The Global Electroceuticals Market Size is valued at 17.72 billion in 2022 and is predicted to reach 29.06 billion by the year 2031 at an 5.75% CAGR during the forecast period for 2023-2031.
Electroceuticals is a unit of medicine that uses neurobiology, engineering science, and molecular medicine to produce nerve-stimulating technologies for biological parameters during treatment. It uses electrical impulses to influence how the body functions. The main driver fueling the growth of the Electroceuticals market is the rising prevalence of neurological disorders. The market for Electroceuticals is also anticipated to increase due to rising government initiatives and corporate efforts to conduct R&D projects for more effective remedies.
Although the Electroceuticals market is constrained by expensive setup costs and a lack of competent specialists, a lack of awareness will hinder market expansion. Furthermore, the demand for Electroceuticals will have plenty of prospects due to electroceuticals' technological advancements in that field.
Recent Developments:
- In July 2021, graphene-based bioelectronic vagus nerve therapies for severe chronic disorders are being developed by Innervia Bioelectronics in collaboration with Merck KGaA, Darmstadt, Germany (Merck). To develop treatments for illnesses with unmet medical needs that fall within Merck's areas of expertise, the two businesses will combine their expertise.
- In November 2020, Medtronic announced that their friendly tender offer for Medicrea International, situated in France, had been accepted. As a result, Medtronic presently holds most of the voting and share capital of Medicrea. Medicrea International is a leader in using artificial intelligence (AI), predictive modeling, and patient-specific implants to change spinal surgery.
Competitive Landscape:
Some of the major key players in the Electroceuticals market are:
- Abbott Laboratories, Inc. (US)
- Axonics Modulation Technologies, Inc. (US)
- BioControl Medical (Israel)
- Bioinduction Ltd. (UK)
- Biotronik SE & Co KG
- Boston Scientific Corporation
- Cefaly (Belgium)
- Cochlear Ltd.
- electroCore, Inc.
- GiMer Medical (Taiwan)
- LivaNova PLC (UK)
- MED-EL (Austria)
- Medico S.p.A. (Italy)
- Medtronic
- MicroPort Scientific Corporation (China)
- Neuro ace, Inc. (US)
- Neuronetics, Inc. (US)
- Nevro Corp.
- Nurotron Biotechnology Co. Ltd. (US)
- Second Sight Medical Products, Inc. (US)
- Sonova Group (Switzerland)
- Soterix Medical Inc. (US)
- Stimwave LLC
- TVNS Technologies GmbH (Germany)
Market Segmentation:
The Electroceuticals market is segmented on the basis of product, type, and end user. Based on product, the market is categorized as Cardiac Pacemakers & Implantable Cardioverter Defibrillators, Spinal Cord Stimulators (Chronic Pain, Failed Back Surgery Syndrome, Cerebral Ischemia), Cochlear Implants, Deep Brain Stimulators (Parkinson's Disease, Tremors, Depression, Other DBS Applications), Sacral Nerve Stimulators & Gastric Electrical Stimulators (Urinary Incontinence, Fecal Incontinence, Gastroparesis), Transcutaneous Electrical Nerve Stimulators (Treatment-resistant Depression, Other TENS Applications), Vagus Nerve Stimulators (Epilepsy, Other VNS Applications), Other Electrical Stimulators. By type, the market is segmented into Implantable Electroceutical Devices and Noninvasive Electroceutical Devices. Based on end users, the market is segmented as Hospitals, Clinics, & ASCs and Other End Users.
Based On Product, The Cardiac Pacemakers & Implantable Cardioverter Defibrillators Segment Is Accounted As A Major Contributor In The Electroceuticals Market
The cardiac pacemakers & implantable cardioverter defibrillators category will hold a significant share of the global Electroceuticals market in 2022. Due to increased urbanization and lifestyle change, cardiovascular problems are on the rise globally.
The electrical signals produced by the pacemaker cause the heart muscles to contract, maintaining blood flow. In addition, the market is expected to increase as a result of aspects such as a growing older population, an increase in the frequency of sudden cardiac arrests, and the creation of more advanced technological devices. Shortly, it is predicted that the market for deep brain stimulators will experience profitable growth as the prevalence of Parkinson's disease and other lifestyle-related illnesses, including obesity and depression, continues to rise.
Hospitals, Clinics, & Ascs Segment Witness Growth At A Rapid Rate
The hospitals, clinics, & ASCs segment is projected to develop at a rapid rate in the global Electroceuticals market because more people are being hospitalized for single or numerous episodes of chronic illnesses like epilepsy, Alzheimer's, arrhythmia, chronic pain, depression, and retinitis pigmentosa. Tremors and epilepsy affect many people, and it is predicted that this number will increase in the upcoming years due to an increase in car accidents, which can cause a variety of traumatic diseases. In order to meet the need for bioelectric medications, healthcare infrastructure is being developed with the assistance of the expanding population.
In The Region, The North America Electroceuticals Market Holds A Significant Revenue Share
The North America Electroceuticals market is expected to record the highest market share in revenue in the near future. The existence of significant medical devices producers like Medtronic, Biotronik, and Boston Scientific Corporation explains this. Furthermore, the advancement of the healthcare industry through time and the accessibility of cutting-edge items throughout the region have fueled market expansion. In addition, Asia Pacific is projected to rise in the global Electroceuticals market because the elderly population is growing in Asian nations like China and India. Furthermore, the prevalence of chronic disorders like Parkinson's disease, cardiac arrhythmias, epilepsy, and Alzheimer's disease is rising in this area, which is anticipated to accelerate the adoption of bioelectric therapy.
Electroceuticals Market Report Scope:
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Report Attribute |
Specifications |
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Market size value in 2022 |
USD 17.72 Bn |
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Revenue forecast in 2031 |
USD 29.06 Bn |
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Growth rate CAGR |
CAGR of 5.75 % from 2023 to 2031 |
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Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Product, Type, And End User |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Competitive Landscape |
Medtronic pl (Ireland), Boston Scientific Corporation (US), Abbott Laboratories, Inc. (US), LivaNova PLC (UK), Cochlear Ltd. (Australia), Axonics Modulation Technologies, Inc. (US), Neuronetics, Inc. (US), Second Sight Medical Products, Inc. (US), Neuro ace, Inc. (US), MicroPort Scientific Corporation (China), Sonova Group (Switzerland), Nevro Corp. (US), BIOTRONIK (Germany), Medico S.p.A. (Italy), Nurotron Biotechnology Co. Ltd. (US), MED-EL (Austria), among others. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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