PUBLISHER: Allied Market Research | PRODUCT CODE: 1472298
PUBLISHER: Allied Market Research | PRODUCT CODE: 1472298
The global electroceuticals market was valued at $ 19.8 billion in 2022 and is estimated to reach $40.5 billion by 2032, exhibiting a CAGR of 7.4% from 2023 to 2032. Electroceuticals are medical devices that utilize electrical impulses to modulate the body's neural circuits, tissues, or organs for therapeutic purposes. They offer a non-pharmacological approach for treating various conditions such as chronic pain, neurological disorders, and cardiovascular diseases. By leveraging the body's own electrical signaling pathways, electroceuticals aim to restore normal physiological function and alleviate symptoms. These devices can range from implanted neurostimulators and neuromodulators to external devices such as transcutaneous electrical nerve stimulation (TENS) units and wearable electroceutical patches. Electroceuticals represent an innovative and rapidly advancing field, offering promising solutions for improving patient outcomes and quality of life.
The growth of the electroceuticals market is majorly driven by increase in geriatric population. This is attributed to the fact that elderly individuals are susceptible to age-related health conditions such as neurological disorders, chronic pain, and cardiovascular issues, which are often treated using electroceutical devices. As per the U.S. Census Bureau 2022, more than 56 million adults aged 65 and above live in the U.S., accounting for almost 16.9% of the nation's population; thus, rise in geriatric population is anticipated to fuel the growth of the market. In addition, the aging demographic seeks alternative treatments to minimize medication dependency and improve quality of life, leading to greater acceptance of electroceuticals. Moreover, advancements in healthcare technology and the growing understanding of the body's electrical systems have paved the way for innovative electroceutical solutions tailored to the needs of older adults. As a result, the expanding elderly population presents a significant market opportunity for electroceutical manufacturers and developers, driving investment, research, and development in this sector.
Furthermore, electroceutical devices have seen notable technological advancements, resulting in smaller, more flexible, and efficient products. Advancements include compatibility with MRI scans, eliminating the inconvenience of device removal during imaging procedures. Moreover, the introduction of rechargeable batteries and wireless capabilities enhances patient comfort and convenience. These innovations address key concerns such as patient mobility and ease of use, driving the demand among both patients and physicians. As a result, the electroceuticals market is expected to experience significant growth as these advancements make these devices more accessible, user-friendly, and capable of delivering effective treatments for various medical conditions, ultimately improving patient outcomes and quality of life.
The global electroceuticals market is segmented into product, device type, application, end user, and region. On the basis of product, the market is categorized into cardiac pacemakers & implantable cardioverter defibrillators, cochlear implants, spinal cord stimulators, deep brain stimulators, vagus nerve stimulators, sacral nerve stimulators, and others. Depending on device type, it is bifurcated into implantable devices and non-invasive devices. On the basis of application, it is classified into arrhythmia, sensorineural hearing loss, epilepsy, parkinson's disease, and others. By end user, it is segregated into hospitals, ambulatory surgical centers, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and Latin America (Brazil, Colombia, Argentina, and rest of Latin America), and Middle East & Africa (GCC, South Africa, North Africa, and rest of Middle East & Africa).
The key players that operate in the electroceuticals market are Medtronic, Abbott Laboratorie, Boston Scientific Corporation; Cochlear Ltd., LivaNova PLC, Biotronik SE & Co. KG, ElectroCore, Inc., Sonova, Nevro Corp., and Stimwave LLC. The key players have adopted product launch, product development, and product approval as the key strategies to strengthen their foothold in the competitive market
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