This study involved four major activities in estimating the current size of the electroceuticals market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate segments and subsegments' market size.
Expected Revenue Gains:
The global electroceuticals/bioelectric medicine market is projected to reach USD 21.5 billion by 2026 from USD 16.8 billion in 2021, at a CAGR of 5.0%.
Major Growth Boosting Factors:
The rising geriatric population and subsequent growth in the prevalence of neurological & cardiovascular disorders drives growth in the electroceuticals market, rising government support & funding for neurological disorders, and the increasing investments and funding for research on CRM devices are among the other factors. Emerging economies such as China and Japan are providing lucrative opportunities for the players operating in the electroceuticals market.
The cardiac pacemakers & implantable cardioverter defibrillators segment accounted for the largest share of the electroceuticals market, by product segment, in 2020
Based on product, the electroceuticals market is segmented into cardiac pacemakers & implantable cardioverter defibrillators, spinal cord stimulators, cochlear implants, deep brain stimulators, transcutaneous electrical nerve stimulators, vagus nerve stimulators, sacral nerve stimulators & gastric electrical stimulators, and other electrical stimulators. The cardiac pacemakers & implantable cardioverter defibrillators segment accounted for the largest share of the electroceuticals market in 2020. Factors such as the increasing incidence of arrhythmias and rising technological advancements are boosting the market growth of this segment.
Noninvasive electroceutical devices segment to register the highest growth rate during the forecast period
The electroceuticals market is segmented into implantable electroceutical devices and noninvasive electroceutical devices. In 2020, the noninvasive electroceutical devices segment accounted for the highest growth rate. Factors such as the rising R&D investments by companies for novel product development and technological advancements are contributing to the growth of this segment.
The hospitals, clinics, and ASCs segment accounted for the largest share of the electroceuticals market, by end user segment, in 2020
Based on end users, the electroceuticals market has been segmented into hospitals, clinics, and ASCs; and other end users. In 2020, the hospitals, clinics, and ASCs segment accounted for the largest share of the electroceuticals market. The improving healthcare infrastructure in developing countries is driving this segments growth.
North America is the largest regional market for electroceuticals market
The global electroceuticals market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the electroceuticals market. The large share of this region can be attributed to the increasing healthcare spending and the highly developed healthcare system in the US and Canada.
Key Players:
The major players operating in this market are Medtronic plc (Ireland), Boston Scientific Corporation (US), Abbott Laboratories, Inc. (US), LivaNova PLC (UK), Cochlear Ltd. (Australia), MicroPort Scientific Corporation (China), Sonova Group (Switzerland), Nevro Corp. (US), Axonics Modulation Technologies, Inc. (US), Neuronetics, Inc. (US), Second Sight Medical Products, Inc. (US), NeuroPace, Inc. (US), BIOTRONIK (Germany), Medico S.p.A. (Italy), Nurotron Biotechnology Co. Ltd. (US), MED-EL (Austria), Aleva Neurotherapeutics SA (Switzerland), NeuroSigma, Inc. (US), BioWave Corporation (US), Soterix Medical Inc. (US), Bioinduction Ltd. (UK), GiMer Medical (Taiwan), Cefaly (Belgium), BioControl Medical (Israel), and tVNS Technologies GmbH (Germany).
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