Latest Study on “Electroceuticals/Bioelectric Medicine Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Electroceuticals/Bioelectric Medicine market size is expected to be worth around US$ 15.2 billion by 2027, according to a new report by nova one advisor.
The global Electroceuticals/Bioelectric Medicine market size was valued at US$ 15.2 billion in 2020 and is anticipated to grow at a CAGR of 6.0% during forecast period 2021 to 2027.
Overview of Electroceuticals/Bioelectric Medicine Market Study
Electroceuticals/Bioelectric Medicine market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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Market growth is driven by the rising government support & funding for neurological disorders, rising geriatric population and subsequent growth in the prevalence of neurological & cardiovascular disorders, and the increasing investments and funding for research on CRM devices.
Driver: Rising geriatric population and subsequent growth in the prevalence of neurological & cardiovascular disorders
The geriatric population is at a higher risk of developing neurologic or cardiovascular disorders. Their higher susceptibility to such disorders makes geriatrics a key segment of the overall patient pool. As a result, the growth of this population segment will ensure a continued and intensified demand for electroceutical devices such as cardiac pacemakers, implantable cardioverter defibrillators, deep brain stimulators, and spinal cord stimulators for the treatment of cardiovascular disorders and neurological disorders.
Opportunity: Emerging markets
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.
Restraint: High cost of electroceutical devices
The high cost of electroceutical devices such as cochlear implants and neurostimulators is a major factor restraining market growth, particularly in price-sensitive regions such as the Asia Pacific, Latin America, and Africa. Healthcare providers, especially in developing countries such as Brazil and Mexico, have low financial resources to invest in sophisticated technologies. Moreover, the staff must be extensively trained for the efficient handling and maintenance of electroceutical devices. In line with this, extensive R&D activities are required to develop technologically advanced electroceutical devices such as cochlear implants. This results in a significant increase in the cost of manufacturing. Consequently, high-capital investments are required to carry out such activities, which only the established or major players in the market can afford. Furthermore, the top players in this market are large and well-established and enjoy a high degree of brand loyalty. Therefore, new entrants must compete with existing players and set themselves apart by developing innovative product offerings.
Challenge: The dearth of trained professionals
The placement of electroceutical devices such as neurostimulators in the desired body part requires the guidance of neurosurgeons who specialize in neural implant procedures and have a functional neurosurgery fellowship. Currently, there is a large gap between the demand and supply of neurologists worldwide. This shortage will be a concern given the projected increase in healthcare demand due to factors such as the growing patient pool and rising disease prevalence. One of the greatest limitations is the inability to produce enough trained neurosurgeons in the required amount of time. The shortage of skilled staff or neuro-physicians and neurosurgeons in major regions across the globe is expected to negatively impact the number of neurosurgery procedures carried out per year and thereby the market demand for electroceutical devices such as neurostimulators.
“In 2020, cardiac pacemakers & implantable cardioverter defibrillators accounted for the largest share of the electroceuticals market, by 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 based on product. The cardiac pacemakers & implantable cardioverter defibrillators segment accounted for the largest share of the electroceuticals market in 2020, mainly due to the increasing incidence of arrhythmias, rising prevalence of CVD, and rising technological advancements.
In 2020, implantable electroceutical devices segment accounted for the largest share in the market, by type
The electroceuticals market is segmented into implantable electroceutical devices and noninvasive electroceutical devices based on type. In 2020, the implantable electroceutical devices segment accounted for the largest share. Factors such as the rising incidence of neurological & cardiovascular disorders and an increase in the number of product approvals are driving the growth of this segment.
In 2020, hospitals, clinics, and ASCs segment accounted for the largest share in the market, by end user”
The electroceuticals market has been segmented into hospitals, clinics, and ambulatory surgical centers (ASCs); and other end users based on end user. In 2020, the hospitals, clinics, and ASCs segment accounted for the largest share of the electroceuticals market. The increasing adoption of electroceutical devices to serve a large patient pool is driving the growth of this segment.
North America is the largest regional market for electroceuticals
The global electroceuticals market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the global electroceuticals market. The North American electroceuticals market’s growth can be attributed to the highly developed healthcare system in the US and Canada, increasing healthcare spending, and the increasing prevalence of cardiovascular & neurological disorders.
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COVID-19 Impact on Electroceuticals/Bioelectric Medicine Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Electroceuticals/Bioelectric Medicine market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Electroceuticals/Bioelectric Medicine market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Electroceuticals/Bioelectric Medicine market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Electroceuticals/Bioelectric Medicine market include:
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).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
This report categorizes the electroceuticals market into the following segments and subsegments:
- Cardiac Pacemakers & Implantable Cardioverter Defibrillators
- Spinal Cord Stimulators
- Chronic Pain
- Failed Back Surgery Syndrome
- Cerebral Ischemia
- Cochlear Implants
- Deep Brain Stimulators
- Parkinson’s Disease
- Other DBS Applications
- Sacral Nerve Stimulators & Gastric Electrical Stimulators
- Urinary Incontinence
- Fecal Incontinence
- Transcutaneous Electrical Nerve Stimulators
- Treatment-resistant Depression
- Other TENS Applications
- Vagus Nerve Stimulators
- Other VNS Applications
- Other Electrical Stimulators
- Implantable Electroceutical Devices
- Noninvasive Electroceutical Devices
By End User
- Hospitals, Clinics, and ASCs
- Other End Users
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The purpose of Nova one advisor’s Electroceuticals/Bioelectric Medicine market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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