Electroceuticals Market

The global electroceuticals market in terms of revenue was estimated to be worth $23.9 billion in 2024 and is poised to reach $33.6 billion by 2029, growing at a CAGR of 7.0% from 2024 to 2029. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. In recent years, there has been a rapid advancement in medical technology, leading to significant changes in therapies and medicine. This progress has contributed to the substantial growth of the bioelectric medicine market. The market is expected to be driven by ongoing developments in the healthcare sector and the increasing integration of technology in medical applications.

Electroceuticals Market Size, Dynamics & Ecosystem

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Electroceuticals Market Dynamics

Driver: The increasing elderly population and subsequent rise in the prevalence of neurological and cardiovascular disorder

The geriatric population is more susceptible to developing neurologic or cardiovascular disorders, making them a significant segment of the patient pool. This population segment's growth will drive continued and increased demand for electroceutical devices like cardiac pacemakers, implantable cardioverter defibrillators, deep brain stimulators, and spinal cord stimulators for treating cardiovascular and neurological disorders.

Restraint: The high cost associated with electroceutical devices

The high cost of electroceutical devices like cochlear implants and neurostimulators is a significant factor limiting market growth, especially in price-sensitive regions such as the Asia Pacific, Latin America, and Africa. Healthcare providers in developing countries like Brazil and Mexico often have limited financial resources for investing in advanced technologies. Additionally, extensive training is required for staff to efficiently handle and maintain these devices. Furthermore, the development of technologically advanced electroceutical devices, such as cochlear implants, necessitates extensive R&D efforts, leading to increased manufacturing costs. This requires substantial capital investment, which may only be feasible for established or major players in the market. Moreover, the market is dominated by large, well-established players with high brand loyalty, making it challenging for new entrants to compete unless they can differentiate themselves through innovative product offerings.

Opportunity: Emerging markets present attractive opportunities.

Emerging economies like India, South Korea, Malaysia, Vietnam, various African nations, and Middle Eastern countries such as Israel, Saudi Arabia, and the UAE present substantial growth prospects for major market participants. This is due to their minimal regulatory hurdles, enhancements in healthcare infrastructure, expanding patient bases, and increasing healthcare spending. Moreover, regulatory frameworks in the Asia Pacific region are more flexible and conducive to business compared to developed nations. Consequently, heightened competition in mature markets has prompted leading players in the electroceuticals/bioelectric medicine market to shift their focus toward these emerging economies.

Challenge: The shortage of skilled professionals

The proper placement of electroceutical devices like neurostimulators requires the expertise of neurosurgeons specialized in neural implant procedures, often with a functional neurosurgery fellowship. However, there is currently a significant gap between the demand and supply of such neurologists globally. This shortage is expected to be a concern due to the projected increase in healthcare demand driven by factors such as a growing patient population and rising disease prevalence. One of the major limitations is the challenge of producing an adequate number of trained neurosurgeons within a short timeframe. The scarcity of skilled staff, including neurologists and neurosurgeons, in key regions worldwide is anticipated to have a negative impact on the number of neurosurgery procedures performed each year, affecting the market demand for electroceutical devices like neurostimulators.

Electroceuticals Market Segmentation & Geographical Spread

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In 2022, cardiac pacemakers & implantable cardioverter defibrillators accounted for the largest share of the electroceuticals industry, by product

The electroceuticals market is segmented into cardiac pacemakers & implantable cardioverter defibrillators, neuromodulators, cochlear implants, and retinal implants. based on product. The cardiac pacemakers & implantable cardioverter defibrillators segment accounted for the largest share of the bioelectric medicine market in 2022. The segmental growth of the market is driven by the high prevalence of sudden cardiac arrest (SCA), which often leads to arrhythmia and mortality. According to the US Centers for Disease Control and Prevention, over 350,000 people experience out-of-hospital cardiac arrest in the US alone. Electroceuticals are utilized in various applications to prevent and treat cardiac arrest, with cardiac pacemakers and implantable cardioverter defibrillators (ICDs) being used to manage arrhythmia.

In 2022, implantable electroceutical devices segment accounted for the largest share in the electroceuticals industry, by type

The electroceuticals market is segmented into implantable electroceutical devices and non-invasive electroceutical devices based on type. In 2022, implantable devices offer long-lasting effectiveness, precise targeting, and reduce the need for medication. The rising prevalence of chronic diseases and a growing elderly population are expected to drive demand for these devices in the future.

North America is the largest regional market for electroceuticals industry

The global electroceuticals market is segmented into five major regions—North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, the North American region emerged as the global leader in the bioelectric medicine market, driven by the presence of numerous major market players and widespread adoption of advanced medical technology. The market in this region is expanding due to a growing focus on technological advancements in the healthcare sector and the increasing prevalence of chronic diseases such as diabetes, cardiovascular disease, hearing loss, and neurological disorders.

The major players in bioelectric medicine market are Medtronic plc (Ireland), Boston Scientific Corporation (US), Abbott Laboratories, Inc. (US), LivaNova PLC (UK), Cochlear Ltd. (Australia). These players lead the market because of their extensive product portfolios and wide geographic presence. These dominant market players also have numerous advantages, such as more robust marketing and distribution networks, larger budgets for R&D, and better brand recognition.

Scope of the Electroceuticals Industry

This report categorizes the bioelectric medicine market to forecast revenue and analyze trends in each of the following submarkets:

By Product

• Cardiac Pacemakers & Implantable Cardioverter Defibrillators
• Cochlear Implants
• Neuromodulators
  • Spinal Cord Stimulators
  • Deep Brain Stimulators
  • Sacral Nerve Stimulators
  • Vagus Nerve Stimulators
  • Gastric Electrical Stimulators
  • Transcutaneous Electrical Nerve Stimulator
  • Transcranial Magnetic Stimulators
  • Respiratory Electrical Stimulators
  • Trigeminal Nerve Stimulators
  • Responsive Neurostimulators
• Retinal Implants

By Type

• Implantable Electroceutical Devices
• Non-Invasive Electroceutical Devices

By Application

• Cardiac Pacemakers & Implantable Cardioverter Defibrillators (ICD), By Application
  • Arrhythmia
  • Heart Failure
  • Other Cardiac Pacemakers & ICD Applications
• Spinal Cord Stimulators Market, By Application
  • Failed Back Syndrome
  • Chronic Pain
  • Ischemia
• Deep Brain Stimulators Market, By Application
  • Parkinson’s Disease
  • Tremor
  • Depression
  • Other DBS Applications
• Sacral Nerve Stimulators Market, By Application
  • Urine Incontinence
  • Fecal Incontinence
• Vagus Nerve Stimulators Market, By Application
  • Epilepsy
  • Other VNS Applications
• Gastric Electrical Stimulators Market, By Application
  • Gastroparesis
  • Obesity
• Transcutaneous Electrical Nerve Stimulators Market, By Application
  • Treatment-Resistant Depression
  • Other TENS Applications
• Transcranial Magnetic Stimulators Market, By Application
  • Depression
  • Migraine Headache
• Trigeminal Nerve Stimulators, By Application
  • Attention Deficit Hyperactivity Disorder (ADHD)
  • Migraine

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of Asia Pacific
• Latin America
  • Middle East & Africa
    • GCC Countries
    • Rest of Middle East & Africa

Recent Developments of Electroceuticals Industry:

• In January 2024, Medtronic plc (Ireland) received FDA approval of its Percept RC Deep Brain Stimulation (DBS) system.
• In July 2023, Boston Scientific Corporation (US) received the US FDA approval for the vercise neural navigator 5 software, which when used as part of the vercise genus deep brain stimulation (dbs) systems.
• In May 2023, Abbott (US) received US FDA approval for its spinal cord stimulation (SCS) devices for the treatment of chronic back pain.
• In Dec 2022, ElectroCore (US) launched a new wellness product offering called Truvaga for customers residing in the US. Truvaga is a handheld non-invasive vagus nerve stimulator that utilizes our proven technology to quickly and gently activate the vagus nerve.

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