Major Market Growth Boosting Factors:
Growth in the electroceuticals market is mainly driven by factors such as the rising geriatric population and subsequent growth in the prevalence of neurological & cardiovascular disorders, rising government support & funding for neurological disorders, and the increasing investments and funding for research on CRM devices.
However, the high cost of electroceutical devices and the requirement of high capital investments are the major factors hampering the growth of this market.
Projected Revenue Growth:
The global electroceuticals market is projected to reach USD 21.5 billion by 2026 from USD 16.8 billion in 2021, at a CAGR of 5.0% during the forecast period.
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Global Leading Companies:
The major players in this market are Medtronic plc (Ireland), Boston Scientific Corporation (US), Abbott Laboratories, Inc. (US), LivaNova PLC (UK), Cochlear Ltd. (Australia), MicroPort Scientific Corporation (China), Sonova Group (Switzerland), Nevro Corp. (US), Axonics Modulation Technologies, Inc. (US), Neuronetics, Inc. (US), Second Sight Medical Products, Inc. (US), NeuroPace, Inc. (US), BIOTRONIK (Germany), Medico S.p.A. (Italy), Nurotron Biotechnology Co. Ltd. (US), MED-EL (Austria), Aleva Neurotherapeutics SA (Switzerland), NeuroSigma, Inc. (US), BioWave Corporation (US), Soterix Medical Inc. (US), Bioinduction Ltd. (UK), GiMer Medical (Taiwan), Cefaly (Belgium), BioControl Medical (Israel), and tVNS Technologies GmbH (Germany).
In 2020, Medtronic plc held the leading position in the electroceuticals/bioelectric medicine market. The company has maintained a leading position in the market through its strong distribution networks across North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The company adopts organic growth strategies to increase its dominance in this market.
For instance, in August 2020, the company launched its InterStim Micro Neurostimulator in the US. Additionally, in January 2020, the company received CE approval for its InterStim Micro Neurostimulator in Europe. Such developments have helped the company significantly expand its product line and enhance its visibility in the electroceuticals market.
In 2020, Abbott Laboratories, Inc. accounted for the second-largest share of the electroceuticals market. The company’s leading position in this market can be attributed to its strong sales and distribution network globally, enabling it to market its products in various countries effectively. In addition, Abbott Laboratories, Inc. invests a significant amount of its revenue on R&D. This enables the company to develop and launch new products in the market. In January 2020, the company received approval from the US FDA for a new expanded indication for its Infinity Deep Brain Stimulation (DBS) system to treat Parkinson’s disease. Additionally, in September 2019, the company received US FDA approval for its Proclaim XR Recharge-free neurostimulation system. Such developments have strengthened the company’s position in the electroceuticals market.
Boston Scientific Corporation’s leading position in this market can be attributed to its strong sales and distribution network across the globe, which enables it to effectively market its products in various countries. To sustain its leading position in the market, the company pursues inorganic growth strategies. For instance, in May 2019, the company acquired Vertiflex, Inc. (US). This acquisition was focused on expanding the breadth of Boston Scientific’s pain management product portfolio. Such developments have helped the company enhance its visibility in the market.
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