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Key Trends Influencing the Growth of the Electroceuticals Market in 2025: Transforming Healing The Emergence of OTC Bioelectric Bandages in Electroceuticals
Electroceuticals
What Is the Expected CAGR for the Electroceuticals Market Through 2025?
In recent years, the electroceuticals market has witnessed robust growth. The market size, which stands at $22.76 billion in 2024, is set to expand to $24.19 billion in 2025, signaling a compound annual growth rate (CAGR) of 6.3%. This surge in the historical period can be associated with various factors such as the increase in chronic diseases, investments in research and development, an aging populace, progressive strides in nanotechnology, and enhanced comprehension of neural pathways.
What's the Projected Size of the Global Electroceuticals Market by 2029?
In the coming years, the electroceuticals market is anticipated to observe substantial growth, reaching a size worth $33.49 billion by 2029, with a compound annual growth rate (CAGR) of 8.5%. This projected growth during the forecast can be linked to progress in bioelectronics, precision medicine's evolution, increasing non-invasive treatments, a focus on chronic pain control, and escalating neurological disorders. The anticipated trends for the forecasted period encompass implantable bioelectronic devices, devices that can be remotely controlled or wireless, personalized electroceutical treatments, innovative neural modulation techniques, and bioelectronic devices designed to treat metabolic disorders.
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Top Growth Drivers in the Electroceuticals Industry: What's Accelerating the Market?
The escalating occurrence of chronic illnesses is predicted to fuel the expansion of the electroceuticals market. Chronic diseases, which typically endure three months or longer, progressively worsen and continue to affect individuals' health over time. Electroceuticals provide effective management of these diseases and alleviate their symptoms. These devices offer personalized, minimally invasive neuromodulation and restoration of function, delivering enduring solutions and potential applications in overcoming treatment resistance. For example, the National Library of Medicine, a US-based agency, revealed in January 2023 that the number of Americans aged 50 and above with at least one chronic condition is expected to surge by 99.5% to 142.66 million by 2050. Consequently, the surge in chronic illnesses acts as a catalyst for the growth of the electroceuticals market.
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What Trends Will Shape the Electroceuticals Market Through 2029 and Beyond?
Major corporations in the electroceuticals market are concentrating on creating innovative products like over-the-counter (OTC) bioelectric bandages, aimed at speeding up the healing process and improving patient care. OTC bioelectric bandages are specialized wound care products specifically designed to employ bioelectric technology to enhance the healing pace. For example, Vomaris Medical, a company based in the U.S., which is dedicated to crafting innovative medical devices and technologies, introduced Powerheal bioelectric bandages in April 2024. They are available over-the-counter to speed up healing and lower infection risks for superficial injuries like minor grazes, cuts, and blisters. Powerheal bioelectric bandages drastically improve wound care by speeding up healing by 2-3 times compared to conventional methods. They are successful in eradicating up to 99.99% of bacteria, including strains that are resistant to antibiotics, therefore, decreasing infection risks without the need for antibiotics. Moreover, they maintain an ideal moist environment, which promotes healing while reducing both pain and scarring.
What Are the Main Segments in the Electroceuticals Market?
The electroceuticals market covered in this report 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
Subsegments:
1) By Implantable Electroceutical Devices: Neurostimulators, Cardiac Pacemakers, Cochlear Implants, Implantable Cardioverter Defibrillators (ICDs)
2) By Non-Invasive Electroceutical Devices: Transcutaneous Electrical Nerve Stimulation (TENS) Units, Electrotherapy Devices, Neuromodulation Devices, External Defibrillators
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Which Top Companies are Driving Growth in the Electroceuticals Market?
Major companies operating in the electroceuticals market include 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.
Which Regions Will Dominate the Electroceuticals Market Through 2029?
North America was the largest region in the electroceuticals market in 2024. The regions covered in the electroceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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