Electroceuticals Market: Global Industry Analysis and Forecast (2023-2029)

Electroceuticals Market size was valued at USD 19.08 Bn. in 2022 and the total Electroceuticals revenue is expected to grow by 6 % from 2023 to 2029, reaching nearly USD 28.68 Bn.
Electroceuticals Market Overview:
Electroceutical medicine combines molecular medicine, bioengineering, and neuroscience to provide nerve-stimulating technologies for biological parameters during therapy. It influences changes in the function of the organism through the use of electrical impulses. These medications are used as an alternative to drug-based therapy. Electroceutical Medicine is based on neurostimulation, which is the control of electrical impulses in the neurological system. It cures a variety of disorders using both invasive and non-invasive procedures. In the forecast years, it is expected to be a replacement for drug-based therapy. Neural implants such as retinal implants, cochlear implants, or spinal cord stimulators for pain alleviation, cardiac pacemakers, and implanted defibrillators are examples of treatment.

The Electroceuticals Medicine Market is expected to grow in the forecast years owing to an increase in the global geriatric population, an increase in regulatory approvals for new and advanced Electroceuticals, and an increase in investment and funds for the development of new therapies.
Research Methodology:
Key Players as well as local players are studied and analyzed in the report. The study of import, export of the countries are analyzed by the production and consumption segments. A good sample size for the primary research in all countries has helped to make the report findings more authentic and deep in size. The primary respondents include manufacturers, distributors, and investors, which has helped in the understanding of the ecosystem.

The triangulation method of the Electroceuticals Market estimate is used to calculate the market size, and the bottom-up approach is used. Primary research was done to support and validate the market size and an understanding of market dynamics. The best market size estimates are based on a combination of primary and secondary research, which is known as a research methodology. In-depth interviews with key thought leaders and industry experts were undertaken in order to validate estimates and market size through primary research.To know about the Research Methodology :- Request Free Sample Report
Electroceuticals Market Dynamics:
Market Drivers

Growing prevalence of disease treatment

The growing frequency of chronic and acute illnesses, the growing geriatric population, product innovations, and activities by important firms and organizations are the primary drivers driving the electroceuticals market. In January 2022, the Alliance for Advancing Bioelectronic Medicine sponsored the inaugural Bioelectronic Medicine Day, which included a health awareness campaign. The initiative aided efforts and breakthroughs in the field of bioelectronic medicine. Bioelectric medicine is a branch of medicine that integrates bioengineering, molecular medicine, and neuroscience to create nerve-stimulating technology for the management of biological processes during illness therapy. The increased incidence of chronic illnesses such as cardiovascular and neurological problems is expected to drive the market for electroceuticals. According to the CDC, over 615 thousand individuals die in the United States each year as a result of heart disease. Approximately 375 of them die as a result of coronary heart disease (CHDs). As a result, improved bioelectric medicine is in great demand for the treatment of various chronic illnesses, which is expected to drive the electroceuticals market growth.

According to a CDC study, Cardiovascular Diseases (CVDs) are a leading cause of mortality in the United States. CVDs are responsible for one-fourth of all fatalities. Stroke and IHD account for more than 80% of CVD-related fatalities. Furthermore, by 2030, the economic impact of CVDs is expected to reach about USD 1,044 billion. Other important drivers driving market expansion include increased R&D spending by manufacturers and an increase in the rate of regulatory approvals for novel Electroceuticals/bioelectric medications. For example, in December 2018, the InterStim Smart Programmer was utilized in conjunction with the InterStim System for sacral neuromodulation therapy. Medtronic was a pioneer in sacral neuromodulation, and this product improvement was intended to assist the business increase its market position.

Rising elderly population resulted in an increase in the frequency of neurological and cardiovascular problems

The elderly population is more likely to have neurologic or cardiovascular diseases. Geriatrics is an important section of the entire patient pool due to their increased vulnerability to such illnesses. As a result, the sustained and increased need for electroceutical devices such as cardiac pacemakers, implanted cardioverter defibrillators, deep brain stimulators, and spinal cord stimulators for the treatment of cardiovascular and neurological problems would be ensured.

Electroceuticals Market Opportunity:

Emerging Markets (EM)

Emerging economies such as India, South Korea, Malaysia, Vietnam, Africa, and Middle Eastern countries such as Israel, Saudi Arabia, and UAE offer significant growth opportunities to major market players. This can be attributed to their low regulatory barriers, improvements in healthcare infrastructure, growing patient population, and rising healthcare expenditure. In addition, the regulatory policies in the Asia Pacific region are more adaptive and business-friendly than those in developed countries. This, along with the increasing competition in mature markets, has drawn key players in the Electroceuticals/bioelectric medicine market to focus on emerging countries.Market Restraints:

Costly electrotherapeutic equipment

The high cost of electroceutical equipment such as cochlear implants and neurostimulators is a significant impediment to market expansion. Prices are more sensitive in price-sensitive regions such as Asia Pacific, Latin America, and Africa. Healthcare providers, particularly in developing countries such as Brazil and Mexico, have limited financial means to invest in cutting-edge technologies. Furthermore, the employees must be well educated in the proper use and maintenance of electroceutical equipment. Owing to considerable research and development activities are necessary to produce technologically improved electroceutical devices such as cochlear implants. This leads to a huge rise in production costs. As a result, high-capital investments are necessary to carry out such operations, which only the market's established or big participants can afford. Additionally, the market's top companies are substantial and well-established, with strong brand loyalty. As a result, new entrants must compete with incumbent businesses while also distinguishing themselves via the development of novel product offers.

Electroceuticals Market Challenges:

A scarcity of qualified professionals

Electroceutical device implantation, such as neurostimulators, needs the supervision of neurosurgeons who specialize in neural implant operations and have completed a functional neurosurgery fellowship. There is now a significant supply-demand mismatch for neurologists globally. Given the predicted growth in healthcare demand due to factors such as a larger patient pool and increased illness incidence, this deficit will be a source of worry. One of the most significant constraints is the difficulty to create enough qualified neurosurgeons in the needed time frame. The global lack of competent personnel or neuro-physicians and neurosurgeons is predicted to have a detrimental influence on the number of neurosurgical procedures performed each year, and hence the market demand for electroceutical devices such as neurostimulators.
Electroceuticals Market Segment Analysis:
Based on Product, Owing to the widespread use of these devices for arrhythmia, the implanted cardioverter defibrillators category had the highest revenue share of nearly 38.0% in 2022. In addition, enhanced product development, a growing senior population, and an increase in the frequency of abrupt cardiac arrests are anticipated to fuel market expansion. Due to the rising incidence of Parkinson's disease and lifestyle-related illnesses such as obesity and depression, the deep brain stimulator market is anticipated to develop profitably throughout the projected period.

According to the European Parkinson's Disease Association (EPDA), there are approximately 6.3 million Parkinson's sufferers globally, with 1.5 million living in Europe. Because of product innovation and new product releases by firms, the sacral nerve stimulators market accounted for a considerable revenue share in 2022. Nevro Corp. gained FDA clearance for the new Senza II SNS System in August 2018. This introduction aided the company's product portfolio expansion in the neuromodulation and pain treatment categories.Based on the Type, Implantable electroceutical devices had the highest revenue share of more than 88.0% in 2022, owing to their widespread use in the treatment of arrhythmia, chronic pain, ischemia, depression, tremor, and sensorineural hearing loss. The market for bioelectric medicine has been divided into implanted and non-invasive electroceutical devices. Manufacturers are working on releasing sophisticated items to meet unmet client wants. For example, in August 2018, Biotronik enhanced arrhythmia detection and diagnosis with the MoMe cardiac monitor, which was aimed to improve the early detection and identification of cardiac arrhythmias.

During the research period, the non-invasive electroceutical devices segment is expected to increase the most. This is owing to technology developments and increased R&D spending by businesses for new product creation. Furthermore, rising healthcare awareness and the popularity of Electroceuticals in emerging markets such as India, China, South Africa, and Argentina are likely to drive market expansion.

Based on the Application, During the forecast period, the Arrhythmia segment is estimated to account for a significant portion of market growth. According to a paper released in February 2022 titled "Global Epidemiology of Atrial Fibrillation: An Increasing Epidemic and Public Health Challenge," atrial fibrillation is the most common cardiac arrhythmia.

It is anticipated that 6-12 million individuals in the United States would suffer from this ailment by 2050, and 17.9 million people in Europe will suffer by 2060. Atrial fibrillation is a substantial risk factor for ischemic stroke, causing a large economic burden as well as morbidity and death. Furthermore, according to the National Center for Chronic Disease Prevention (CDC) and Health Promotion, Division for Heart Disease and Stroke Prevention statistics updated in September 2022, 12.1 million people in the United States will have Atrial Fibrillation (AFib) in 2030. According to the same source, about 454,000 hospitalizations with AFib as the main diagnosis occur in the United States each year. Moreover, items such as defibrillators and pacemakers are widely accepted by the public, promoting the market growth. Furthermore, increasing technological advancements and product approvals boost segment growth. For example, Abbott Laboratories gained FDA clearance for its Gallant line, which comprises an implanted cardioverter defibrillator and a cardiac resynchronization therapy defibrillator with Bluetooth technology, in July 2020. Remote data tracking devices, secure magnetic resonance imaging (MRI) devices, and data recording capability are advanced pacemaker technology characteristics that boost End-use growth.Based on the End-use, Because of the increased burden of chronic illnesses such as arrhythmia, epilepsy, Alzheimer's, retinitis pigmentosa, chronic pain, and depression, the hospital segment had the highest revenue share of more than 95.0%. According to the WHO, roughly 50 million individuals worldwide suffer from epilepsy, a figure that is anticipated to rise in the near future due to an increase in the frequency of vehicle accidents and other traumatic injuries. The growing population and expanding healthcare infrastructure have increased the demand for bioelectric medications. The existence of modern medical gadgets for the treatment of many serious diseases, as well as rising disposable money, are predicted to promote the use of Electroceuticals in hospitals.

The other sector consists of research institutes and home care. Due to increased investment in R&D for new product development, this category is expected to grow at a substantial CAGR during the forecast period. Furthermore, increased government financing for bioelectric medicine boosts the market growth. For example, the National Institutes of Health announced around USD 20 million in funding for electroceutical research in October 2016.
Electroceuticals Market Regional Insights:
North America has a significant market share and is likely to maintain its position during the forecast period. COVID-19 was shown to be temporally linked to an increase in out-of-hospital cardiac arrests. According to the paper "Implantable Cardioverter Defibrillator Shocks With COVID-19 Outbreak" published in May 2022, Defibrillator shock episodes rose during the greater COVID-19 activity in New York City, New Orleans, and Boston. COVID-19 has the potential to harm the cardiovascular system, causing myocardial damage, intravascular thrombosis, and arrhythmias. Individuals who have an implanted cardioverter-defibrillator (ICD) are more likely to experience arrhythmic abrupt cardiac arrest. ICD shock rate spikes were observed to be temporally related to the COVID-19 rise. However, according to data from Medtronic's survey of the US population, 45% of current chronic back and leg pain sufferers experienced care delays during the COVID-19 pandemic, despite 88% reporting that their pain has not improved or has even worsened since the pandemic began two years ago in March 2020. The study also revealed that the vast majority of respondents want more treatment alternatives, despite the fact that spinal cord stimulation and tailored medication delivery remain largely unknown. This is a chance to educate patients about the complete spectrum of pain-relieving treatments accessible.

The growing elderly population, the prevalence of chronic illnesses, and the desire for improved quality healthcare are putting enormous strain on healthcare to fulfill the population's growing demand. According to the United States Census Bureau's 2022 senior report, more than 55 million individuals 65 and over live in the United States now, accounting for approximately 17.5% of the total population. The number of elderly people in the United States is increasing. The total number of persons 65 and older is expected to reach 85.7 million by 2050, accounting for nearly 20% of the total US population. Infectious and chronic illnesses such as cancer, cardiovascular disease, diabetes, and others are becoming increasingly common. According to the Global Cancer Observatory (Globocan) Statistics 2020, there were 19.3 million new cases of cancer worldwide in 2020, accounting for both sexes, and the same source reported that the global cancer incidence was increasing at a rapid pace, with the number of new cases of cancer in both sexes expected to reach 30.5 million by 2040. As a result, bioelectric medicine End-use has enormous potential for rapid illness diagnosis and treatment. Furthermore, the presence of well-established End-use players like as Biotronik and Medtronic contributes to the region's market growth. Moreover, favorable government assistance and regional product approvals fuel market expansion. SetPoint Medical, a privately held clinical-stage bioelectronic medicine company dedicated to treating patients with chronic autoimmune diseases, for example, has received a Breakthrough Device Designation from the US and Drug Administration for the use of its novel bioelectronic device for patients with rheumatoid arthritis who have an incomplete response to or are intolerant to multiple biologic drugs.
Electroceuticals Market Scope: Inquire before buying



Electroceuticals Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 19.08 Bn.


Forecast Period 2023 to 2029 CAGR:
6%
Market Size in 2029:
US $ 28.68 Bn.


 Segments Covered:
by Product
• Implantable Cardioverter Defibrillators
• Cardiac Pacemakers
• Cochlear Implants
• Spinal Cord Stimulators
• Deep Brain Stimulators
• Transcutaneous Electrical Nerve Stimulators
• Sacral Nerve Stimulators
• Vagus Nerve Stimulators
• Other Bioelectric Medicines


by Type
• Implantable Electroceutical Devices
• Non-invasive Electroceutical Devices


by Application
• Arrhythmia
• Pain Management
• Sensorineural Hearing Loss
• Parkinson’s Disease
• Tremor
• Depression
• Treatment-resistant Depression
• Epilepsy
• Urinary and Fecal Incontinence
• Others


by End-Use
• Hospitals
• Others



Electroceuticals Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Electroceuticals Market Key Players
• Medtronic plc
• Abbott Laboratories
• St. Jude Medical, Inc.
• Boston Scientific Corporation
• Cochlear Limited
• Cala Health
• Sonova Holding AG
• LivaNova PLC
• Biotronik
• Nevro Corporation
• Second Sight Medical Products, Inc.
• ElectroCore LLC
• BioElectronics Corporation
• MED-EL
• Cefaly Technology
• Stimwave LLC
• Vomaris Innovations, Inc
• EnteroMedics Inc
• NeuroSigma, Inc.
• Oticon Medical

Frequently Asked Questions:

1] Who are the key vendors in the Global Electroceuticals Market?
Ans. The market is fragmented. To stay afloat in the industry, the market's major players are continually implementing new growth tactics. Product launches, innovations, mergers and acquisitions, collaborations and partnerships, and extensive R&D are some of the growth methods used by these leading competitors to compete in the industry. The main market players are also always focusing on R&D in order to provide the most efficient and cost-effective solutions to industries. Company Profiles of the Top Players '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 Corporation (US)', 'NeuroPace.

2] What is meant by Electroceuticals?
Ans. Electroceuticals are a novel class of medicinal medicines that work by targeting organ neural circuitry. The treatment entails mapping the brain circuitry and sending neural impulses to particular sites. The impulse is delivered using an implanted device.

3] What is Electroceutical therapy?
Ans. Electroceuticals entail non-invasively implanting microscopic electrode devices into the body. The theory is that by linking them to certain nerve bundles, the brain may be tricked into easing or shutting off pain completely. Electroceuticals treat illnesses with electrical impulses similar to those used in pacemakers, cochlear implants, and implanted defibrillators. Electroceuticals entail non-invasively implanting microscopic electrode devices into the body.

4] Which segment accounted for the largest bioelectric medicine market share?
Ans. Thanks to the presence of medical device producers like Abbott and Boston Scientific Corporation, North America held the greatest revenue share in the bioelectric pharmaceuticals sector in 2022. Additionally, this region's enhanced product availability and highly developed healthcare have spurred expansion.

5] What was the market size of the Global Electroceuticals Market in 2022?
Ans. The market size of the Electroceuticals Market in 2022 was valued at US$ 19.08 Bn.