Electroceutical Devices Market Size, Share and Forecast up to 2024
Electroceutical devices are target specific and stimulate nerves or tissues through electric impulses, which enable to alleviate or relieve various conditions of the body. Electroceutical devices are employed as an alternative to drug-based remediation. Furthermore, the technological enhancements, including wearable devices, and miniaturized devices, among others have been a significant contributing factor for the growth of the market. The technological innovations in the market include the development of the Stimwave electroceutical device which does not contain toxic materials and does not hold any internal batteries. In August 2016, GlaxosmithKline entered into an agreement with Google’s life science spinoff, Verily to form a joint venture, Galvani Bioelectronics for the development of miniature electroceutical devices. Through this joint venture, both the companies intend to invest over US$ 700 Mn over a period of four years. In addition, National Institute of Health (NIH) also invested US$ 250 Mn on its project SPARC (Stimulating Peripheral Activity to Relieve Conditions).
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Electroceutical devices market can be segmented based on the products, by application, by end users and by region. The market can be segmented into implantable electroceutical devices and non-invasive devices, on the basis of product. Implantable electroceutical devices can be further segmented into cardiac pacemakers, implantable cardioventer defibrillators, spinal cord stimulators, deep brain stimulators, and vagus nerve stimulators, among others. On the basis of application, electroceutical devices market can be segmented into pain management, neurology, urology, hearing aids, cardiology, gasteroenterology, and ophthalmology, among others. Hospitals, individual users, and research institutes form the major end users of the market. On the basis of region, the market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
Electroceutical devices are gaining importance as an alternative to pharmaceutical products as they do not lead to side effects. In addition, growing prevalence of neurological conditions such as Parkinson’s disease, and depression among others contribute to the growth of the market. Furthermore, increasing investments by market players on research and development, along with the cost effectiveness of these devices has been driving the growth of the market. However, the usage of these devices is done as a trial and error method and This might have a negative impact on the growth of the market.
Implantable electroceutical devices are the widely employed product category, of which pacemakers and ICDs are the key products contributing to the growth of the market. North America accounts for the major share followed by Europe in the global electroceutical devices market. This can be attributed to increasing geriatric population, rising prevalence of chronic diseases, growing technological innovations, and increase in product approvals. In addition, availability of reimbursement and high investments in healthcare infrastructure contribute to the growth of the market. However, the sluggish economic conditions in North America and Europe, and the changing government regulations related to healthcare spending might negatively impact the market. Asia Pacific is expected to grow at an impressive CAGR during the forecast period. The growing healthcare industry, rising medical tourism, increasing awareness among people and the growing economy contribute to the growth of the market in the region. India, China and Brazil are expected to drive strong growth among the emerging countries, owing to the increasing investments by the government to enhance the healthcare facilities.
Major players in the electroceutical devices market include Biotronik, Boston Scientific Corporation, Cochlear Limited, ElectroCore LLC, EnteroMedics Inc., LivaNova PLC, Medtronic plc, NeuroSigma, Inc., Nevro Corporation, Second Sight Medical Products, Inc., Sonova Holding AG, and St. Jude Medical, Inc., among other significant players worldwide.
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