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Electroceutical devices are target specific and stimulate nerves or tissues through electric impulses, which enable to alleviate or relieve various conditions of the body. Electroceutical devices are employed as an alternative to drug-based remediation. Furthermore, the technological enhancements, including wearable devices, and miniaturized devices, among others have been a significant contributing factor for the growth of the market. The technological innovations in the market include the development of the Stimwave electroceutical device which does not contain toxic materials and does not hold any internal batteries. In August 2016, GlaxosmithKline entered into an agreement with Google’s life science spinoff, Verily to form a joint venture, Galvani Bioelectronics for the development of miniature electroceutical devices. Through this joint venture, both the companies intend to invest over US$ 700 Mn over a period of four years. In addition, National Institute of Health (NIH) also invested US$ 250 Mn on its project SPARC (Stimulating Peripheral Activity to Relieve Conditions). 

Electroceutical devices market can be segmented based on the products, by application, by end users and by region. The market can be segmented into implantable electroceutical devices and non-invasive devices, on the basis of product. Implantable electroceutical devices can be further segmented into cardiac pacemakers, implantable cardioventer defibrillators, spinal cord stimulators, deep brain stimulators, and vagus nerve stimulators, among others. On the basis of application, electroceutical devices market can be segmented into pain management, neurology, urology, hearing aids, cardiology, gasteroenterology, and ophthalmology, among others. Hospitals, individual users, and research institutes form the major end users of the market. On the basis of region, the market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.

Electroceutical devices are gaining importance as an alternative to pharmaceutical products as they do not lead to side effects. In addition, growing prevalence of neurological conditions such as Parkinson’s disease, and depression among others contribute to the growth of the market. Furthermore, increasing investments by market players on research and development, along with the cost effectiveness of these devices has been driving the growth of the market. However, the usage of these devices is done as a trial and error method and This might have a negative impact on the growth of the market.

Implantable electroceutical devices are the widely employed product category, of which pacemakers and ICDs are the key products contributing to the growth of the market. North America accounts for the major share followed by Europe in the global electroceutical devices market. This can be attributed to increasing geriatric population, rising prevalence of chronic diseases, growing technological innovations, and increase in product approvals. In addition, availability of reimbursement and high investments in healthcare infrastructure contribute to the growth of the market. However, the sluggish economic conditions in North America and Europe, and the changing government regulations related to healthcare spending might negatively impact the market. Asia Pacific is expected to grow at an impressive CAGR during the forecast period. The growing healthcare industry, rising medical tourism, increasing awareness among people and the growing economy contribute to the growth of the market in the region. India, China and Brazil are expected to drive strong growth among the emerging countries, owing to the increasing investments by the government to enhance the healthcare facilities.

Major players in the electroceutical devices market include Biotronik, Boston Scientific Corporation, Cochlear Limited, ElectroCore LLC, EnteroMedics Inc., LivaNova PLC, Medtronic plc, NeuroSigma, Inc., Nevro Corporation, Second Sight Medical Products, Inc., Sonova Holding AG, and St. Jude Medical, Inc., among other significant players worldwide.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Electroceutical Devices Market

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