y growth in the amount spent on R&D in the innovative therapies’ discovery is estimated to favor the market. Increasing sudden cardiac arrest cases, a growing number of collaborations and partnerships for developing electroceutical devices between the companies are predicted to add fuel to the market growth.

Lack of awareness regarding the electroceutical/bioelectric medicine is majorly restraining market growth.

This research report on the North America 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: The U.S., Canada, and Rest of North America

Regionally, the USA is leading the market regionally due to the presence of a developed healthcare system as well as the presence of market leaders. The USA is also 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 2022. The individual users segment is projected to grow at the highest CAGR in the forecast period.

Companies playing a dominant role in the North America 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.