Global Electroceuticals Market by product and application types, market sizing, key player profiling, global forecastig for 2015-2025
LONDON, Oct. 25, 2017 /PRNewswire/ -- Electroceuticals, also known as bioelectrical is a term used to describe miniature devices which can alter electrical signals diffused by nerves throughout the body to treat a wide range of illnesses i.e. neurostimulation, unlike other stimulators of muscles and tissues. The unique value of electroceuticals is derived from the fact that they can have a much-localized action and act much faster with lesser side effects as compared to conventional drugs or chemical-based pharmaceuticals that alter molecular pathways.
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Although, as of now, the focus of electroceuticals development is on conditions that where drugs are ineffective or have considerable side effects, the strong efficacy and cost-effectiveness of the electroceuticals benefits might be set to disrupt the pharmaceutical industry sooner than later by replacing standard drug care therapy.
The global Electroceuticals market is expected to grow at a CAGR of 7.3% during 2017 to 2025 to reach US$52.8 billion by 2025 from an estimated market value US$27.6 billion in 2016. The electroceuticals market growth is due to rising geriatric population, regulatory approval for new and advanced electroceuticals, growing investments by big pharma companies and funds by government and universities for the development of novel therapies and electroceuticals, advancement in technology such as miniaturization, improved battery technology, advent of wearable devices, wireless micro-current stimulation, rising prevalence of neurological disorders and hearing loss and increasing chronic pain market with unmet needs for alternate therapies for Opioids use.
The electroceutical devices global market is categorized into invasive and non-invasive electroceutical devices based on the type. The invasive or internal electroceutical segment held the largest market revenue in 2015 and is expected to grow at a higher growth rate from 2015 to 2022 as compared to external or non-invasive electroceuticals due to technological advancement in wireless microcurrent stimulation, wearable pain management technology, miniaturization etc.
North America accounts for the highest market share followed by Europe and will continue to lead the market in the coming years. The large share of the North American region can be attributed to the rising prevalence of heart diseases, chronic diseases and increasing regulatory approvals of electroceutical devices. Moreover, the shift in preference toward these devices by patients and healthcare providers who are resistant towards the conventional techniques like surgeries and drug therapy will also contribute to this market's growth in the region.
The electroceutical device market is highly fragmented with a large number of small and medium-size manufacturer's. Few big pharma companies like GSK, Abbott, GE and Medtronic with other well-known corporations such as Boston Scientific; Cochlear; LivaNova; Enteromedics; Sonova; Biotronik; Nevro Corp.; Second Sight and ElectroCore, and many startups and small-sized companies are present in the market. The electroceuticals market is highly competitive in nature due to a large number of players providing similar products.
Prospective applications for electroceuticals seem extensive, chronic pain segment is one of mainstream application and largest segment of electroceuticals devices. Increasing awareness of harmful side effects of Opioids and greater chances of drug abuse, misuse, and dependence has increased R&D for new treatments for chronic pain which has minimal side effects.
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