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%, according to a new report by MarketsandMarkets™. Market growth is driven by the rising government support & funding for neurological disorders, rising geriatric population and subsequent growth in the prevalence of neurological & cardiovascular disorders, and the increasing investments and funding for research on CRM devices.
Browse in-depth TOC on "Electroceuticals Market”
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This study involved four major activities in estimating the current size of the electroceuticals market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate segments and subsegments' market size.
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COVID-19 Impact on Global Electroceuticals Market
The emergence of the COVID-19 pandemic has changed the delivery of medical care across the world. The increased pressure due to the growing rate of hospitalization of COVID-19 patients had led to the re-profiling of many hospitals and departments for treating patients with COVID-19. Consequently, many elective surgeries were canceled or postponed worldwide to reserve or redirect the available limited capacities and resources (like hospital beds and patient care professionals) towards COVID-19 patient care. Furthermore, the outbreak of COVID-19 has led to an increase in preference for remote monitoring.
Tech companies, health providers, and patients are more interested in remote devices like portable pacemakers and non-invasive electroceutical devices connected to the internet that allow clinicians to provide clinical advice to patients irrespective of distance. The pandemic has supported efforts in this area by heightening the focus on smart monitors and wearable technologies. These devices could be useful during the pandemic for various reasons, from their ability to detect undiagnosed heart abnormalities in patients missing routine medical appointments to their use in analyzing COVID-19 patients’ responses to experimental medications that affect the heart.
The pandemic has also impacted the approval path for remote monitoring devices. The FDA had revised its approval guideline due to this pandemic. In this public health emergency, current non-invasive patient monitoring technology has been leveraged to eliminate unnecessary patient contact and reduce the burden on healthcare facilities. Such developments are expected to support the adoption of non-invasive or minimally invasive electroceutical devices.
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Restraint: High cost of electroceutical devices
The high cost of electroceutical devices such as cochlear implants and neurostimulators is a major factor restraining market growth, particularly in price-sensitive regions such as the Asia Pacific, Latin America, and Africa. Healthcare providers, especially in developing countries such as Brazil and Mexico, have low financial resources to invest in sophisticated technologies. Moreover, the staff must be extensively trained for the efficient handling and maintenance of electroceutical devices.
In line with this, extensive R&D activities are required to develop technologically advanced electroceutical devices such as cochlear implants. This results in a significant increase in the cost of manufacturing. Consequently, high-capital investments are required to carry out such activities, which only the established or major players in the market can afford. Furthermore, the top players in this market are large and well-established and enjoy a high degree of brand loyalty. Therefore, new entrants must compete with existing players and set themselves apart by developing innovative product offerings.
Opportunity: Emerging markets
Emerging economies such as India, South Korea, Malaysia, Vietnam, Africa, and Middle Eastern countries such as Israel, Saudi Arabia, and UAE offer significant growth opportunities to major market players. This can be attributed to their low regulatory barriers, improvements in healthcare infrastructure, growing patient population, and rising healthcare expenditure. In addition, the regulatory policies in the Asia Pacific region are more adaptive and business-friendly than those in developed countries. This, along with the increasing competition in mature markets, has drawn key players in the electroceuticals/bioelectric medicine market to focus on emerging countries.
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