USD 16.80 Billion
Report ID: SQSG35A2009 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 93 | Figures: 75
The Global Electroceuticals Market was valued at USD 16.80 Billion in 2021, and it is expected to reach a value of USD 23.64 Billion by 2028, at a CAGR of 5.0% over the forecast period (2022 - 2028).
The past several years have seen a rapid acceleration in medical technology, which has changed therapies and medicine. As a result, the market for electroceuticals has grown significantly. Over the course of the forecast period, rapid developments in the healthcare sector and the spread of technology in medical applications are anticipated to drive the market for electroceuticals.
Over the next four years, it is anticipated that rising R&D spending, an ageing population, a high prevalence of chronic diseases, swift medical technology advancements, and rising awareness and acceptance of alternative medicine will all have a favourable impact on market growth. The demand for non-invasive electroceutical devices is anticipated to outpace that of implantable electroceutical devices due to the growing acceptance of less invasive techniques. But during the projection period, strict regulatory requirements, frequent product recalls, lengthy approval processes, and high costs are anticipated to be the main challenges that could limit the potential of the electroceuticals market.
Cardiovascular illnesses are becoming more common around the world, and this is anticipated to boost the growth of the electroceuticals market over the course of the projected period. The use of electroceuticals in the treatment of various cardiovascular illnesses is expected to increase during the coming years. Through the projection period, implantable cardioverter defibrillators are anticipated to experience strong demand.
The rise of infectious and chronic diseases worldwide during the past few decades has increased the focus on healthcare. The need for additional research and development in the healthcare sector has consequently increased, as has the desire for innovative therapies. Governments are starting initiatives and providing financing to boost research and development, which is anticipated to improve the market potential for electroceuticals during the following four years.
Global Market Size
USD 16.80 Billion
Hospitals & Clinics
Hospitals & Clinics
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Global Electroceuticals Market is segmented based on Product, End-User, type and region. Based on the product, the Global Electroceuticals Market is segmented into Defibrillators and Pacemaker, Deep Brain Stimulators, Spinal Cord Stimulators, Vagus Nerve Stimulators, Hearing Aids and Cochlear Implants, and Others. Based on the end-user, the Global Electroceuticals Market is segmented into Hospitals & Clinics and Homecare & Others. By type, it is segmented into Implantable Electroceutical, Non-Invasive Electroceutical. Based on the region, the Global Electroceuticals Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product
The Global Electroceuticals Market is categorized as Defibrillators and Pacemaker, Deep Brain Stimulators, Spinal Cord Stimulators, Vagus Nerve Stimulators, Hearing Aids and Cochlear Implants, and Others. In 2021, the defibrillators and pacemakers segment held the most dominating share of the Global Electroceuticals market. The segmental growth of the market is attributed to the high prevalence of sudden cardiac arrest (SCA) which results in high arrhythmia as well as mortality due to cardiac arrest. As per the US Centers for Disease Control and Prevention, more than 350,000 people experience cardiac arrest out-of-hospital in the US alone. Electroceuticals are used in different applications to prevent and cure cardiac arrest. Cardiac pacemakers and implantable cardioverter defibrillators (ICDs) are used for arrhythmia.
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Based on the region, the Global Electroceuticals Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA. In 2021, the North American region is projected to hold the most substantial share of more than 32.0% in the global market. The presence of a significant number of players and government as well as non-government organizations emphasizing the electroceuticals is the prominent factor that contributes to the growth of the Electroceuticals Industry in the region. Increased healthcare spending is another factor that contributes to the growth of the regional Electroceuticals market. In the region, the US has the highest healthcare spending.
Over the projected period, the market for Electroceuticals in the Asia Pacific is also expected to grow at a significant rate. This is attributed to the growing number of investments by various healthcare government organizations in the region. Factors such as increasing the prevalence of chronic diseases such as cardiovascular diseases, Alzheimer’s disease, and Parkinson’s disease coupled with the rising geriatric population are considered the key factors that contribute to the regional growth of the Electroceuticals market in the upcoming years.
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The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the Global Electroceuticals Market is segmented based on Product and End-User. Based on the product, the Global Electroceuticals Market is segmented into Defibrillators and Pacemaker, Deep Brain Stimulators, Spinal Cord Stimulators, Vagus Nerve Stimulators, Hearing Aids and Cochlear Implants, and Others. Among these, the Defibrillators and Pacemaker segment is anticipated to hold the most substantial share in the market. Based on the end-user, the Global Electroceuticals Market is segmented into Hospitals & Clinics and Homecare & Others. The Hospitals & Clinics segment is anticipated to hold the most substantial share in the market.
|Market size value in 2021||USD 16.80 Billion|
|Market size value in 2028||USD 23.64 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Electroceuticals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electroceuticals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG35A2009