North American Electroceuticals Market Growth, Size & Forecast to 2025

The market growth in North America can be attributed to the rising geriatric population, frequent US FDA approvals for innovative electroceutical devices, and growing adoption of minimally invasive/non-invasive surgeries for treatment of several diseases owing to growing awareness among patients related to electroceuticals. The geriatric population is more inclined to the risk of heart strokes. According to WHO, the incidence and prevalence rate of heart attacks are highest in North America, which is responsible for 0.7 million fatalities each year.

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Furthermore, according to the Heart & Stroke Foundation in Canada, 1.6 million fatalities occur every year due to stroke and at least 1.3 million Canadians live with heart disease. Moreover, the rate of adoption of advanced techniques is the highest in North America. This fact is further supporting the growth of electroceuticals market in North America. Apart from heart diseases, high prevalence of hearing loss, growing prevalence of neurological disorders, and expected approvals for retinal implants in the US is again contributing to the growth of electroceuticals market in North America. Also, the improvements in technology such as miniaturization, better battery technology, wearable, wireless micro-current stimulation are anticipated to increase the market demand in North America.

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Abbott Laboratories Inc., Advanced Bionics AG, Axonics Modulation Technologies Inc., Boston Scientific Corp., BioElectronics Corp., Cochlear Ltd. are the manufacturer, and supplier of medical devices such as pacemaker, defibrillator, vagus nerve stimulators and has its facilities in more than 40 countries and includes over 100 brands in its product portfolio. These players adopt various strategies in order to remain competitive in the global market. Some of the strategies followed by market players include mergers and acquisitions, product offering expansion, geographical expansion, and partnerships and collaborations.

In August 2019, Stanford initiated the responsive neuromodulation to control overeating. It will study the feasibility of using NeuroPace’s RNS responsive neuromodulation system to stimulate the nucleus accumbens to control overeating in people with treatment-refractory obesity. In June 2018, the company launched the Next-Gen RNS System for the treatment of refractory epilepsy. It is a type of brain-computer interface which can continuously monitor brain waves and can automatically respond with imperceptible electrical pulses before seizures occur.

Market Segmentation

North AmericanElectroceuticals Market by Product and its Application

Cardioverter Defibrillators and Cardiac Pacemaker
Deep Brain Stimulators
Spinal Cord Stimulators
Vagus Nerve Stimulators
Cochlear Implants
Others (Sacral Nerve Stimulators, Transcutaneous Electrical Nerve Stimulators)

North AmericanElectroceuticals Market by End-Users

Hospitals and Clinics
Research Institutes

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