The European electroceuticals market is expected to grow at a CAGR of 7.0% during the forecast period. The market is growing owing to the well-developed healthcare infrastructure and supportive government policies such as the Affordable Care Act. Furthermore, the presence of favorable reimbursement policies also estimated to drive the growth of the market in the region. Rising geriatric population is another major factor that is expected to surge the market growth during the forecast period. The elderly population is at increased risk of developing various diseases such as Parkinson’s disease, Alzheimer’s, Cardiac arrhythmias, and epilepsy.
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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. By the End-user segment, the market is segmented into hospitals & clinics and home care and others. Abbott Laboratories Inc., Advanced Bionics AG, Axonics Modulation Technologies Inc., Boston Scientific Corp., BioElectronics Corp., Cochlear Ltd. are the manufacturer, and supplier of medical devices such as a pacemaker, defibrillator, vagus nerve stimulators and has its facilities in more than 40 countries and includes over 100 brands in its product portfolio.
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These players adopt various strategies in order to remain competitive in the global market. Some of the strategies followed by market players include mergers and acquisitions, product offering expansion, geographical expansion, and partnerships and collaborations. For instance, In August 2018, Demant A/S and Phillips signed an agreement for the introduction of the new and advance Phillips-branded solutions to hearing healthcare. This partnership will create various new and unique opportunities for hearing care professionals in an ever-evolving market.
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-Users
- Hospitals and Clinics
- Homecare and Other
Regional Analysis
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
Company Profiles
- Abbott Laboratories, Inc.
- Advanced Bionics AG
- Boston Scientific Corp.
- Cochlear, Ltd.
- Demant A/S
- Edwards Lifesciences Corp.
- Getinge AB
- GlaxoSmithKline PLC
- Medtronic PLC
- Sonova Holding AG
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
