Electroceuticals/Bioelectric Medicine Market by Product (Pacemaker, ICD, Cochlear Implant, Deep Brain, Spinal Cord, Vagus, Sacral Nerve Stimulators), Application (Ischemia, Epilepsy), Type (Implantable, Noninvasive), End User - Global Forecast to 2026

Electroceuticals/Bioelectric Medicine Market by Product (Pacemaker, ICD, Cochlear Implant, Deep Brain, Spinal Cord, Vagus, Sacral Nerve Stimulators), Application (Ischemia, Epilepsy), Type (Implantable, Noninvasive), End User - Global Forecast to 2026

The global electroceuticals/bioelectric medicine market is projected to reach USD 21.5 billion by 2026 from USD 16.8 billion in 2021, at a CAGR of 5.0% during the forecast period. Market growth is driven by factors such as the increasing investments and funding for research on CRM devices, rising government support & funding for neurological disorders, and the rising geriatric population and subsequent growth in the prevalence of neurological & cardiovascular disorders. On the other hand, the high cost of electroceutical devices and the requirement of high capital investments are the major factors hampering the growth of this market.

“The cochlear implantssegment accounted for the highest growth rate in theelectroceuticalsmarket, by product, during the forecast period”

Theelectroceuticals market is segmented into cardiac pacemakers & implantable cardioverter defibrillators, spinal cord stimulators, cochlear implants, deep brain stimulators, transcutaneous electrical nerve stimulators, vagus nerve stimulators, sacral nerve stimulators & gastric electrical stimulators, and other electrical stimulators based on product. In 2020, the cochlear implants segment accounted for the highest growth rate in the electroceuticals market.The increasing prevalence of hearing lossis a major factor contributing to the growth of this segment.

“Hospitals, clinics, and ASCs segment accounted for the highest CAGR”

Based on end users, the electroceuticals market is segmented into hospitals, clinics, and ASCs; and other end users. In 2020, the hospitals, clinics, and ASCs segment accounted for the highest growth rate. This can be attributed to theincreasing adoption of electroceutical devices to serve a large patient pool.

“Asia Pacific: The fastest-growing regionelectroceuticals market”

The global electroceuticals market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is projected to register the highest CAGR during the forecast period.Factors such as the rising healthcare spending, increasing pharmaceutical research funding, increasing government efforts to increase awareness about early disease detection, expansion of private-sector hospitals to rural areas in various APAC countries, and the presence of high-growth markets in the region are driving the growth of the electroceuticals market in this region.

The primary interviews conducted for this report can be categorized as follows:
By Company Type: Tier 1 - 40%, Tier 2 - 30%,and Tier 3 -30%
By Designation: C-level - 27%, D-level - 18%, and Others - 55%
By Region: North America -51%, Europe - 21%, Asia Pacific - 18%, Latin America – 6%, and the Middle East & Africa – 4%

Lists of Companies Profiled in the Report:
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)
AlevaNeurotherapeutics SA (Switzerland)
NeuroSigma, Inc. (US)
BioWave Corporation (US)
Soterix Medical Inc. (US)
Bioinduction Ltd. (UK)
GiMer Medical (Taiwan)
Cefaly (Belgium)
BioControl Medical (Israel)
tVNS Technologies GmbH (Germany)

Research Coverage:

This report provides a detailed picture of the global electroceuticalsmarket. It aims at estimating the size and future growth potential of the market across different segments, such as product, type, end user,and region. The report also includes an in-depth competitive analysis ofthe key market players, along with their company profiles, recent developments, and key market strategies.

Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall electroceuticals market and its subsegments.It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.