Electroceutical Devices Market

SKU: DMMD1192 | Last Updated On: Nov 30 2022 | Available Formats

> Electroceutical Devices Market Expected to reach at a CAGR of 6.14% By 2029

Electroceutical Devices Market is segmented By Product Type (Implantable Cardioverter Defibrillator (ICDs), Cardiac Pacemakers, Cardiac Resynchronization Therapy Device, Cochlear Implants, Retinal Implants, Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulator, Others), By Application (Cardiovascular Diseases, Ophthalmic Diseases, Neurological Diseases, Hearing Disorders, Chronic Pain, Gastrointestinal Diseases, Others), By Modality (Invasive-Implantable Electroceutical Devices, Non-Invasive Electroceutical Devices), By End-user (Hospitals, Ambulatory Surgical Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Electroceutical Devices Market Size Share and Growth Insights

[180 Pages Report] Electroceutical Devices Market size was valued at USD 20,987.61 million in 2022 and is estimated to reach USD 29,785.39 million by 2029, growing at a CAGR of 6.14% during the forecast period (2022-2029).  Electroceutical devices represent a new therapeutic agent category, encompassing all bioelectronic medicines. These electroceutical devices target the neural circuits of organs, which involves mapping the neural circuitry and delivering neural impulses to these specific targets. The impulse is administered via an implantable or non-invasive device. Electroceutical devices have great significance in the cardiology and neurology fields. In cardiology, besides pacemakers, it’s been implemented for defibrillation and resynchronization applications, atrial fibrillation, resistant hypertension, coronary artery disease, myocarditis, atrial and ventricular tachyarrhythmias, pulseless electrical activity, and refractory angina.

Electroceutical devices market study analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on market segmentation. It also provides global Electroceutical devices market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.

Among all regions, the North American Electroceutical devices market is expected to hold the largest share of the global market over the forecast period. Whereas the European Electroceutical devices market is projected to continue its presence globally during the period of 2022- 2029.

Electroceutical Devices Market - Strategic Insights

Metrics

Details

Market CAGR

 6.14%

Segments Covered

By Product Type, By Application, By Modality, By End-user, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Electroceutical Devices Market Growth Drivers, and Dynamics

The major factors driving the global electroceutical devices market are electroceuticals emerging as an alternative to pharmaceuticals, opening a new window for diagnosis and treating diseases and injuries with high specificity without the side effects of conventional drug treatment, leading to considerable recognition globally.

The increasing technological advancement and novel product launches are expected to drive the market’s growth.

The electroceutical devices market is driven by rising technological advancements, increasing research & development, and high demand for these devices, owing to the increased prevalence of cardiovascular and neurological disorders, which is expected to drive the market. The market’s growth can also be attributed to rising healthcare expenditure, government funding, and clinical trials.

Moreover, the availability of technologically advanced products by key players is also expected to play a vital role in the market’s growth. Another driving factor for the electroceutical devices market is the high adoption rate of the electroceutical device for chronic diseases. Rising awareness about the side effects of pharmaceutical drugs and the advantages of electroceutical therapy leads to increasing approval of electroceutical devices.

Various novel product launches and research studies contribute to the market’s growth. For instance, in September 2022, in Jun 2021, Medtronic, a medical technology company, announced that the SenSight directional lead system, the first U.S. implant utilized for the therapy of deep brain stimulation, got approved by the United States Food and Drug Administration. It is the first DBS directional lead combining the sensing power with the directionality for treating symptoms related to Parkinson’s disease, refractory epilepsy and dystonia.

High costs associated with electroceutical devices and the complexity of devices are expected to hamper the market’s growth.

The complexity of the neural network makes it hard to map and stimulate individual neurons with durability, reliability, and non-destructively, which raises concerns about the reliability of the device. The complexity of equipment and comparatively higher cost of the devices hampers the market growth.

COVID-19 Impact Analysis

The pandemic has negatively impacted global financial expectations, operations and crisis response strategy. The COVID-19 outbreak has severely impacted the healthcare industry. The electroceutical devices market has experienced huge losses due to COVID, as various surgical procedures related to cardiovascular or neurological disorders got postponed due to fear of spreading the virus. Various research and clinical trials started getting postponed due to the increasing cases of COVID. Various initiatives, product launches, collaborations and mergers are happening worldwide, boosting the market’s growth. For instance, in Apr 2022, Abbott announced the approval of Aveir, a single-chamber leadless pacemaker for slow heart rhythm patient treatment by the U.S. Food and Drugs Administration. It marks a novel, innovative advancement and a feature not seen before. This pacemaker, with the minimally invasive procedure, is implanted inside the right ventricle of the heart to treat slow heart rates. As this pacemaker is leadless, it does not need an incision in the chest for device implantation for delivering therapy.

Electroceutical Devices Market Segment Analysis

The implantable cardioverter defibrillator (ICD) segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The implantable cardioverter defibrillator (ICD) is the major shareholder in the electroceutical devices market. These implantable cardioverter defibrillator devices are compact battery-powered devices that are implanted into the chest to find and stop irregular arrhythmias (heartbeats). These devices observe the heartbeats and provide electric shocks to reinstate regular heart rhythms.

The growing number of regulatory approvals, technological advancements, product launches, and research/clinical trial studies drive the market’s growth. For instance, in Feb 2020, Abbott announced that its novel Gallan implantable cardiovascular defibrillator (ICD), as well as cardiac resynchronization therapy defibrillator devices received a CE mark. These combine advanced heart rhythm management capabilities with novel advantages for heart failure or abnormal heart rhythm patients. It provides remote monitoring and patient engagement opportunities via smartphone connectivity and applications. This device provides improved MRI compatibility and battery longevity.

Geographical Analysis

North America holds the largest market share in the global electroceutical devices market.

North America dominates the global electroceutical devices market, primarily attributed to the rising number of people suffering from chronic diseases such as cardiovascular and neurological disorders. The steep rise in the geriatric population, advancement in technology, health awareness of people, and favorable government policies have led to the dominance of the US electroceutical devices market.

Increasing expenditure on healthcare and raising awareness among people are also contributing to the market’s growth in this region. Advancement of applications via these devices, increase in pharmaceutical establishment across the region and government approvals, and the presence of key players in the region are contributing to the growth of the electroceutical devices market.

Moreover, the growing number of product launches is responsible for the market’s growth. Many key developments, technological advancements, collaborations, and agreements are taking place in this region. For instance, in Aug 2022, Abbott announced the approval received for its novel Proclaim plus spinal cord stimulation system by the U.S. Food and Drug Administration. This features FlexBurst360 therapy that provides pain coverage over six limbs or trunk areas and offers programming that adjusts according to individual therapeutic needs.

Competitive Landscape

The electroceutical devices market is highly competitive with local and global companies’ presence. Boston Scientific Corporation, Inc, Abbott Laboratories, Philips Healthcare, Medtronics Plc, Cochlear Ltd, LivaNova Plc, NeuroMetrix, Inc., Nevro Corporation, Biotronik, Sonova and more. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market’s growth. For instance, in January 2020, Medtronic plc received the European CE Mark approval for its deep brain stimulation device, i.e., Percept. It is the only Deep Brain Stimulation (DBS) system to be launched in the European Union (EU) with BrainSense technology that allows us to sense and record brain signals while delivering therapy to patients with neurologic disorders like Parkinson’s disease. BrainSense technology enables physicians to track patient-specific brain signals and correlate these with patient-recorded events, such as symptoms or side effects associated with their disease or the medications to treat it.

Boston Scientific Corporation, Inc.

Overview: Boston is a multinational biomedical engineering company. It manufactures medical devices that include interventional cardiology, neurovascular intervention, cardiac surgery, oncology and vascular surgery. It also offers a minimally invasive implantable cardiovascular defibrillator. It was founded in 1979 and is headquartered in Massachusetts, United States.

Product Portfolio:

S-ICD System: this S-ICD system is the first subcutaneous implantable defibrillator that protects from cardiac arrest without touching the heart or vasculature. This system uses a pulse generator that can deliver life-saving therapy. It uses a subcutaneous electrode and monitors the heart rhythm.

Key Development: In Jan 2021, Boston Scientific Corp. announced its agreement to acquire Preventice Solutions Inc., a private company that provides products of mobile cardiac health solutions and services.

The global electroceutical devices market report would provide access to approx. 45+market data table, 40+figures and 200 (approximate) pages.

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FAQ

What is the Electroceutical Devices Market growth?

The market is growing at a High CAGR.

What is Electroceutical Devices Market size in 2021

The Electroceutical Devices Market size was valued at USD YY million in 2021

Who are the key players in Electroceutical Devices Market?

Cogentix medical, LivaNova Plc, Biotronik, NeuroMetrix, Nevro Corporation, Medtronics Plc, Philips Healthcare

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