Electroceuticals/Bioelectric Medicine Market by Product (Cardiac Pacemakers, ICD, Cochlear Implant, Neuromodulation (Deep Brain Stimulation)), Type (Implantable, Non-Invasive), Application (Arrhythmia, Heart Failure, Epilepsy) - Global Forecast to 2029

Electroceuticals/Bioelectric Medicine Market by Product (Cardiac Pacemakers, ICD, Cochlear Implant, Neuromodulation (Deep Brain Stimulation)), Type (Implantable, Non-Invasive), Application (Arrhythmia, Heart Failure, Epilepsy) - Global Forecast to 2029

The global market for electroceuticals/bioelectric medicine is expected to grow to USD 33.6 billion by 2029, up from USD 23.9 billion in 2024, representing a CAGR of 7.0% during the forecast period. This growth is being primarily driven by several factors, including increased investments and funding for research on cardiac rhythm management (CRM) devices, rising government support and funding for neurological disorders, and the growing geriatric population, which is leading to a higher prevalence of neurological and cardiovascular disorders. However, the market's growth is being hindered by the high cost of electroceutical devices and the need for significant capital investments.

“The retinal implants segment accounted for the highest growth rate in the electroceuticals market, by product, during the forecast period”

Based on product, the electroceuticals market is segmented into cardiac pacemakers & implantable cardioverter defibrillators, neuromodulators, cochlear implants, and retinal implants. In 2022, the retinal implants segment accounted for the highest growth rate in the electroceuticals market. The main driving factor for retinal implants is the potential to restore vision in individuals with retinal degenerative diseases such as retinitis pigmentosa and age-related macular degeneration.

“The non-invasive electroceuticals devices segment is projected to experience the highest revenue growth rate during the forecast period”

The electroceuticals market is divided into two segments: implantable electroceutical devices and non-invasive electroceutical devices. In 2022, the noninvasive electroceutical devices segment experienced the highest growth rate. These devices do not require surgical implantation; instead, they use electrical or magnetic fields to stimulate nerves or muscles on the body's surface. They are easy to use, cost-effective, and carry a lower risk of infection. Non-invasive electroceuticals are increasingly being used in the treatment of chronic pain, neurological disorders, and metabolic disorders. Technological advancements in non-invasive electroceuticals, along with increased healthcare expenditure and a rise in the prevalence of chronic diseases, are anticipated to drive the growth of the non-invasive devices segment in the forecast period.

“Asia Pacific: The fastest-growing region in electroceuticals care market”

The global electroceuticals market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is expected to record the highest CAGR during the forecast period. This growth is attributed to factors such as increased healthcare expenditure, rising pharmaceutical research funding, government initiatives to raise awareness about early disease detection, expansion of private-sector hospitals into rural areas in various APAC countries, and the presence of high-growth markets in the region.

The primary interviews conducted for this report can be categorized as follows:

By Company Type: Tier 1 - 28%, Tier 2 - 42%, and Tier 3 -30%

By Designation: C-level - 30%, D-level - 34%, and Others - 36%

By Region: North America - 46%, Europe - 25%, Asia Pacific - 18%, and Rest of the World -11%

Lists of Companies Profiled in the Report:

Medtronic plc (Ireland)

Boston Scientific Corporation (US)

Abbott Laboratories, Inc. (US)

Cochlear Ltd. (Australia)

LivaNova PLC (UK)

MicroPort Scientific Corporation (China)

Sonova Group (Switzerland)

Nevro Corp. (US)

Axonics Modulation Technologies, Inc. (US)

Neuronetics, Inc. (US)

ElectroCore, Inc. (US)

NeuroPace, Inc. (US)

BIOTRONIK (Germany)

Medico S.p.A. (Italy)

Nurotron Biotechnology Co. Ltd. (US)

MED-EL (Austria)

Aleva Neurotherapeutics SA (Switzerland)

NeuroSigma, Inc. (US)

BioWave Corporation (US)

Soterix Medical Inc. (US)

Bioinduction (Amber Therapeutics) (UK)

GiMer Medical (Taiwan)

Cefaly (Belgium)

BioControl Medical (Israel)

tVNS Technologies GmbH (Germany).

Research Coverage:

This research report categorizes the electroceuticals market by products, type, application and region. The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the electroceuticals market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, key strategies; contracts, partnerships, agreements, new product launches, mergers and acquisitions, and recent developments associated with the electroceuticals market. Competitive analysis of upcoming startups in the electroceuticals market ecosystem is covered in this report.

Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall electroceuticals market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers, restraints, opportunities, and challenges influencing the growth of the electroceuticals market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the electroceuticals market.

Market Development: Comprehensive information about lucrative markets – the report analyses the electroceuticals market across varied regions.

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the electroceuticals market.

Competitive Assessment: In-depth assessment of market ranking, growth strategies and product offerings of leading players like Medtronic plc (Ireland), Boston Scientific Corporation (US), Abbott Laboratories, Inc. (US), and Cochlear Ltd. (Australia) among others in the electroceuticals market strategies.