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Electroceuticals Market Research Analysis 2024-2033 | Growth, Size, Analysis, Insights
Electroceuticals Market Research Analysis
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According to The Business Research Company's, The electroceuticals market size has grown strongly in recent years. It will grow from $21.81 billion in 2023 to $23.38 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to rise in chronic diseases, investment in research and development, aging population, advancements in nanotechnology, improved understanding of neural pathways.
The electroceuticals market size is expected to see strong growth in the next few years. It will grow to $30.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to advancements in bioelectronics, precision medicine development, growth in non-invasive therapies, focus on chronic pain management, rising neurological disorders. Major trends in the forecast period include implantable bioelectronic devices, wireless and remote-controlled devices, personalized electroceutical therapies, advancements in neural modulation techniques, bioelectronic devices for metabolic disorders.
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Market Drivers and Trends:
The high prevalence of chronic diseases is expected to propel the growth of the electroceuticals market going forward. 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. For instance, in January 2023, according to the National Library of Medicine, a US-based agency, the number of people in the US aged 50 and older who have at least one chronic condition would increase by 99.5% to 142.66 million by 2050. Therefore, the high prevalence of chronic diseases drives the electroceuticals market.
Technologically improved devices are the key trend gaining popularity in the electroceuticals market. 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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Major Key Players of the Market:
Abbott Laboratories Inc., Medtronic Public Limited Company, Boston Scientific Corporation, Sonova Holding AG, Biotronik SE & Co. KG, Cochlear Limited, LivaNova PLC, MicroPort Scientific Corporation Limited, MED-EL Elektromedizinische Geräte GmbH, Nevro Corporation, Axonics Modulation Technologies Inc., Oticon Medical, Neuronetics Inc., Nuvectra Corporation, NeuroPace Inc., Second Sight Medical Products Inc, Saluda Medical Pty. Ltd., Stimwave Technologies Incorporated, electroCore Inc., Synapse Biomedical Inc., Soterix Medical Inc., Retina Implant AG, MicroTransponder Inc., Vomaris Innovations Inc., SPR Therapeutics Inc., NeuroSigma Inc., Nexeon MedSystems Inc., BioElectronics Corporation, Setpoint Medical Corporation, Endonovo Therapeutics Inc.
Electroceuticals Market 2024 Key Insights:
• The electroceuticals market size is expected to see strong growth in the next few years. It will grow to $30.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Electroceuticals Market Growth Fueled By Rising Chronic Disease Prevalence
• Advancements In Electroceuticals Through A Focus On Technological Innovations In Patient Care
• North America was the largest region in the electroceuticals market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
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Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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