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

Electroceuticals Market Driver

• 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.

Electroceuticals Market Restraint

• Lack of awareness among the people regarding the use of electroceutical devices in low and middle-income countries is one of the major limitations faced by the market. In the high-income economies, there is widespread usage of implantable cardiac rhythm management and other electroceutical devices. However, in low and middle-income countries (LMIC), access is limited. As per the study carried out by American Heart Association, Latin American people living in the US were less informed about an AED and its usage. The survival rate after cardiac arrest can be improved at a high rate by the use of a defibrillator, however, there is a lack of public awareness, due to which a patient may lack treatment.