The electroceuticals market is expected to grow at a CAGR of 7.9% during the forecast period to reach USD 25.20 Billion by 2021 from an estimated USD 17.20 Billion in 2016. Electroceuticals encompass medical devices that use electrical impulses to modulate the body's neural circuits as an alternative to drug-based intervention.
Electroceuticals are also known as bioelectronic medicine, which combine molecular medicine, bioengineering, and neuroscience to discover and develop nerve stimulating and sensing technologies to regulate biological processes and treat diseases. The market growth can be attributed to rising geriatric population, regulatory approval for new and advanced electroceuticals, growing investments and funds for the development of novel therapies and electroceuticals, rising prevalence of neurological disorders, and growing prevalence of hearing loss.
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Top-down and bottom-up approaches were used to validate the size of the global electroceuticals market and estimate the size of various other dependent submarkets. Individual bottom-up approach was followed for Implantable Cardioverter Defibrillators and Cardiac Pacemakers Market, Cochlear Implants Market, Retinal Implants Market, and Neuromodulation Devices Market to arrive at the Global Electroceuticals/ Bioelectric Medicine Market Size.
Various secondary sources such as directories, industry journals, databases such as Hoover’s, Bloomberg Business, Factiva, and Avention, and annual reports of the companies have been used to identify and collect information useful for the study of this market. Primary sources such as experts from both supply and demand sides have been interviewed to obtain and validate information as well as to assess dynamics of this market.
# Electroceuticals/Bioelectric Medicine Device Manufacturing Companies
# Suppliers and Distributors of Electroceutical/Bioelectric Medicine Devices
# Healthcare Service Providers
# Teaching Hospitals and Academic Medical Centers (AMCs)
# Health Insurance Players
# Research and Consulting Firm
# Medical Research Institutes
# Audiology Centers
On the basis of end user, the electroceuticals/bioelectric medicine market is segmented into hospitals, research institutes, and individual users. The hospitals segment is expected to account for the largest share of the market in 2016; while, the individual users segment is projected to grow at the highest CAGR in the forecast period.
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Geographical Growth Scenario:
Geographically, the global electroceuticals/bioelectric medicine market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (Latin America, Middle East, and Africa). North America is expected to account for the largest share of the electroceuticals/bioelectric medicine market in 2016, followed by Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific market is projected to grow at the highest CAGR, and serves as a revenue pocket for companies offering electroceuticals/bioelectric medicine devices.
Prominent players in the global electroceuticals/bioelectric medicine market include Medtronic plc (Ireland), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), Cochlear Limited (Australia), Sonova Holding AG (Switzerland), LivaNova PLC (U.K.), Biotronik (Germany), Nevro Corporation (U.S.), Second Sight Medical Products, Inc. (U.S.), and ElectroCore LLC (U.S.).
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