IQ4I Research & Consultancy published a new report on “Electroceutical Devices Global Market – Forecast To 2022”

Electroceuticals are medical devices which make use of electrical impulse to stimulate nerves and tissue to relieve or alleviate various conditions of the body. Electroceuticals are emerging as an alternative to pharmaceuticals as they are highly target specific and affect the body electrically rather affecting the chemistry of body. The electroceutical devices market is expanding at a steady rate. The electroceutical devices global market is expected to grow at a high CAGR to reach $44,336 million in 2022. Growing prevalence of medical conditions related to central nervous system for e.g. Parkinson, depression etc, increase in aging population prone to chronic medical conditions, increase in research and development investments for electroceutical and cost effectiveness of the therapy are driving the market growth.

The electroceutical devices global market is segmented into internal and external electroceutical devices based on the type. The internal electroceutical segment held the largest market revenue in 2015 and is expected to grow by 2022 growing at a high CAGR from 2015 to 2022 due to technological advancement in wireless micro current stimulation, wearable pain management technology, miniaturization etc.

The internal electroceutical devices is again classified into Spinal Cord Stimulation (SCS), Deep Brain Stimulation (DBS), Vagus Nerve Stimulation (VNS), Sacral Nerve Stimulation (SNS) and others which includes Gastric Electric Stimulation (GES), Respiratory Electrical Stimulation (RES), cardiac pacemakers, Implantable Cardioverter Defibrillator (ICD), cochlear implants. External electroceutical devices are classified as Transcutaneous Electrical Nerve Stimulation (TENS), External Pacemakers, External Defibrillators and others based on technology.

Based on the application the electroceutical devices market is segmented into pain management, central nervous system, gastroenterology & Urology, hearing aids, cardiology and others. Based on end-users the market is segmented into hospitals and home-care. Among end-users, hospitals held the largest revenue in 2015 and are expected to growth at a high CAGR from 2015 to 2022.The electroceutical devices global market based on geography is divided into North America, Europe, Asia-Pacific and Rest of the world.

British drug Maker Company GSK (GlaxoSmithKline) a pharmaceutical giant has invested $50 million in its action potential venture fund on five start-ups companies for conducting research on electroceutical and $5 million for its own Bioelectronic research centre at GSK and has forged collaborations with 40 research universities. GSK currently has early prototypes in animal testing and plans to start human trials using third-party devices in 2017 and planning to begin its own electroceutical devices by 2019. In August 2016, GSK and Google spinoff Verily Life Sciences entered a joint venture to form Galvani Bioelectronics that will work on research, development and commercialisation of bioelectronic or electroceutical devices. NIH has announced funds of $248 million for development of electroceuticals.

Major players in electroceutical devices market include Medtronic (Ireland), Boston Scientific (U.S.), LivaNova (U.S.), St. Jude Medical (U.S.), NeuroMetrix, Inc (U.S.), Nevro Corporation (U.S.), DJO Global (U.S.), Enteromedics (U.S.), Biotronik (Germany), Philips (Netherland) and Cochlear Ltd (Australia).

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This release was published on openPR.