The global electroceuticals market is expected to grow at a CAGR of 7.1% during the forecast period. The global electroceuticals market is expected to grow significantly owing to various factors such as rising incidence and prevalence rate of chronic diseases, and growing investment for the development of advanced electroceuticals by major players as well as the government. Increasing prevalence of neurological disorders such as epilepsy, Parkinson’s, Paraneoplastic Neurologic Syndrome, migraine, have resulted in an increasing focus of the players in the development of electroceuticals.
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The market is segmented on the basis of product and end-user. On the basis of product, the market is segmented into cardioverter defibrillators and cardiac pacemaker, deep brain stimulators (DBS), spinal cord stimulators (SCS), vagus nerve stimulators, hearing aids, and cochlear implants, and others such as sacral nerve stimulators, and transcutaneous electrical nerve stimulators.
Furthermore, in order to sustain in the highly competitive market, the market players are adopting various strategies such as merger and acquisitions, joint ventures, and product development, among others. For instance, in 2016, GlaxoSmithKline PLC established a partnership with Verily Life Sciences to form Galvani Bioelectronics, a new company, focused on developing bioelectronic medicines. Galvani Bioelectronics combines the technology and professionals of its parent companies to enable the R&D and commercialization of bioelectronic therapies.
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Global Electroceuticals Market Segmentation
By Product and its Application
· Cardioverter Defibrillators and Cardiac Pacemaker
· Arrhythmias
· Deep Brain Stimulators
· Parkinson’s Disease
· Depression
· Spinal Cord Stimulators
· Failed Back Syndrome
· Ischemia
· Vagus Nerve Stimulators
· Epilepsy
· Cochlear Implants
· Sensorineural Hearing Loss
· Others (Sacral Nerve Stimulators, Transcutaneous Electrical Nerve Stimulators)
· Urinary Incontinence
· Treatment-Resistant Depression
By End-User
· Hospitals and Clinics
· Homecare and Other
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
