New York City, NY, 01 October, 2019/ 24 Market Reports: It is estimated for the global electroceutical devices market to register a CAGR of 6.6% over the forecast period of 2018 to 2026. The market was valued at USD 16,142 million in 2017. Electroceuticals, also known as bioelectronics consist of tiny electronic implants that can treat a wide range of chronic diseases such as ophthalmic disease, heart ailments, hearing disorders, and chronic pain.
The brain monitors and regulates all the functions of the organs thus bioelectric medicine is an innovative approach to diagnose and treat injuries and diseases. Bioelectric medicine consists of a device to read the electrical activity going on within the body’s nervous system.
The way to cure the diseases is been changed with bioelectric medicine technology that is used to record, block, and stimulate neural signals. In the treatment of diseases such as paralysis, cancer, and diabetes the biogenetic medicines are been used.
Increasing awareness about cancer is driving the growth of the electroceuticals market
An increasing number of diseases in the geriatric population such as cardiac arrhythmias, Parkinson’s disease, Alzheimer’s disease, epilepsy, and depression, and rise in chronic diseases such as neurological and cardiac disorders are also the factors driving the growth for the market. Furthermore, the high prevalence of cancer and increasing awareness regarding early detection and treatment of cancer is further expected to drive the growth of the global electroceutical devices market.
Home-care and hospitals are considered to be the end-use segments
Internal and external electroceutical devices are the segmentation for the electroceutical devices market based on the market. Spinal Cord Stimulation (SCS), Deep Brain Stimulation (DBS), Implantable Cardioverter Defibrillator (ICD), Cochlear Implants, Pacemakers, and others are the classification for the internal electroceutical devices.
External Pacemakers, Transcutaneous External Nerve Stimulation (TENS), and Others (Tumour Treating Fields (TTF), Micro-current stimulation) are the classification for external electroceutical devices. Pain management, Central Nervous System (CNS), Gastroenterology/Urology, Hearing aids, Cardiology and other applications are the segmentation for the market based on application. Based on end-users the market is segmented into hospitals and home care.
North America holds the highest market share for global electroceutical devices market
The steep rise in the ageing population, advancement in technology, awareness of people and favourable government policies make the U.S. the leader of electroceutical devices market. North America accounts for the highest market share followed by Europe. With its growing demand in Asian countries, especially India and China are the fast-growing regions for the electroceutical market.
