PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536690
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536690
The electroconvulsive Therapy Market size was valued at USD 17.5 million in 2023, expanding at a CAGR of 2.8% from 2024 to 2032.
Electroconvulsive Therapy (ECT) is a medical treatment that involves sending small electric currents through the brain to trigger a brief seizure. This treatment is primarily used to treat severe mental health conditions that haven't responded to other treatments. Rising incidences of severe depression, bipolar disorder, schizophrenia, and other mental health conditions drive the demand for ECT as an effective treatment option. Innovations such as more precise and safer ECT devices and improved anesthesia techniques enhance the overall treatment experience and outcomes, encouraging wider acceptance. Government initiatives and funding for mental health treatments, including ECT, provide a favorable environment for market expansion. Potential side effects such as memory loss, confusion, and physical discomfort can deter patients and healthcare providers from opting for ECT. However, the availability of alternative treatments, such as pharmacotherapy and newer therapies like Transcranial Magnetic Stimulation (TMS), can reduce the preference for ECT.
Electroconvulsive Therapy Market- Market Dynamics
Increasing Prevalence of Mental Health Disorders
The prevalence of mental health disorders such as depression, anxiety, bipolar disorder, and schizophrenia has been rising globally. The rise in mental health disorders necessitates a broad range of effective treatments. ECT remains a valuable option for certain severe and treatment-resistant conditions. ECT is highly effective for certain conditions, particularly severe depression. Studies show that about 70-90% of patients with severe depression improve significantly after ECT. According to the World Health Organization (WHO), 970 million individuals worldwide, or 1 in every 8 persons, suffered from a mental illness in 2019 (1). Anxiety and depressive disorders were the most prevalent types of mental illness. Due in large part to the COVID-19 epidemic, the number of individuals suffering from anxiety and depression illnesses increased dramatically in 2020. According to preliminary estimates, anxiety and major depressive disorders have increased by 26% and 28%, respectively, in just a single year. Addressing stigma, improving access, and ensuring informed consent are critical to maximizing the benefits of ECT in managing mental health disorders.
Electroconvulsive Therapy Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 2.8% over the forecast period (2024-2032)
Based on product type segmentation, Devices were predicted to show maximum market share in the year 2023
Based on application segmentation, Depression was the leading type in 2023
Based on age group segmentation, Adults were the leading type in 2023
Based on end-user segmentation, Hospitals were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Electroconvulsive Therapy Market is segmented based on Product Type, Application, Method of Administration, Age Group, End User, and Region.
The market is divided into two categories based on product type: Devices and Accessories. During a bilateral electroconvulsive therapy operation, an electric current is passed through both sides of the brain via two electrodes put on the head. Bilateral seizures result from this. Usually lasting 25 seconds or longer, these seizures can continue for up to a minute. The process is dependent on several variables, including age, health, seizure threshold, etc.
The market is divided into four categories based on application: Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Mental Health Centers. ECT is now known to be an effective treatment for a variety of mental health issues, such as severe depression and bipolar disorder. This increased awareness may lead to an increase in the number of referrals and uses of ECT treatments inside hospitals. Technological developments in anesthesia, electrode insertion techniques, and monitoring systems have also made the ECT process safer and more tolerable for patients. The demand for ECT treatments may increase in hospitals that make these technological advances.
Electroconvulsive Therapy Market- Geographical Insights
The development of new technology, attractive payment policies, the escalation of mental health conditions, and our increasing understanding of the benefits of electroconvulsive therapy are driving the market for this treatment in North America. One of the main reasons driving advancement in this discipline is the rising incidence of mental illnesses. According to the cost ratio, one in five Americans suffers from a mental disorder. a study conducted by the National Alliance on Mental Illness indicates. The placement of unilateral electrodes, the advancement of short pulse therapy devices, and the therapy's greater acceptability have all contributed to its growing popularity and efficacy. An estimated 57.8 million persons in the US who were 18 years of age or older had an AMI in 2021. This figure accounted for 22.8% of all adult Americans.
Major players in the electroconvulsive therapy market include Magstim Company Limited, Mecta Corporation, Somatics, LLC, Ectron Limited, Nihon Kohden Corporation, etc. The continuous innovation in device technology, including improved safety features, more precise stimulation, and enhanced patient monitoring systems, is driving competition. Compliance with stringent regulatory standards and obtaining necessary approvals (e.g., FDA, CE) is crucial, creating a barrier to entry for new players. The ongoing clinical trials and research studies enhance the credibility and adoption of ECT devices. Companies investing in clinical research have a competitive edge. Overall, the ECT market is characterized by a few dominant players with strong technological and distribution capabilities, alongside emerging companies bringing innovative approaches to the market.
In Feb 2024, One of the biggest mental hospitals in Asia, Central Institute of Psychiatry (CIP) in Ranchi, has 643 beds and uses electroconvulsive therapy despite the Mental Health Care Act (MHCA) 2017 specifically forbidding its use without anesthesia and a muscle relaxant.
In March 2024, The MxN-GO EEG device, which combines high-definition transcranial electrical stimulation (HD-tE) with EEG capabilities, was recently launched by Soterix Medical. The purpose of this technology is to support research applications that call for activity recording in mobile, natural environments in addition to electrical brain stimulation.
GLOBAL ELECTROCONVULSIVE THERAPY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Mecta Corporation
Somatics, LLC
Ectron Limited
Nihon Kohden Corporation
Koninklijke Philips N.V.
LivaNova PLC
Magstim Company Limited
Others