The global electroceuticals/bioelectric medicine market is expected to reach USD 25.20 billion by 2021 from USD 17.20 billion in 2016, growing at a CAGR of 7.9% from 2016 to 2021.
Electroceuticals are medical devices that use electrical impulses to modulate the body's neural circuits as an alternative to drug-based interventions. These electroceutical devices read and modify electrical signals passing along the nerves of the body, including irregular or altered impulses that can occur in association with a broad range of diseases.
The implantable cardioverter defibrillators segment is expected to account for the largest share of the electroceuticals/bioelectric medicine market, by product, in 2016. Increasing sudden cardiac arrest (SCA) leading to cardiovascular death, technological advancements in ICDs, and increasing arrhythmiais contributing to the large share of this segment. The implantable electroceutical devices segment is expected to account for the largest share of the electroceuticals/bioelectric medicine market, by type of device, in 2016. The rising research in this industry and collaborations and partnerships to development electroceutical devices, these devices providing continuous treatment within the body, and providing an environment for the easy treatment of patients is driving growth in this market segment. The hospitals segment is estimated to account for the largest share of the electroceuticals/bioelectric medicine market, by end user, in 2016.This can be attributed to increasing burden of diseases such as cardiac arrhythmias, Parkinson’s, Alzheimer’s, retinitis pigmentosa, epilepsy, and depression; and increasing awareness about electroceuticals.
North America is expected to account for the largest share of the global electroceuticals/bioelectric medicine market in 2016, followed by Europe, Asia-Pacific, and the Rest of the World (RoW).The large share of the North American region can be attributed to the rising prevalence of arrhythmia, growing prevalence of chronic diseases, expected approvals for retinal implants, increasing regulatory approvals in the U.S., increasing burden of cancer and diabetes, and increase in hearing loss owing to rising aging population in Canada, among others. The Asia-Pacific region is expected to witness the highest growth rate in the forecast period, mainly due to the rising adoption of neurostimulation, increasing cases of diabetes, increasing prevalence of hearing loss, increasing geriatric population, conferences on electroceutical devices, increasing prevalence of Parkinson’s Disease, and regulatory approvals of cochlear implants in the Asia-Pacific region.
The electroceuticals/bioelectric medicine market witnesses high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies (product launches, approvals, new product launches, agreements/collaborations/joint ventures/partnerships, marketing and promotion activities, acquisitions and mergers, expansions, market developments, new program launches, and product enhancements) to increase their market shares and establish a stronger foothold in the global market.
Medtronic plc (Ireland), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), Cochlear Limited (Australia), Sonova Holding AG (Switzerland), LivaNova PLC (U.K.), Biotronik (Germany), Nevro Corporation (U.S.), Second Sight Medical Products, Inc. (U.S.), and ElectroCore LLC (U.S.) are the key players in the global electroceuticals/bioelectric medicine market.
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The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help the mgarner a greater market share. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares. The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the medical animation market. The report analyzes the market based on product, type of device, application, and end user
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the electroceuticals/bioelectric medicine market
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- Market Diversification : Exhaustive information about new products, untapped regions, recent developments, and investments in the electroceuticals/bioelectric medicine market
- Competitive Assessment: In-depth assessment of strategies, products, distribution networks, and manufacturing capabilities of the leading players in the electroceuticals/bioelectric medicine market