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The Global Electroceutical Devices Market, by Product Type (Cardiac Pacemakers, Implantable Cardioverter Defibrillators, Cardiac Resynchronization Therapy Devices, Retinal Implants, Cochlear Implants, Spinal Cord Stimulators, Deep brain Stimulators, Sacral Neuromodulators, and Others), by Modality (Implantable Electroceutical Devices and Non-invasive Electroceutical Devices), by Application (Chronic Pain, Cardiovascular Diseases, Ophthalmic Diseases, Neurological Diseases, Hearing Disorders, and Gastrointestinal Diseases), and by End User (Hospitals, Ambulatory Surgical Centers, and Others), is estimated to be valued at US$ 17.1 billion in 2018, and is estimated to exhibit a CAGR of 6.8% over the forecast period (2018-2026).
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Electroceuticals are medical devices, which use electric currents to affect and modify body functions, and acts as an alternative to drug-based interventions. Moreover, in contrast to pacemakers and other conventional excitable-tissue stimulators, modern electroceutical devices employ sophisticated control strategies, in order to modulate physiological regulation. For instance, modulation of cardiac contractility as a therapy for heart failure, modulation of gastric contractility as a therapy for diabetes, and modulation of vagus nerve traffic as a therapy for epilepsy and inflammatory diseases.
Furthermore, market players are actively investing in research and development to develop more efficient and innovative electroceutical devices and also focuses on adopting organic and inorganic growth strategies, in order to strengthen their position in the global market. For instance, in November 2017, LivaNova PLC and MicroPort Scientific Corporation entered into a binding Letter of Intent (LOI) to sale LivaNova’s Cardiac Rhythm Management (CRM) business franchise to MicroPort for US$ 190 million. Moreover, the company’s CRM product portfolio include pacemakers, high-voltage defibrillators, and cardiac resynchronization therapy devices. The acquisition helped MicroPort to add these diverse cardiac rhythm management portfolio to their existing product portfolio. Similarly, in August 2014, Medtronic plc completed acquisition of Sapiens Steering Brain Stimulation (Sapiens SBS): a developer of Deep Brain Stimulation (DBS) technologies; for deal value of US$ 200 million. Moreover, acquisition of Sapiens SBS aided in strengthening Medtronic’s capabilities in modulation of brain function.
Browse 32 Market Data Tables and 36 Figures spread through 192 Pages and in-depth TOC on “Electroceutical Devices Market, by Product Type (Cardiac Pacemakers, Implantable Cardioverter Defibrillators, Cardiac Resynchronization Therapy Devices, Retinal Implants, Cochlear Implants, Spinal cord Stimulators, Deep brain Stimulators, Sacral Neuromodulators, and Others), by Modality (Implantable Electroceutical Devices and Non-invasive Electroceutical Devices), by Application (Chronic Pain, Cardiovascular Diseases, Ophthalmic Diseases, Neurological Diseases, Hearing Disorders, and Gastrointestinal Diseases), and by End User (Hospitals, Ambulatory Surgical Centers, and Others) – Global Forecast to 2026”
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Furthermore, key players are focusing on product launches and gaining regulatory product approvals for novel innovative electroceutical devices portfolio. For instance, in November 2017, Medtronic plc received the U.S. Food and Drug Administration (FDA) approval for their portfolio of Azure pacemakers with BlueSync technology that is available in both single and dual chamber cardiac pacemakers. Moreover, the company’s new Azure XT MRI and Azure S MRI pacemakers offer improved longevity, which is an estimated at 13.7 years (dual chamber). Similarly, in November 2017, Cochlear Limited, received the U.S.FDA approval for first remote feature to nucleus cochlear implant system thorough a telemedicine platform, which allow follow-up programming sessions. This approval is first in the artificial cochlear implant industry, benefiting various cochlear implant patients who are unable to access consistent follow-ups.
Additionally, manufacturers of implantable cardiac pacemakers are focusing on updating their product portfolio by adopting inorganic growth strategies to strengthen their position in the global market. For instance, Medtronic plc received U.S.FDA approval for the world’s smallest pacemaker, the Medtronic Micra Transcatheter Pacing System (TPS) in April 2016. The Micra TPS is based on miniaturized pacing technology, which is delivered through a catheter and implanted directly into the heart.
Key takeaways of the Electroceutical Devices Market:
- The global electroceutical devices market is expected to exhibit a CAGR of 6.8% over the forecast period (2018-2026), attributed to growing engagement of various market players to launch innovative electroceutical devices
- Among product type, implantable cardioverter defibrillators segment is expected to account for significant market share over the forecast period, attributed to its wide application in various heart disease conditions. For instance, according to the American Heart Association (AHA), implantable cardioverter defibrillator play major role in preventing cardiac arrest in high-risk patients of ventricular arrhythmias.
- Among modality, implantable electroceutical devices segment is expected to account for significant market share over the forecast period. Implantable electroceutical devices are being used for long period, and these devices offer continuous treatment within the patient’s body, and offers environment for easy treatment of patients.
- On the basis of application, electroceutical devices market is segmented into product such as cardiac pacemakers and implantable cardioverter defibrillators (used for Atrial Fibrillation, Coronary Artery Disease), cochlear implants (used for sensorineural hearing loss), retinal implants (used for retinal pigmentosa), spinal cord stimulators (used for chronic pain, failed back surgery, and ischemia), deep brain stimulators (used for Parkinson’s disease, tremors, depression, and others), and other electric stimulators (used for gastro paresis, obesity, depression, migraine headaches, and spinal cord injuries).
- Among end user, hospitals segment is expected to account for major market share over the forecast period, attributed to increasing number of electroceutical devices implant procedures in hospitals
- Key players operating in global electroceutical devices market include Medtronic plc, Abbott Laboratories, Cochlear Ltd. Sonova Holding AG, Advanced Bionics AG, Boston Scientific Corporation, electroCore, Inc., Biotronik, ReShape Lifesciences, Inc., and LivaNova, PLC., among others
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