Electroceutical Devices Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMMD1192 | Last Updated On: Sep 16 2022 | Available Formats

> Global Electroceutical Devices Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global 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

 

Market Overview 

[180 Pages Report] The Global Electroceutical Devices Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

Electroceutical Devices Market - Strategic Insights

Metrics

Details

Market CAGR

High

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 represent a new category of therapeutic agents, which encompasses all bioelectronic medicines. These electroceutical devices act by targeting 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 cardiology and neurology fields. In cardiology besides pacemaker, 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. 

Neural implants such as retinal implants, cochlear implants, or spinal cord stimulators for pain relief are also getting increasing adoption. Recently, the field had an expansion to include deep brain stimulation and the electrical stimulation of the vagus nerve, which will be a treatment for a vast range of chronic diseases, such as diabetes, asthma, chronic obstructive airway, arthritis, hypertension, and other heart ailments and gastrointestinal diseases. 

Electroceuticals are 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.

Market Dynamics 

The increasing geriatric population prone to chronic medical conditions, with rising prevalence of diseases such as Parkinson’s disease, Alzheimer’s disease, cardiac arrhythmias, epilepsy, and depression, and increases in chronic diseases such as neurological, and cardiac disorders necessitates electroceutical devices are some of the factors driving the growth of electroceutical devices market. For instance, according to the World Health Organization (WHO)’s statistics, the world’s population of over 60 years is estimated to increase from 12% of the overall population in 2015 to about 22% by 2050 with a growing risk of cardiovascular diseases. 

Increasing hearing impairments results in massive adoption of cochlear implants. Over 5% of the current world’s population (466 million people) has disabling hearing loss, and it is estimated that over 900 million people will have disabling hearing loss by 2050. In 2018 there was a 5.7% increase in hearing aid sales in the US, which shows the rapid growth of the electroceutical market.

In addition, rising awareness about the side effects of pharmaceutical drugs and the advantages of electroceutical therapy leads to increasing approval of electroceutical devices.

The technological advancements which are brought by sufficient fundings in R&D help in reducing the complexity and increasing the specificity of devices, along with the cost-effectiveness. For instance, in January 2019, Boston Scientific launched the Spectra WaveWriter™ Spinal Cord Stimulator (SCS) System in Europe, which is the first and only system for the treatment of chronic pain to be able to combine paresthesia-based and sub-perception therapy simultaneously. Novel non-invasive products with point-of-care capabilities and higher usability increase adoption rate hence driving the market. 

The complexity of the neural network makes it hard for mapping 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.

Segment Analysis 

The global electroceutical device market is segmented based on the product type, application, modality, and end-user.

By product type, the global electroceutical devices market is segmented into implantable cardioverter-defibrillator(ICDs), cardiac pacemakers, cardiac resynchronization therapy devices, cochlear implants, retinal implants, spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, and others. Cardiac pacemakers is a growing segment with new technological modifications that make it more efficient and accounting for a significant market. However, due to the recent advancements in ICDs’ technology, ICDs are expected to have highest CAGR during the forecast period (2019-2026). For instance, in April 2019, Biotronik launched the Acticor device family of new ICDs and cardiac resynchronization therapy defibrillators (CRT-Ds), which has increased longevity.

Based on application, cardiovascular disease has a substantial market size over the forecast period (2019-2026), owing to the increased cardiac patients. For instance, according to American Heart Association, cardiovascular disease is the major global cause of death, which accounted for more than 17.9 million deaths per year in 2015, and is estimated to increase more than 23.6 million by 2030. The rising prevalence of cardiovascular diseases increases the demand for novel electroceutical devices which leads to market growth. For instance, the developments in subcutaneous implantable defibrillator (S-ICD)s with the launch of 3rd generation Emblem Subcutaneous ICDs in 2016 by Boston Scientific, led to broad adoption of the devices.

Geographical analysis 

Based on regional analysis, North America holds the most substantial market volume over the forecast period (2019-2026). 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. The increasing prevalence of cardiac and neurological disorders in the US-led to greater adoption of many electroceutical devices. For instance, according to the National Institute of Neurological Disorders and Stroke (NINDS), about 20 million Americans experience some form of neuropathy, and 16% of U.S. households contain an individual with brain impairment. In addition, technological advancements led to a large number of product approvals concerning electroceutical devices technologies which significantly drive the market in North America. 

Electroceutical devices are expected to have substantial growth in the Asia-Pacific region during the forecast period (2019-2026) due to increasing health consciousness and improving healthcare infrastructure, heavy investments in the development of innovative therapeutic and medical devices. The increase in chronic diseases such as neurological and cardiac disorders leads to rise in demand for new treatment methods which increases the adoption rate. The entry of key players in Asian economies like India and China results in market expansion; hence, accounting a profitable growth during the forecast period (2019-2026).

Competitive analysis

The market is witnessing considerable competition with the entry of new players. Key players are employing strategies like mergers and acquisitions, new product developments, and regional expansions. 

Some of the major market players of global electroceutical devices are Boston Scientific Corporation, Inc, St. Jude Medical, Cogentix Medical, LivaNova Plc, Biotronik, NeuroMetrix, Nevro Corporation, Medtronics Plc, Philips Healthcare, Cochlear Ltd, Abbott Laboratories, and Advanced Bionics AG.

The recent advancements in devices, make it noninvasive and wearable, along with digitalization of monitoring, leading to considerable product approval. For instance, in September 2018, Nuerommetrix launched Quell 2.0, a next-generation wearable therapeutic device for chronic pain. 

Mergers and acquisitions adopted by major players also result in substantial market growth. For instance, in May 2019, Boston Scientific acquired Vertiflex, Inc., which has developed and commercialized the Superion® Indirect Decompression System, a minimally-invasive device used to improve physical function and reduce pain in patients with lumbar spinal stenosis.

In November 2018, Cochlear Limited, a global leader in implantable hearing solutions, and GN(GN.CO), a leader in intelligent audio solutions, made an agreement, expanding their Smart Hearing Alliance collaboration. 

Key takeaways

Electroceutical devices represent a new category of therapeutic agents, which encompasses all bioelectronic medicines. The rise in geriatric population, the projected increase in patients with neurological diseases, neurological diseases, psychiatric conditions, psychiatric conditions, improvements in technology are some of the major factors leading to the growth of electroceutical devices market.

By product type, ICDs hold the largest market share due to the increasing prevalence of cardiac patients and current products with upgrades on the pipeline. Cardiovascular disease has a substantial market size during the estimated period (2019-2026) due to the increased cardiac patients, accounting for more than 17.9 million deaths per year in 2015, which is expected to increase more than 23.6 million by 2030.

The regional dominance by North- America in the electroceutical device market is due to the steep rise in the geriatric population, advancement in technology, health awareness of people, and favorable government policies the lead to the dominance of the US in electroceutical devices market. 

Novel product developments, acquisitions, and regional expansions are some of the key strategies adopted by major players in the market, which results in the expansion of market presence. Advancements in technologies, which increase the usability and efficiency of devices, result in more product approvals. For instance, In September 2018, Nuerommetrix launched Quell 2.0, a next-generation wearable therapeutic device for chronic pain.

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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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