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(Health-NewsWire.Net, August 26, 2022 ) Overview of This Study:
This study involved four major activities in estimating the current size of the Electroceuticals Market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate segments and subsegments' market size.
Recent Developments:
# In March 2021, Medtronic plc (Ireland) received US FDA approval for its Intellis Platform with Differential Target Multiplexed (DTM) programming to treat chronic intractable back and leg pain.
# In January 2021, Boston Scientific Corporation (US) received US FDA approval for its Vercise Genus Deep Brain Stimulation System.
# In January 2020, Medtronic plc (Ireland) acquired Stimgenics, LLC (US), a pioneer of DTM, a novel spinal cord stimulation therapy.
Major Growth Driving Factors:
Growth in the electroceuticals market is mainly driven by factors such as the rising geriatric population and subsequent growth in the prevalence of neurological & cardiovascular disorders, rising government support & funding for neurological disorders, and the increasing investments and funding for research on CRM devices. However, the high cost of electroceutical devices and the requirement of high capital investments are the major factors hampering the growth of this market.
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Leading Companies:
The major players in this market are Medtronic plc (Ireland), Boston Scientific Corporation (US), Abbott Laboratories, Inc. (US), LivaNova PLC (UK), Cochlear Ltd. (Australia), MicroPort Scientific Corporation (China), Sonova Group (Switzerland), Nevro Corp. (US), Axonics Modulation Technologies, Inc. (US), Neuronetics, Inc. (US), Second Sight Medical Products, Inc. (US), NeuroPace, Inc. (US), BIOTRONIK (Germany), Medico S.p.A. (Italy), Nurotron Biotechnology Co. Ltd. (US), MED-EL (Austria), Aleva Neurotherapeutics SA (Switzerland), NeuroSigma, Inc. (US), BioWave Corporation (US), Soterix Medical Inc. (US), Bioinduction Ltd. (UK), GiMer Medical (Taiwan), Cefaly (Belgium), BioControl Medical (Israel), and tVNS Technologies GmbH (Germany).
In 2020, Medtronic plc held the leading position in the electroceuticals market. The company has maintained a leading position in the market through its strong distribution networks across North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The company adopts organic growth strategies to increase its dominance in this market.
For instance, in August 2020, the company launched its InterStim Micro Neurostimulator in the US. Additionally, in January 2020, the company received CE approval for its InterStim Micro Neurostimulator in Europe. Such developments have helped the company significantly expand its product line and enhance its visibility in the electroceuticals/bioelectric medicine market. The company intends to partner with new businesses to complement its existing business segments. Such developments will enable Medtronic plc to add innovative technologies and products to its portfolio, which, in turn, will strengthen its presence in the electroceuticals/bioelectric medicine market.
Boston Scientific Corporation’s leading position in this market can be attributed to its strong sales and distribution network across the globe, which enables it to effectively market its products in various countries. To sustain its leading position in the market, the company pursues inorganic growth strategies. For instance, in May 2019, the company acquired Vertiflex, Inc. (US). This acquisition was focused on expanding the breadth of Boston Scientific’s pain management product portfolio. Such developments have helped the company enhance its visibility in the market.
In 2020, Abbott Laboratories, Inc. accounted for the second-largest share of the electroceuticals market. The company’s leading position in this market can be attributed to its strong sales and distribution network globally, enabling it to market its products in various countries effectively. In addition, Abbott Laboratories, Inc. invests a significant amount of its revenue on R&D. This enables the company to develop and launch new products in the market. In January 2020, the company received approval from the US FDA for a new expanded indication for its Infinity Deep Brain Stimulation (DBS) system to treat Parkinson’s disease. Additionally, in September 2019, the company received US FDA approval for its Proclaim XR Recharge-free neurostimulation system. Such developments have strengthened the company’s position in the electroceuticals market.
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In 2020, hospitals, clinics, and ASCs segment accounted for the largest share in the market, by end user”
The electroceuticals market has been segmented into hospitals, clinics, and ambulatory surgical centers (ASCs); and other end users based on end user. In 2020, the hospitals, clinics, and ASCs segment accounted for the largest share of the electroceuticals market. The increasing adoption of electroceutical devices to serve a large patient pool is driving the growth of this segment.
North America is the largest regional market for electroceuticals
The global electroceuticals market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the global electroceuticals market. The North American electroceuticals market's growth can be attributed to the highly developed healthcare system in the US and Canada, increasing healthcare spending, and the increasing prevalence of cardiovascular & neurological disorders.
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Mr. Aashish Mehra
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