Electroconvulsive Therapy Devices Market Size is valued at USD 16.12 Mn in 2023 and is predicted to reach USD 18.79 Mn by the year 2031 at a 2.01% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The increasing occurrence of mental disorders such as depression, schizophrenia, and others is one of the primary factors fueling the growth of the electroconvulsive therapy market.
- The growing applications of ECT are an important driving factor in the electroconvulsive therapy market.
- North America dominated the market and accounted for a global revenue share in 2023.
- The social stigma surrounding electroconvulsive therapy (ECT) creates challenges by influencing negative attitudes among patients and healthcare professionals, limiting access to this effective treatment.
Electroconvulsive Therapy (ECT) devices are specialized medical instruments used to administer ECT, a procedure where seizures are electrically induced in patients under general anesthesia to treat severe mental and psychological illnesses such as major depressive disorder, bipolar disorder, and treatment-resistant schizophrenia. These devices, equipped with electrode pads or caps, a control panel, and monitoring systems, allow healthcare professionals to carefully control and monitor the electric current delivered to the patient's brain, adjusting for intensity, frequency, and duration of pulses. Advances in ECT device technology, anesthesia, and procedural techniques have significantly enhanced the safety and efficacy of ECT, making it a crucial, though sometimes debated, treatment option for certain psychiatric conditions.
It is driven by factors such as the high prevalence of mental disorders as well as increasing demand for technological advancements and increasing awareness among the public. However, side effects such as memory loss associated with ECT may obstruct market growth during the forecast period.
Competitive Landscape
Some Major Key Players In The Electroconvulsive Therapy Devices Market:
- Mecta Corporation
- Ectron Ltd.
- Somatic LLC
- Abbott
- Soterix Medical Inc
- Other Prominent Players
Market Segmentation:
The Electroconvulsive Therapy Devices Market is segmented based on product type and end-user. Based on type, the global electroconvulsive therapy devices market is segmented as unilateral and bilateral. The Electroconvulsive Therapy market is segmented by end-user into hospitals, specialty clinics, mental hospitals, and others.
Based On End-User, The Hospitals Segment Is A Growth Contributor In The Electroconvulsive Therapy Devices Market.
With time, ECT has come to be recognised as a successful treatment for a number of mental health conditions, including bipolar disorder and severe depression. A greater number of referrals and uses of ECT services inside hospitals may result from this raised awareness. Also, the ECT process is now safer and more bearable for patients thanks to technological advancements in monitoring systems, electrode insertion procedures, and anaesthesia. Hospitals that make these technological investments can experience a rise in the demand for ECT treatments.
Bilateral Segment Led The Electroconvulsive Therapy Devices Market.
Bilateral Electroconvulsive Therapy is a procedure that includes two electrodes placed on the head, and an electric current is delivered through both sides of the brain. This produces bilateral seizures. These Seizures generally last for 25 seconds or even up to one minute. The Procedure depends on factors like age, health condition, seizure threshold, etc.
North America Has A Significant Revenue Share In The Global Electroconvulsive Therapy Devices Market Region.
The market for electroconvulsive treatment in North America is driven by the rise in mental health diseases, growing knowledge of the advantages of ECT, the creation of new equipment, and favourable reimbursement rules. The increasing prevalence of mental diseases is one of the primary factors propelling progress in this field. The cost ratio estimates that one in five Americans experience mental illness. according to a research by the National Alliance on Mental Illness. The increased acceptability of ECT therapy, the development of short pulse therapy devices, and the placement of unilateral electrodes have made it a more popular and successful treatment choice.
Recent Developments:
- In March 2024, Soterix Medical announced the launch of the MxN-GO EEG system that integrates high-definition transcranial electrical stimulation (HD-tE) with EEG capabilities. This system is designed to facilitate research applications that require both electrical brain stimulation and activity recording in mobile and natural settings.
Electroconvulsive Therapy Devices Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 16.12 Mn |
|
Revenue Forecast In 2031 |
USD 18.79 Mn |
|
Growth Rate CAGR |
CAGR of 2.01% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
|
Competitive Landscape |
Mecta Corporation, Ectron Ltd., Somatic LLC, Abbott, Soterix Medical Inc and Others |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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