SAN FRANCISCO, Nov. 16, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Electroceuticals / Bioelectric Medicine - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: November 2021
Executive Pool: 10947
Companies: 50 - Players covered include Abbott Laboratories; Biotronik SE & Co. KG; Boston Scientific Corporation; Cochlear Ltd.; electroCore, Inc.; LivaNova PLC; Medtronic PLC; Nevro Corp.; Second Sight Medical Products, Inc.; Sonova Holding AG and Others.
Coverage: All major geographies and key segments
Segments: Product (Cardiac Pacemakers & ICDs, Cochlear Implants, Spinal Cord Stimulators, Deep Brain Stimulators, Other Products); End-Use (Hospitals, Clinics & ASCs; Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Electroceuticals / Bioelectric Medicine Market to Reach US$20.8 Billion by the Year 2026
Electroceuticals have a lot of potential to become the principal method of medical treatment. The relatively new area of Bioelectric medicine/Electroceutical devices has provided a new approach to treatment of chronic illnesses. As the treatment is through electrical impulses rather than drugs, there is less chance of major side effects and further, the therapy also results in the body producing endorphins which gives relief from pain. This new form of treatment through devices can address resynchronization, defibrillation and pacemaker application normally used in the field of cardiology. The technology also has its use in treating heart failure, atrial fibrillation, diseases related to the coronary artery, myocarditis, resistant hypertension, ventricular as well as atrial tachyarrhythmias, pulseless electrical activity and refractory angina. The heightened pace of research in the area of bioelectric medicine is also likely to boost future business. Companies are exploring on non-surgical methods of implantation and improved features of electrode technologies for making the embedding process of the biomedicines possible through the skin. Such non-invasive electroceutical devices also show promising future due to the comfort factor attached to them for patients who do not have to incur surgical costs and inconvenience of post-surgery recovery.
Amid the COVID-19 crisis, the global market for Electroceuticals / Bioelectric Medicine estimated at US$15 Billion in the year 2020, is projected to reach a revised size of US$20.8 Billion by 2026, growing at a CAGR of 5.6% over the analysis period. Cardiac Pacemakers & ICDs, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$13.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cochlear Implants segment is readjusted to a revised 4.6% CAGR for the next 7-year period. This segment currently accounts for a 14.8% share of the global Electroceuticals / Bioelectric Medicine market. Cardiac diseases have increased globally, fueling the market growth of the cardiac pacemaker. A cardiac pacemaker when placed in the chest uses electrical pulses to control arrhythmia or abnormal heart rhythm of patients. Cochlear implant is one of the most common electroceutical for substituting damaged ear part and providing hearing ability.
The U.S. Market is Estimated at $6.9 Billion in 2021, While China is Forecast to Reach $1.7 Billion by 2026
The Electroceuticals / Bioelectric Medicine market in the U.S. is estimated at US$6.9 Billion in the year 2021. The country currently accounts for a 44.6% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.7 Billion in the year 2026 trailing a CAGR of 6.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.9% and 5.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR while Rest of European market (as defined in the study) will reach US$1.8 Billion by the end of the analysis period. North America, with its well-developed healthcare infrastructure, is widespread adopter of new technologies, thus providing favorable growth outlook for electroceuticals/ bioelectric medicine technology. The growing number of people suffering from a range of chronic medical conditions like cardiovascular disease, neurological ailments, cancer, arrhythmia, and hearing loss are propelling growth in the region. The presence of leading medical device makers including Boston Scientific Corporation, Medtronic and BIOTRONIK in the region augurs well for the market. In Europe, the substantial infrastructure for healthcare, high demand for innovative medical solutions and the presence of several healthcare majors in Germany, the UK, Switzerland, and France, are presenting robust growth opportunities.
Spinal Cord Stimulators Segment to Reach $2.9 Billion by 2026
A spinal cord stimulator is an implanted device that sends low levels of electricity directly into the spinal cord. Spinal cord stimulators consist of electrodes, or leads, placed in the epidural space around the spinal cord. The electrodes are connected to and powered by a pulse generator or batteries. In the global Spinal Cord Stimulators segment, USA, Canada, Japan, China and Europe will drive the 4.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.9 Billion in the year 2020 will reach a projected size of US$2.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$205.4 Million by the year 2026. More
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