Leading Players in the Global Electroceuticals Market

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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Global Electroceuticals Industry is Expecting Major Spike in Revenue in Near Future

This report studies the global Electroceuticals Market for the forecast period of 2016 to 2021. This market is expected to reach USD 25.20 Billion by 2021 from USD 17.20 Billion in 2016, at a CAGR of 7.9%.

A number of factors such as rising geriatric population, regulatory approval for new and advanced electroceuticals, growing investments and funds for the development of novel therapies and electroceuticals, rising prevalence of neurological disorders, and growing prevalence of hearing loss are expected to drive the growth of the electroceuticals/bioelectric medicine market during the forecast period.

In this report, the global electroceuticals/bioelectric medicine market is segmented on the basis of product, type of device, application, end user, and region.

Target Audience:

# Electroceuticals/Bioelectric Medicine Device Manufacturing Companies

# Suppliers and Distributors of Electroceutical/Bioelectric Medicine Devices

# Healthcare Service Providers

# Teaching Hospitals and Academic Medical Centers (AMCs)

# Health Insurance Players

# Research and Consulting Firm

# Medical Research Institutes

# Audiology Centers

# Healthcare Institutions/Providers

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Based on application, the electroceuticals/bioelectric medicine market is segmented into product wise such as cardiac pacemakers and implantable cardioverter defibrillators, cochlear implants, retinal implants, spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, transcutaneous electrical nerve stimulators, and other electric stimulators.

Based on type of device, the electroceuticals/bioelectric medicine market is segmented into implantable electroceutical devices, and non-invasive electroceutical devices. The implantable electroceutical devices segment is expected to account for the largest share of the market in 2016; while, the non-invasive electroceutical devices segment is projected to grow at the highest CAGR in the forecast period.

Objectives of the Study:

# To define and measure the global electroceuticals market with respect to product, type of device, application, end user and region.

# To identify key micromarkets and their drivers within the global electroceuticals market, which are expected to show growth opportunities in the coming years.

# To analyze opportunities in the bioelectric medicine market for stakeholders and provide details of the competitive landscape for market leaders.

# To analyze the market structure and profile the key players of the global electroceuticals medicine market and comprehensively analyze their core competencies.

# To track and analyze competitive developments such as product launches, approvals, agreements/collaborations/joint ventures/partnerships, marketing and promotion activities, acquisitions and mergers, expansions, new program launches, and product enhancements.

On the basis of end user, the electroceuticals/bioelectric medicine market is segmented into hospitals, research institutes, and individual users. The hospitals segment is expected to account for the largest share of the market in 2016; while, the individual users segment is projected to grow at the highest CAGR in the forecast period.

Geographical Scenario:

Geographically, the global electroceuticals/bioelectric medicine market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (Latin America, Middle East, and Africa). North America is expected to account for the largest share of the electroceuticals/bioelectric medicine market in 2016, followed by Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific market is projected to grow at the highest CAGR, and serves as a revenue pocket for companies offering electroceuticals/bioelectric medicine devices.

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Major Industry Leaders:

The electroceuticals/bioelectric medicine market is dominated by various companies including Medtronic plc (Ireland), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), Cochlear Limited (Australia), Sonova Holding AG (Switzerland), LivaNova PLC (U.K.), Biotronik (Germany), Nevro Corporation (U.S.), Second Sight Medical Products, Inc. (U.S.), and ElectroCore LLC (U.S.). Some of the other players in the market are BioElectronics Corporation (U.S.), MED-EL (Austria), Cefaly Technology (Belgium), Stimwave LLC (U.S.), Vomaris Innovations, Inc. (U.S.), EnteroMedics Inc. (U.S.), NeuroSigma, Inc. (U.S.), and Oticon Medical (France).

Major Growth Strategies Adopted by Major Leaders:

Product launches, approvals, new product launches, agreements/collaborations/joint ventures/partnerships, marketing and promotion activities, acquisitions and mergers, expansions, and other strategies (including market developments, new program launches, and product enhancements) are major strategies adopted by players to achieve growth in the electroceuticals/bioelectric medicine market.