Electroceuticals Market to Surpass 27.37 Billion by 2030 Drives Due to Increasing Prevalence of Cardiovascular Diseases
SkyQuest projects that the electroceuticals market will attain a value of USD 27.37 billion by 2030, with a CAGR of 5.02% over the forecast period (2023-2030). The global electroceuticals market is experiencing significant growth, primarily driven by the increasing prevalence of cardiovascular diseases. Cardiovascular diseases are recognized as a leading cause of mortality worldwide, posing a significant health burden. According to the World Health Organization, these diseases are responsible for more than 17.3 million deaths annually.
Westford, USA, Aug. 21, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the geriatric population faces a higher risk of developing neurologic or cardiovascular disorders due to their advanced age. This vulnerability to such disorders makes the geriatric segment a crucial part of the overall patient pool in the healthcare industry. As the geriatric population grows, there will be an ongoing and increasing demand for electroceutical devices in the electroceuticals market.
Browse in-depth TOC on the “Electroceuticals Market”
- Pages – 157
- Tables – 93
- Figures – 75
Electroceuticals is a well-established term encompassing a range of therapeutic approaches involving electrical impulses to modulate and influence bodily functions. It refers to clinically relevant devices that utilize electrical stimulation to bring about changes in the body, offering an alternative to traditional medication-based treatments in the electroceuticals market.
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Prominent Players in Electroceuticals Market
- Medtronic plc
- Boston Scientific Corporation
- Abbott Laboratories, Inc.
- LivaNova PLC
- Cochlear Ltd.
- MicroPort Scientific Corporation
- Sonova Group
- Nevro Corp.
- NeuroPace, Inc.
- Medico S.p.A.
- Nurotron Biotechnology Co. Ltd.
- MED-EL
- Aleva Neurotherapeutics SA
- NeuroSigma, Inc.
- Bioinduction Ltd.
- GiMer Medical
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Defibrillators and Pacemakers Segment is Expected to Dominate the Market Due to the High Prevalence of Sudden Cardiac Arrest
Defibrillators and pacemakers segment emerged as the leading segment, holding a significant market share in the electroceuticals market. This dominance can be attributed to the high prevalence of sudden cardiac arrest (SCA), which often leads to life-threatening arrhythmias and cardiac arrest. SCA is a significant cause of mortality worldwide. In the United States alone, the Centers for Disease Control and Prevention (CDC) reports that more than 350,000 people experience cardiac arrest outside the hospital.
The market in the North America is expected to dominate the global electroceuticals market, holding a significant share of over 32%. This can be attributed to several factors, including many key players in the region and government and non-government organizations’ support and emphasis on electroceuticals.
Implantable Electroceutical Devices Segment is Expected to Grow the Market Due to a Rise in the Incidence of Neurological Disorders
Implantable electroceutical devices segment has emerged as the dominant player in the electroceuticals market, accounting for the largest share. This can be attributed to several factors contributing to its growth. Firstly, there has been a significant rise in the incidence of neurological and cardiovascular disorders, creating a higher demand for effective treatment options.
Regional markets in the Asia Pacific are poised to witness significant growth in the electroceuticals market over the forecast period. This growth can be attributed to several factors, including the increasing investments made by healthcare government organizations in the region. The rising prevalence of chronic diseases such as cardiovascular diseases, Alzheimer’s disease, and Parkinson’s disease, along with a growing geriatric population, are key drivers of market growth in the region.
A comprehensive analysis of the major players in the electroceuticals market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Electroceuticals Market
- Abbott, a prominent medical device company, recently introduced a dual-chamber leadless pacemaker system. This launch was part of Abbott’s AVEIR DR i2i pivotal clinical study, reflecting the company’s commitment to advancing cardiac healthcare solutions. The dual-chamber leadless pacemaker system offers innovative technology to improve patient outcomes and treat cardiac conditions.
- Cochlear Limited, a leading player in implantable hearing solutions, achieved a significant milestone with the US Food and Drug Administration (FDA) approval for its cochlear nucleus implants in 2022. These implants are specifically designed to treat unilateral hearing loss (UHL) and single-sided deafness (SSD).
Key Questions Answered in Electroceuticals Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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