Global Electroceuticals Market is expected to grow at a CAGR of 7.4% during the forecast period. Electroceuticals are the medical devices that are used for restoring the healthy condition of the patients by either holding the device against the skin or implanting them in the nerve. It is also known as bioelectric medicine used as an alternative to drug-based remedies. Electroceutical devices applications are used in several ailments and disorders related to neurology and cardiology and are effective in treating these conditions through invasive and non-invasive methods.
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The global Electroceuticals Market is expected to grow significantly owing to various factors such as rising incidence and prevalence rate of chronic diseases, and growing investment for the development of advanced electroceuticals by major players as well as the government. For instance, GSK PLC and Microsoft Corporation invested significantly into the R&D of advance electroceutical devices. In 2016, both the companies collaborated to form Galvani Bioelectronics and plans to invest $715 million in next seven years for R&D programs. Around 55% stake are owned by GSK PLC, whereas 45% by Microsoft Corp.
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Global Electroceuticals Market-Segmentation
By Product and its Application
• Cardioverter Defibrillators and Cardiac Pacemaker
• Deep Brain Stimulators
• Parkinson’s Disease
• Spinal Cord Stimulators
• Failed Back Syndrome
• Vagus Nerve Stimulators
• Cochlear Implants
• Sensorineural Hearing Loss
• Others (Sacral Nerve Stimulators, Transcutaneous Electrical Nerve Stimulators)
• Urinary Incontinence
• Treatment-Resistant Depression
• Hospitals and Clinics
• Research Institutes
• North America
• United States
• Abbott Laboratories Inc.
• Advanced Bionics AG
• Aleva Neurotherapeutics SA
• Axonics Modulation Technologies Inc.
• BioElectronics Corp.
• Boston Scientific Corp.
• Cala Health Inc.
• Cigna Corp.
• Cochlear Ltd
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