The phrase “electroceuticals” is a new title for an old treatment technique that encompasses all bioelectric therapy. It includes brain implants such as cochlear implants, retinal implants or spinal cord stimulators, cardiac pacemakers, and implanted defibrillators, as well as any sort of electrical stimulation that influences and modifies physiological functions Electroceuticals have broadened their applications throughout time to encompass deep brain stimulation and electrical stimulation of the vagus nerve. Electroceuticals, also known as bioelectronics, are small electronic implants that can treat a variety of chronic conditions, including chronic pain, heart disease, ophthalmic disease, neurological disease, hearing abnormalities, and gastrointestinal disease.
Because all main organs of the body are connected to the nerves, the brain can monitor and regulate the functions of the organs, bioelectric medicine is a novel way to diagnosing and treating injuries and diseases. The use of a device to modulate and read the electrical activity inside the neurological systems of the body is referred to as bioelectric medicine. Nerve blocking or stimulating devices that are held against the skin or implanted on a nerve have the ability to regulate precise nerve activity, create targeted adjustments in organ function, and restore health without the use of pharmaceuticals. Bioelectric medical technology can be used to record, block, and stimulate neural signals, potentially changing how diseases and injuries are treated. Cancer, paralysis, rheumatoid arthritis, and diabetes are among the illnesses for which biogenetic medicine is employed.
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The global electroceutical devices market size was valued at US$ 16,141.8 Mn in 2017, and is expected to witness a CAGR of 6.8% over the forecast period (2018 – 2026).
Increasing Engagement of Key Players to Accelerate Drug Discovery and Development Process is expected to Aid Market Growth
Collaborations, technological developments, and discoveries in the field of bioelectric medicines, such as non-invasive devices, are all driving the bioelectric medicine market forward. For example, in October 2016, the U.S. National Institutes of Health (NIH) announced US$ 20 million funding for the treatment of disease with electrical stimulation, which aims to improve maps of the peripheral nervous system—the body’s electrical wiring—and generate sophisticated systems that can hack into its codes. Moreover, the funding is part of a US$ 248 million, seven-year program, which the NIH Common Fund announced in 2014.
In addition, in 2016, GlaxoSmithKline Plc. (GSK) combined with Alphabet, the parent company of Google, to form Galvani Bioelectronics, a new bioelectric company that will benefit over 2 billion individuals suffering from chronic ailments. Galvani Bioelectronics was developed with a $615 million investment from GSK.
High Prevalence of Chronic Diseases among Global Population is Propelling Demand for Electroceutical Devices
Other reasons driving the bioelectric medicine market are an increase in geriatric diseases such cardiac arrhythmias, Parkinson’s disease, Alzheimer’s disease, epilepsy, and depression, as well as an increase in chronic diseases like neurological and cardiac disorders. For example, according to a study conducted by Journal of Family Medicine and Primary Care in 2017, four major chronic diseases including cancer, cardiovascular disease, diabetes, and chronic respiratory diseases were the major cause for 82% deaths in India. According to a study conducted by World Health Organization (WHO), in 2017, non-communicable diseases are expected to contribute to death of 52 million people by 2030 globally.
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Ion channel and neurotransmitter modulators can operate as electroceutical techniques to control cancer, according to research published in the Current Pharmaceutical Design Journal in 2017.Additionally, in March 2014, Cancer-Code Corporation (C3) announced issuance of patent which entitles: Method and System for Processing Cancer Cell Electrical Signals for Medical Therapy, which covers an innovative approach to eradicate cancer in humans and animals. Furthermore, the worldwide electroceutical devices market is predicted to rise due to the growing prevalence of cancer and rising awareness about early identification and treatment of cancer. For example, in 2012, according to American Cancer Society data findings, North America accounted for high incidence rate of cancer in children as compared to any other region worldwide. Moreover, according to the same source, in 2012, North America accounted for 13.1% of total estimated cases of cancer worldwide.
Furthermore, the market is predicted to develop as the global incidence of diabetes mellitus rises. According to the World Health Organization (WHO), diabetes affects an estimated 422 million persons worldwide in 2016. The increasing prevalence of obesity is primarily to blame for the large increase in type 2 diabetes incidence over the recent decade (2006-2016).Furthermore, electrical stimulation and electroceutical treatment efficiently restores injuries, speeding up normal healing and minimising chronic inflammation, biofilms, infection, and associated symptoms including pain and excessive exudate. Electroceutical therapy for wound management employs a modest, targeted electrical current to induce a physiological shift that compensates for the wound’s impeded biological functions, allowing the wound to heal. AccelHeal is a compact disposable class IIa portable medical device offered by Synapse electroceutical Ltd., a medical technology business based in the United Kingdom. Accel-Heal uses electroceutical energy to aid leg ulcer healing using the unique Synapse Sequence programmed technology.
Moreover, high prevalence of wound and ulcers among the global population is expected to augment growth of the electroceutical devices market. For instance, according to National Pressure Ulcer Advisory Panel, 2017 data findings, 2.5 million patients develop pressure ulcer annually, in U.S. Furthermore, pressure ulcer shows national incidence rate of 2.5% in hospitals.
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Key players operating in 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.
Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Overview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet By Product Type
- Market Snippet By Modality
- Market Snippet By Application
- Market Snippet By End User
- Market Snippet By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Regulatory Scenario
- Market Trends
- Epidemiology
- Merger and Acquisitions
- New Product Type Approvals/Launch
- PEST Analysis
- Porter’s Analysis
- Market Dynamics
- Global Electroceutical Devices Market, By Product Type, 2016 – 2026 (US$ Million)
- Introduction
- Market Share Analysis, 2018 and 2026 (%)
- Y-O-Y Growth Analysis, 2017 – 2026
- Segment Trends
- Cardiac Pacemakers
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Implantable Cardioverter Defibrillators
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Cardiac Resynchronization Therapy Devices
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Retinal Implants
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Cochlear Implants
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Spinal cord Stimulators
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Deep brain Stimulators
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Sacral Neuromodulators
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Others
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Introduction
- Global Electroceutical Devices Market, By Modality, 2016 – 2026 (US$ Million)
- Introduction
- Market Share Analysis, 2018 and 2026 (%)
- Y-O-Y Growth Analysis, 2017 – 2026
- Segment Trends
- Implantable Electroceutical Devices
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Non-Invasive Electroceutical Devices
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Introduction
- Global Electroceutical Devices Market, By Application, 2016 – 2026 (US$ Million)
- Introduction
- Market Share Analysis, 2018 and 2026 (%)
- Y-O-Y Growth Analysis, 2017 – 2026
- Segment Trends
- Chronic Pain
- Introduction
- Market Share Analysis, 2018 and 2026 (%)
- Y-O-Y Growth Analysis, 2017 – 2026
- Cardiovascular Diseases
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Ophthalmic Diseases
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Neurological Diseases
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Hearing Disorders
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Gastrointestinal Diseases
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Introduction
- Global Electroceutical Devices Market, By End User, 2016 – 2026 (US$ Million)
- Introduction
- Market Share Analysis, 2018 and 2026 (%)
- Y-O-Y Growth Analysis, 2017 – 2026
- Segment Trends
- Hospitals
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Ambulatory Surgical Centers
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Others
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2026, (US$ Million)
- Introduction
- Global Electroceutical Devices Market, By Region, 2016 – 2026 (US$ Million)
- Introduction
- Market Share Analysis, By Region, 2018 and 2026 (%)
- Y-O-Y Growth Analysis, For Regions, 2017 – 2026
- North America
- Market Size and Forecast, By Product Type, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Modality, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Application, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2026, (US$ Million)
- U.S.
- Canada
- Europe
- Market Size and Forecast, By Product Type, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Modality, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Application, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2026, (US$ Million)
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Market Size and Forecast, By Product Type, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Modality, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Application, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2026, (US$ Million)
- China
- Japan
- India
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast, By Product Type, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Modality, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Application, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2026, (US$ Million)
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Africa
- Market Size and Forecast, By Product Type, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Modality, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Application, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2026, (US$ Million)
- North Africa
- Central Africa
- South Africa
- Middle East
- Market Size and Forecast, By Product Type, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Modality, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Application, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2026 (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2026, (US$ Million)
- GCC Countries
- Israel
- Rest of Middle East
- Introduction
- Competitive Landscape
- Heat Map Analysis
- Company Profiles
- Analyst Views
- Section
-
- References
- Research Methodology
- About Us and Sales Contact
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