DUBLIN, July 28, 2021--(BUSINESS WIRE)--The "Electroceuticals/Bioelectric Medicine Market by Product (Pacemaker, ICD, Cochlear Implant, Deep Brain, Spinal Cord, Vagus, Sacral Nerve Stimulators), Application (Ischemia, Epilepsy), Type (Implantable, Noninvasive), End User - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global electroceuticals/bioelectric medicine market is projected to reach USD 21.5 billion by 2026 from USD 16.8 billion in 2021, at a CAGR of 5.0%
Market growth is driven by factors such as the increasing investments and funding for research on CRM devices, rising government support & funding for neurological disorders, and the rising geriatric population and subsequent growth in the prevalence of neurological & cardiovascular disorders.
On the other hand, the high cost of electroceutical devices and the requirement of high capital investments are the major factors hampering the growth of this market.
"The cochlear implants segment accounted for the highest growth rate in the electroceuticals market, by product, during the forecast period"
The electroceuticals market is segmented into cardiac pacemakers & implantable cardioverter defibrillators, spinal cord stimulators, cochlear implants, deep brain stimulators, transcutaneous electrical nerve stimulators, vagus nerve stimulators, sacral nerve stimulators & gastric electrical stimulators, and other electrical stimulators based on product.
In 2020, the cochlear implants segment accounted for the highest growth rate in the electroceuticals market. The increasing prevalence of hearing loss is a major factor contributing to the growth of this segment.
"Hospitals, clinics, and ASCs segment accounted for the highest CAGR"
Based on end users, the electroceuticals market is segmented into hospitals, clinics, and ASCs; and other end users. In 2020, the hospitals, clinics, and ASCs segment accounted for the highest growth rate. This can be attributed to the increasing adoption of electroceutical devices to serve a large patient pool.
"Asia Pacific: The fastest-growing region electroceuticals market"
The global electroceuticals market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is projected to register the highest CAGR during the forecast period.
Factors such as the rising healthcare spending, increasing pharmaceutical research funding, increasing government efforts to increase awareness about early disease detection, expansion of private-sector hospitals to rural areas in various APAC countries, and the presence of high-growth markets in the region are driving the growth of the electroceuticals market in this region.
Lists of Companies Profiled in the Report:
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)
Medico S.p.A. (Italy)
Nurotron Biotechnology Co. Ltd. (US)
AlevaNeurotherapeutics SA (Switzerland)
NeuroSigma, Inc. (US)
BioWave Corporation (US)
Soterix Medical Inc. (US)
Bioinduction Ltd. (UK)
GiMer Medical (Taiwan)
BioControl Medical (Israel)
tVNS Technologies GmbH (Germany)
For more information about this report visit https://www.researchandmarkets.com/r/n5l9cc
View source version on businesswire.com: https://www.businesswire.com/news/home/20210728005734/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900