Electroceuticals Market Size, Share, Growth Analysis, By Product (Cardiac Pacemakers & Implantable Cardioverter Defibrillators, Retinal Implants), By Type (Implantable Electroceutical Devices, Noninvasive Electroceutical Devices), By Application, By Region - Industry Forecast 2024-2031

Global Electroceuticals Market size was valued at USD 23.9 billion in 2022 and is poised to grow from USD 25.57 billion in 2023 to USD 43.94 billion by 2031, growing at a CAGR of 7.0% during the forecast period (2024-2031). 

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Medtronic ', 'Boston scientific corporation ', 'Abbott ', 'Livanova Plc ', 'Cochlear Ltd. ', 'Microport Scientific Corporation ', 'Sonova ', 'Nevro Corp. ', 'Axonics, Inc. ', 'Neuronetics ', 'Electrocore, Inc. ', 'Neuropace, Inc. ', 'Biotronik ', 'Medico S.R.L. ', 'Zhejiang Nurotron Biotechnology Co., Ltd. ', 'Med-EL ', 'Aleva Neurotherapeutics ', 'Neurosigma, inc. ', 'Biowave Corporation ', 'Soterix Medical Inc '

One of the primary factors driving the growth of the global electroceuticals market is the rising prevalence of cardiovascular illnesses. Cardiovascular illnesses are thought to be one of the leading causes of death around the world. According to the World Health Organization, cardiovascular disease kills more than 17.3 million people every year. Furthermore, by 2030, the global number of deaths due to cardiovascular illnesses is expected to reach 23.6 million. Cardiovascular illnesses affect 31% of the global population, with low and middle-income nations accounting for 80% of all deaths. According to the American Heart Society, cardiovascular disease killed over 800,000 people in the United States. This creates significant scope for the growth of the global electroceuticals industry during the forecast period. Furthermore, significant product launches by the key players operating in the market are considered another major aspect that drives the growth of the global electroceuticals market in the upcoming years.

The electroceuticals market has a large number of market players globally. The market players offer a broad product portfolio of electroceuticals for the treatment of diseases. The prominent players functioning in the global electroceutical market include Medtronic plc (Ireland), Boston Scientific Corporation (US), Abbott Laboratories, Inc. (the US), LivaNova PLC (UK), Cochlear Ltd. (Australia), MicroPort Scientific Corporation (China), Sonova Group (Switzerland), Nevro Corp. (US), BIOTRONIK (Germany), NeuroSigma, Inc. (the US), BioControl Medical (Israel), and tVNS Technologies GmbH (Germany) among many others. These players are continuously contributing to the growth of the market by adopting various growth strategies such as technological advancements and developments, product launches, mergers and acquisitions, and joint ventures among others to drive the growth of the market during the forecast period. Some of the recent activities by the company in the electroceutical industry include: in March 2021, Medtronic plc (Ireland) received US FDA approval for its Intellis Platform with Differential Target Multiplexed (DTM) programming to treat chronic intractable back and leg pain. While, in January 2021, Boston Scientific Corporation (US) received US FDA approval for its Vercise Genus Deep Brain Stimulation System.

Based on the region, the Global Electroceuticals Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA. In 2021, the North American region is projected to hold the most substantial share of more than 32.0% in the global market. The presence of a significant number of players and government as well as non-government organizations emphasizing the electroceuticals is the prominent factor that contributes to the growth of the Electroceuticals Industry in the region. Increased healthcare spending is another factor that contributes to the growth of the regional Electroceuticals market. In the region, the US has the highest healthcare spending.