Electroceuticals Market Overview 2024-2033: Share, Size, Insights, Forecast

Overview and Scope

Electroceuticals refers to a medical science and technology field involving using electrical stimulation to modulate and interact with the body’s neural circuits and bioelectrical systems for therapeutic purposes. It combines electronics, biology, and medical elements to develop devices and therapies targeting specific nerves, tissues, or organs to treat various medical conditions.

Sizing and Forecast

The electroceuticals market size has grown strongly in recent years. It will grow from $21.81 billion in 2023 to $23.38 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to rise in chronic diseases, investment in research and development, aging population, advancements in nanotechnology, improved understanding of neural pathways.

The electroceuticals market size is expected to see strong growth in the next few years. It will grow to $30.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to advancements in bioelectronics, precision medicine development, growth in non-invasive therapies, focus on chronic pain management, rising neurological disorders. Major trends in the forecast period include implantable bioelectronic devices, wireless and remote-controlled devices, personalized electroceutical therapies, advancements in neural modulation techniques, bioelectronic devices for metabolic disorders.

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Segmentation & Regional Insights

The electroceuticals market covered in this report is segmented –

1) By Type: Implantable Electroceutical Devices, Non-Invasive Electroceutical Devices

2) By Product: Implantable Cardioverter Defibrillators, Cardiac Pacemakers, Cochlear Implants, Spinal Cord Stimulators, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, Other Products

3) By Application: Arrhythmia, Depression, Parkinson’s Disease, Tremor, Epilepsy, Sensorineural Hearing Loss, Other Applications

4) By End-User: Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, Other End Users

North America was the largest region in the electroceuticals market in 2023. The regions covered in the electroceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The high prevalence of chronic diseases is expected to propel the growth of the electroceuticals market going forward. Chronic disease refers to a health condition or illness that is persistent or long-lasting in its effects, usually lasting for three months or longer, and may get worse over time. Electroceuticals provide effective disease management and symptom relief and offer personalized, minimally invasive neuromodulation and functional restoration approaches, providing long-term solutions and potential uses in addressing treatment resistance. For instance, in January 2023, according to the National Library of Medicine, a US-based agency, the number of people in the US aged 50 and older who have at least one chronic condition would increase by 99.5% to 142.66 million by 2050. Therefore, the high prevalence of chronic diseases drives the electroceuticals market.

Key Industry Players

Major companies operating in the electroceuticals market report are Abbott Laboratories Inc., Medtronic Public Limited Company, Boston Scientific Corporation, Sonova Holding AG, Biotronik SE & Co. KG, Cochlear Limited, LivaNova PLC, MicroPort Scientific Corporation Limited, MED-EL Elektromedizinische Geräte GmbH, Nevro Corporation, Axonics Modulation Technologies Inc., Oticon Medical, Neuronetics Inc., Nuvectra Corporation, NeuroPace Inc., Second Sight Medical Products Inc, Saluda Medical Pty. Ltd., Stimwave Technologies Incorporated, electroCore Inc., Synapse Biomedical Inc., Soterix Medical Inc., Retina Implant AG, MicroTransponder Inc., Vomaris Innovations Inc., SPR Therapeutics Inc., NeuroSigma Inc., Nexeon MedSystems Inc., BioElectronics Corporation, Setpoint Medical Corporation, Endonovo Therapeutics Inc.

The electroceuticals market report table of contents includes: