Indian electroceuticals market is expected to grow at a CAGR of 9.5% during the forecast period. India is among one of the populated countries across the globe and the seventh-largest country in terms of GDP. The GDP of India in 2018 was $2.72 trillion. It is the third-largest economy of Asia-Pacific after China and Japan. According to the World Bank, the population of the country in 2018 was 1.4 billion. The growing incidences of sensorineural Hearing Loss, Parkinson’s disease, epilepsy, ischemia and other chronic diseases in India are generating the demand for electroceutical devices for treatment of these diseases. Therefore, growing incidence of these diseases is attributed to the growth of electroceuticals market in India.
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Further, the other factors that drives the electroceuticals market across the region includes the government rules and regulations supporting the electroceuticals market growth in the region including Central Drug Standard Control Organization (CDSCO) is a regulatory authority for the approval of medical devices in India. Medical devices approval is a layered and lengthy process in the country. The CDSCO has introduced guidelines for medical devices and appointed its Central Licensing Approval Authority (CLAA) for medical device oversight. However, the CLAA has only classified a few devices for pre-market reviews, including cardiac stents, heart valves, orthopedic implants, and intraocular lenses.
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Indian 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
• Abbott Laboratories Inc.
• Advanced Bionics AG
• Boston Scientific Corp.
• Cochlear Ltd.
• Demant A/S
• Edwards Lifesciences Corp.
• Getinge AB
• GlaxoSmithKline PLC
• Livanova PLC
• Medtronic PLC
• Sonova Holding AG
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