Global Electroceuticals Market Size, Share, Growth Analysis, By Product(Defibrillators, Pacemaker), By End-User(Hospitals & Clinics, Homecare & Others), By Type(Implantable Electroceutical, Non-Invasive Electroceutical) - Industry Forecast 2022-2028

The Global Electroceuticals Market was valued at USD 16.80 Billion in 2021, and it is expected to reach a value of USD 23.64 Billion by 2028, at a CAGR of 5.0% over the forecast period (2022 - 2028).

Medical technology has advanced quickly over the last few years, changing treatments and medicine. The market for electroceuticals has expanded tremendously as a result. The market for electroceuticals is expected to grow quickly during the projected period as a result of the healthcare industry's expansion and the widespread use of technology in medical applications.

The ageing of the population, the high prevalence of chronic diseases, the rapid improvements in medical technology, and the growing acceptance of alternative medicine are all expected to have a positive effect on market growth during the next four years. Because less invasive procedures are becoming more popular, it is predicted that demand for non-invasive electroceutical devices will surpass that for implantable electroceutical devices. However, it is projected that during the projection period the key difficulties that could restrict the potential of the electroceuticals market would be stringent regulatory standards, frequent product recalls, protracted approval procedures, and expensive costs.

During the course of the anticipated period, it is anticipated that the increasing prevalence of cardiovascular diseases will fuel market expansion for electroceuticals. In the upcoming years, it is anticipated that more cardiovascular diseases will be treated with electroceuticals. Implantable cardioverter defibrillators are expected to be in high demand during the projected period.

The recent decades have seen an upsurge in the prevalence of infectious and chronic diseases worldwide. As a result, both the demand for novel cures and the necessity for more research and development in the healthcare field have risen. The market potential for electroceuticals is expected to increase over the next four years as governments launch initiatives and provide funding to advance research and development.

Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Electroceuticals Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

Global Electroceuticals Market is segmented based on Product, End-User, type and region. Based on the product, the Global Electroceuticals Market is segmented into Defibrillators and Pacemaker, Deep Brain Stimulators, Spinal Cord Stimulators, Vagus Nerve Stimulators, Hearing Aids and Cochlear Implants, and Others. Based on the end-user, the Global Electroceuticals Market is segmented into Hospitals & Clinics and Homecare & Others. By type, it is segmented into Implantable Electroceutical, Non-Invasive Electroceutical. Based on the region, the Global Electroceuticals Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Driver

The increased incidence of cardiovascular diseases is one of the main factors boosting the worldwide electroceuticals market. It is believed that cardiovascular diseases are one of the main causes of death worldwide. More than 17.3 million people die from cardiovascular disease each year, according to the World Health Organization. Additionally, 23.6 million fatalities worldwide are anticipated to result from cardiovascular diseases by 2030. 31% of people worldwide suffer from cardiovascular diseases, and low- and middle-income countries account for 80% of all fatalities. Around 800,000 Americans died in the United States from cardiovascular disease, according to the American Heart Society. This opens up a lot of potential for the global electroceuticals market to expand during the forecast period. Moreover, substantial product releases by the leading market players are thought to be another important factor that will fuel the expansion of the worldwide electroceuticals market in the years to come.

Restraint

One of the main challenges the industry faces is a lack of public awareness regarding the usage of electroceutical devices in low- and middle-income nations. The use of implantable heart rhythm management systems and other electroceutical devices is common in high-income economies. Access is restricted in low- and middle-income (LMIC) nations. According to an American Heart Association study, Latin Americans residing in the US were less knowledgeable about AEDs and how to use them. The use of a defibrillator can significantly increase the chance of survival following cardiac arrest, yet because of a lack of public knowledge, a patient may go without care.

Market Trends

There are several market participants in the worldwide electroceuticals industry. The market's major manufacturers provide a wide range of electroceuticals for the treatment of illnesses. The prominent players functioning in the global electroceutical market include Medtronic plc (Ireland), Boston Scientific Corporation (US), Abbott Laboratories, Inc. (the US), LivaNova PLC (UK), Cochlear Ltd. (Australia), MicroPort Scientific Corporation (China), Sonova Group (Switzerland), Nevro Corp. (US), BIOTRONIK (Germany), NeuroSigma, Inc. (the US), BioControl Medical (Israel), and tVNS Technologies GmbH (Germany) among many others.

Throughout the projected period, these companies will continue to fuel market expansion by implementing a variety of growth strategies, including product launches, mergers and acquisitions, joint ventures, and technological breakthroughs and developments. In March 2021, Medtronic plc (Ireland) got US FDA approval for its Intellis Platform with Differential Target Multiplexed (DTM) programming to treat chronic intractable back and leg pain, among other recent operations by the business in the electroceutical sector. While the Vercise Genus Deep Brain Stimulation System from Boston Scientific Company (US) was given US FDA certification in January 2021.