Electroceuticals: Technologies and Global Markets
NEW YORK, Nov. 18, 2019 /PRNewswire/ --
Report Scope:
This report provides a comprehensive summary of electroceutical technologies and global markets, along with detailed profiles of key market players, a revenue product portfolio and recent activities.This report analyzes trends and dynamics, including drivers, limitations, challenges and opportunities.
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This report discusses strategies adopted by emerging market players, with recommendations for new market entrants.This research study discusses historical, current and potential market size.
This report will help market players and new entrants make informed decisions about the production and export of goods and services.Organizations, distributors and exporters should find the information about market development and trends useful.
This study segments the market on the basis of applications and end use. Geographic market analysis is provided for all major segments.
Report Includes:
- 29 data tables and 24 additional tables
- An overview of global markets and technologies for electroceuticals
- Analyses of global market trends, with data from 2018, estimates for 2019, and projections of compound annual growth rates (CAGRs) through 2024
- Discussion on why electroceuticals are considered as an alternative to drug-based remedies
- Identification of endogenous and exogenous factors that are impacting the global market growth
- Coverage of several diseases such as epilepsy, cardiovascular diseases, rheumatoid arthritis and diabetes and their treatment using electroceuticals
- Information on RecoveryRx medical device, which is used for the treatment of postoperative pain of opioid/NSAID therapy
- Comprehensive profiles of leading companies in the industry, including Abbott Laboratories Inc., Biotronik Inc., Cochlear Corp., GlaxoSmithKline Plc and Sonova AG
Summary
The global electroceuticals market is expected to reach REDACTED in 2024, compared to REDACTED in 2018, growing at a CAGR of REDACTED during the forecast period (2019-2024).Electroceuticals are medicaldevices that are used to restore health in patients.
Patients may hold these devices against the skin orthe devices may be implanted.Also known as bioelectric medicine, these devices offer an alternative todrug-based remedies.
Most of the time, this is not the first line of treatment.The devices are often usedonly when health cannot be restored with drugs.
Most electroceuticals do not cure conditions. However,these devices can reduce pain and bypass affected parts of the body.
Electroceuticals function through neurostimulation and modulation of the nervous systems through electrical impulses.Electroceutical devices are used in several ailments and disorders related to neurology and cardiology.
The devices areeffective in treating these conditions through invasive and non-invasive methods.
The global electroceuticals market is expected to grow significantly due to various factors: rising incidence and prevalence of chronic diseases, growing investment into the development of advanced electroceuticals and government backing. For instance, GSK PLC and Microsoft Corp. invested significantly into the R&D of advanced electroceutical devices. In 2016, the companies collaborated to form Galvani Bioelectronics, planning to invest $715 million over the next seven years into R&D programs. Around 55% of the stake is owned by GSK PLC, 45% by Microsoft Corp.
A growing geriatric population is another major factor that is expected to surge market growth during the forecast period.The elderly population is at an increased risk of developing various diseases: Parkinson's, Alzheimer's, cardiac arrhythmias and epilepsy.
Per the World Bank, around 9.0% of the global population is geriatric with increased risk of neurological disease. According to the Alzheimer's Association, in 2019, around 5.8 million Americans of all ages are living with Alzheimer's dementia. Out of this 5.8 million, 5.6 million were age 65+.
Significant investment in the electroceuticals industry is another major factor creating considerable opportunity in the global electroceuticals market. Medtronic PLC, Boston Scientific, Biotronik, Cochlear Ltd., Demant A/S and GlaxoSmithKline PLC have been spending significantly on R&D programs related to the advance electroceutical devices. In 2015, GlaxoSmithKline PLC invested REDACTED on five start-up companies to conduct research in bioelectric medicine and $5 million for its own bioelectronic research center (that has now established 40 research collaborations with universities and companies). The National Institutes of Health (NIH) also provided funds for the development of bioelectric medicine. In 2016, NIH announced a fund of $248 million that was distributed to public and private research communities through Stimulating Peripheral Activity to Relieve Conditions (SPARC) to develop future electroceuticals. Such a huge amount of funding activity in electroceuticals industry will boost the growth of the market in the near future.
Increasing prevalence of medical conditions such as neurological disorders (epilepsy, Parkinson's, paraneoplastic neurologic syndrome, migraines and much more) results in increased R&D for the development of electroceuticals.Per the Institute for Health Metrics and Evaluation, around 10 million people were living with Parkinson's disease in 2019, globally.
Every year more than a million new cases of Parkinson's disease are registered, globally. There are more than 1.3 billion people living with hearing loss, across the globe, which is expected to drive the hearing aid and cochlear implant market.
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