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Electroceuticals Market Size, Growth Opportunities, Top Trends, Industry Share And Forecast To 2032
Electroceuticals Market Analysis
The Business Research Company's Electroceuticals Global Market Report 2023 identifies high prevalence of chronic diseases as the major driver for the electroceuticals market's growth in the forecast period. Chronic disease refers to a health condition or illness that is persistent or long-lasting in its effects, usually lasting for three months or longer, and may get worse over time. Electroceuticals provide effective disease management and symptom relief and offer personalized, minimally invasive neuromodulation and functional restoration approaches, providing long-term solutions and potential uses in addressing treatment resistance.
The global electroceuticals market is expected to grow from $20.33 billion in 2022 to $21.81 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global electroceuticals is expected to reach $28.44 billion in 2027 at a CAGR of 6.9%.
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Major competitors in the electroceuticals market are Abbott Laboratories Inc., Medtronic Public Limited Company, Boston Scientific Corporation, Sonova Holding AG, Biotronik SE & Co. KG, Cochlear Limited.
A key trend in the electroceuticals market includes technologically improved devices. Major companies operating in the electroceuticals market strive to enhance their product portfolios by introducing technologically improved devices to optimize patient experience and treatment outcomes and sustain their position in the market. For instance, in July 2021, Medtronic PLC, an Ireland-based medical technology company, launched Percept PC, the industry's first deep brain stimulation (DBS) system featuring BrainSense technology for movement disorders such as Parkinson's and epilepsy. With its innovative BrainSense capability, the system captures brain signals while delivering therapeutic stimulation in clinical settings and beyond. The ergonomically designed Percept PC device offers improved comfort and is specifically designed for patients with Parkinson's disease, tremors, dystonia, and epilepsy.
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The electroceuticals market is segmented -
1) By Type: Implantable Electroceutical Devices, Non-Invasive Electroceutical Devices
2) By Product: Implantable Cardioverter Defibrillators, Cardiac Pacemakers, Cochlear Implants, Spinal Cord Stimulators, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, Other Products
3) By Application: Arrhythmia, Depression, Parkinson's Disease, Tremor, Epilepsy, Sensorineural Hearing Loss, Other Applications
4) By End-User: Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, Other End Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the electroceuticals market.
The Business Research Company's "Global Electroceuticals Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Electroceuticals Market Include:
1. Executive Summary
2. Electroceuticals Market Characteristics
3. Electroceuticals Market Trends And Strategies
4. Electroceuticals Market - Macro Economic Scenario
……
32. Global Electroceuticals Market Competitive Benchmarking
33. Global Electroceuticals Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electroceuticals Market
35. Electroceuticals Market Future Outlook and Potential Analysis
36. Appendix
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