(Australia-NewsWire.Com, July 30, 2018 ) The Global Electroceutical Devices Market, by Product (Cardiac Pacemakers, Implantable Cardioverter Defibrillators, Retinal Implants, Cochlear Implants, Spinal cord Stimulators, Deep brain Stimulators, and Others), by Modality (Implantable Electroceutical Devices and Non-Invasive Electroceutical Devices), by Application (Pain Management, Wound Healing, Atrial Fibrillation, Coronary Artery Disease, Diabetes, Arthritis, Hypertension, Gastrointestinal Diseases, and Others Applications), By End User (Hospitals, Academic Research Institutions, and Ambulatory Surgical Centers), was valued US$ 17.8 billion in 2018, and is projected to exhibit a CAGR of 8.0% over the forecast period (2018 - 2026) as highlighted in a new report published by Coherent Market Insights.
Electroceuticals are medical devices, which employ electrical currents to affect and modify body functions as an alternative to drug-based interventions. In contrast to pacemakers and other classical excitable-tissue stimulators, modern electroceutical devices employ sophisticated control strategies in order to modulate physiological regulation. For instance, modulation of cardiac contractility as a therapy for heart failure, modulation of gastric contractility as a therapy for diabetes, and modulation of vagus nerve traffic as a therapy for epilepsy and inflammatory diseases.
Market players are actively investing in research and development to develop more efficient and innovative electroceutical devices and also retaining organic and in-organic strategies, which thereby offer lucrative opportunities in this market.
For instance, in November 2017, LivaNova PLC and MicroPort Scientific Corporation entered into a binding Letter of Intent (LOI) to sale LivaNova’s Cardiac Rhythm Management (CRM) business franchise to MicroPort for US$ 190 million. Company’s CRM product portfolio includes pacemakers, high-voltage defibrillators, and cardiac resynchronization therapy devices. The acquisition helps MicroPort to add these diverse cardiac rhythm management portfolio to their existing product portfolio.
In August 2014, Medtronic plc completed acquisition of Sapiens Steering Brain Stimulation (Sapiens SBS): a developer of Deep Brain Stimulation (DBS) technologies; for deal value of US$ 200 million. Moreover, acquisition of Sapiens SBS strengthens Medtronic's capabilities in modulation of brain function.
Browse 32 Market Data Tables and 36 Figures spread through 192 Pages and in-depth TOC on "Electroceutical Devices Market, by Product (Cardiac Pacemakers, Implantable Cardioverter Defibrillators, Retinal Implants, Cochlear Implants, Spinal cord Stimulators, Deep brain Stimulators and Others), by Modality (Implantable Electroceutical Devices and Non-Invasive Electroceutical Devices), by Application (Pain Management, Wound Healing, Atrial Fibrillation, Coronary Artery Disease, Diabetes, Arthritis, Hypertension, Gastrointestinal Diseases, and Other Applications), By End User (Hospitals, Academic Research Institutions, and Ambulatory Surgical Centers) - Global Forecast to 2026"
Furthermore, key players are engaged in launching innovative electroceutical devices portfolio in market along with gaining regulatory approval for the same.
For instance, in November 2017, Medtronic plc received U.S. Food and Drug Administration (FDA) approval for their portfolio of Azure pacemakers with BlueSync technology, which is available in both single and dual chamber cardiac pacemakers. Company’s new Azure XT MRI and Azure S MRI pacemakers offer improved longevity, which is an estimated at 13.7 years (dual chamber).
Moreover, in November 2017, Cochlear Limited; received the U.S.FDA approval for first remote feature to nucleus cochlear implant system thorough a telemedicine platform, which allow follow-up programming sessions. This approval is first in the artificial cochlear implant industry, benefiting various cochlear implant patients who are unable to access consistent follow-ups.
Furthermore, manufacturers of implantable cardiac pacemakers are updating their product portfolio by implementing inorganic growth strategies to sustain their foothold in the market. In April 2016, Medtronic plc received U.S.FDA approval for the world's smallest pacemaker, the Medtronic Micra Transcatheter Pacing System (TPS). The Micra TPS is based on miniaturized pacing technology, which allows it to be delivered through a catheter and implanted directly into the heart.
Key takeaways of the Electroceutical Devices Market:
The global electroceutical devices market is expected to expand at a CAGR of 8.0% during the forecast period (2018 – 2026), owing to growing engagement of various market players to develop innovative electroceutical devices
Among product segment, implantable cardioverter defibrillators segment accounted for high revenue share in market, owing to its wide application in various heart disease conditions. According to American Heart Association (AHA), implantable cardioverter defibrillator play major role in preventing cardiac arrest in high-risk patients of ventricular arrhythmias.
Implantable electroceutical devices hold major market share in modality segment. Implantable electroceutical devices are being used for long period, along with that these devices offer continuous treatment within the patient’s body and provides easy environment for easy treatment of patients.
On the basis of application segment, electroceutical devices market is segmented into product such as cardiac pacemakers and implantable cardioverter defibrillators (used for Atrial Fibrillation, Coronary Artery Disease), cochlear implants (used for sensorineural hearing loss), retinal implants (used for retinal pigmentosa), spinal cord stimulators (used for chronic pain, failed back surgery, and ischemia), deep brain stimulators (used for Parkinson's disease, tremors, depression, and others), and other electric stimulators (used for gastro paresis, obesity, depression, migraine headaches, and spinal cord injuries).
Hospitals hold major market share in end user segment, owing to increased number of electroceutical devices implant procedures in hospitals.
Some of the major players operating in global electroceutical devices market include Medtronic plc, Abbott Laboratories, Cochlear Ltd. Sonova Holding AG, Advanced Bionics AG, Boston Scientific Corporation, electroCore, Inc., Biotronik, ReShape Lifesciences, Inc., and LivaNova, PLC.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.