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Key players in the electroceuticals/bioelectric medicine market are Boston Scientific Corporation, Cochlear Limited, Medtronic plc, St. Jude Medical, Inc., Biotronik, Sonova Holding AG, LivaNova plc, ElectroCore LLC, Nevro Corporation, and Second Sight Medical Products, Inc. Other pharmaceutical companies such as GlaxoSmithKline plc have invested in the electroceuticals market, with increased focus on bringing new miniaturized electroceutical devices in the market.
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Electroceuticals are medical devices that affect changes in body functions by utilizing electrical impulses. Electroceuticals act as an alternative to drug-based remedies, and are expected to be the future gold standard of treatment of various diseases. Unlike other stimulators of the muscles or tissues, electroceuticals act on the basis of neurostimulation, which is the modulation of the nervous systems using electrical impulses. Current treatment options in several neurological disorders and other disease states depend upon drug-based medications, which are associated with considerable side effects and promises of delivery of results are not yet totally fulfilled. Electroceuticals have found applications in various diseases and disorders and are effective in treatment of these conditions in both invasive and non-invasive methods. These are considered a genuine replacement of drug-based medications in future.
The global electroceuticals/bioelectric medicine market is segmented based on product, device type, end-user, application, and region. In terms of product, the global electroceuticals/bioelectric medicine market is segmented into cardiac pacemakers, deep brain stimulators, implantable cardioverter defibrillators, cochlear implants, spinal cord stimulators, vagus nerve stimulators, and others. The implantable cardioverter defibrillators segment accounted for the largest share of the global electroceuticals/bioelectric medicine market. Based on end-user, the global electroceuticals/bioelectric medicine market is segmented into hospitals, clinics, home care settings, and others. In terms of device type, the global electroceuticals/bioelectric medicine market is segmented into non-invasive electroceuticals and implantable electroceuticals. The implantable electroceuticals segment is expected to account for the largest share of the market. However, the non-invasive electroceuticals segment is projected to expand at a higher CAGR during the forecast period. Based on application, the global electroceuticals/bioelectric medicine market is segmented into arrhythmias, epilepsy, Parkinson’s disease, spinal cord disorders, and other applications.
Increasing global geriatric population, rising cost pressures of drug based medicines, growing interest from major pharmaceutical players in the electroceuticals segment, and increasing incidence and prevalence of neurological disorders and chronic diseases across the world are some of the factors likely to boost the growth of the global electroceuticals market during the forecast period. Major players such as GlaxoSmithKline plc have made significant investments in the electroceuticals segment and other organizations such as the National Institutes of Health (NIH) in the U.S. have shown great interest in the field of electroceuticals. Increasing incidence of neurological disorders such as epilepsy, Parkinson’s diseases, and other chronic diseases are expected to augment the electroceuticals/bioelectric medicine market during the forecast period from 2016 to 2024.
In terms of region, the global electroceuticals/biomedicine market is segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to expand at the fastest CAGR during the forecast period due to higher prevalence of chronic diseases such as diabetes and hearing loss due to rapidly increasing geriatric population in China, Japan, and India, increasing incidence of neurological disorders, and rising adoption of neurostimulation techniques. North America dominated the global electroceuticals/bioelectric medicine market in 2015 owing to factors such as increasing adoption of neurostimulation techniques, new and technologically advanced products being introduced, rising awareness about electroceuticals/bioelectric medicine, and increasing neurological and chronic diseases.
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