Electroceuticals are a novel category of therapeutic agents/medical devices which target the neural circuits of organs thereby stimulating the nerves and relieving or alleviating the body of various conditions.
Scope of the Report:
The therapy encompasses mapping of neural circuitry and delivering neural impulses to specific targets. Electroceuticals are highly target specific and affect the body temperature instead of affecting the body chemistry unlike pills which in turn leads to various side effects and hence, are emerging as an alternative to pharmaceuticals.
Technological advancements in electroceutical products have propelled their adoption in treatment of medical conditions associated with central nervous system and chronic diseases such as cardiac arrhythmias and Parkinson's. The technologically advanced electroceuticals are highly efficient and reliable during treatment thereby propelling the market growth. Increase in geriatric population prone to chronic medical conditions is also estimated to fuel the market growth owing to various applications of electroceutical devices in providing better patient care.
Cost effectiveness nature of this therapy is also a driving factor for augmenting the market growth. Furthermore, growing investments and funds for the development of novel therapies by key players of the industry for developing better electroceutical devices is anticipated to enhance the market growth. However, lack of self-regulating measurement, miniaturization in terms of electrodes or chip which can interface with single nerve and the devices must be wireless with elimination of traditional batteries are some of the challenges faced by electroceutical market.
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Market Segments:
The Electroceutical Devices market is segmented based on type, application and end-user. On the basis of type, the market is further segregated into internal and external type. Internal electroceutical devices are designed to deliver electrical currents after being placed inside the body through minimally invasive procedures. External electroceutical devices are stimulation devices which are placed or moved at specific locations outside the body where it provides neuromodulation/neurostimulation
The internal electroceutical segment is expected to hold the largest market revenue in 2015 and is projected to grow during the forecast period at a high CAGR owing to technological advancement in wireless micro current stimulation, wearable pain management technology, miniaturization. Based on the application, the segment includes hearing aids, gastroenterology & Urology, pain management, cardiology, central nervous system and others. The cardiology segment is expected to account for the largest share of the market during the forecast period. On the basis of end-users, the market is segmented into hospitals and home-care. The hospitals segment is expected to hold the largest share of the market over the forecast period whereas the individual users segment is anticipated to be the fastest growing market.
Also, heavy investment made by various private and government owned organization to fund the research on electroceutical products is also expected to drive the industry. For instance, GSK (GlaxoSmithKline) has invested $50 million in action potential venture fund on five start-ups companies for conducting research on electroceutical and $5 million for its own Bioelectronic research center at GSK. Around 33 electroceuticals funded by GSK are in their early research stages and are set to be tested on humans since its prototype based on animal testing is already in the market. In August 2016, GSK and Google spinoff Verily Life Sciences entered a joint venture to form Galvani Bioelectronics to work on R&D and commercialization of bioelectronics or electroceutical devices. GSK and Verily Life Sciences would provide funding close to $715 million over 7 years. The initial research is concentrated on treating inflammatory, metabolic and endocrine disorders, type II diabetes and disease caused by zapping nerves. Furthermore, National Institute of Health (NIH) of U.S is investing heavily and has announced funds of $248 million for development of electroceuticals.
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By Key Players:
Major players in the electroceuticals market include Cochlear Limited, St. Jude Medical, Inc., Medtronic plc, Nevro Corporation, LivaNova PLC, ElectroCore LLC, Boston Scientific Corporation, Sonova Holding AG, Biotronik, and Second Sight Medical Products, Inc.
By Regional Analysis:
Geographically, the market is divided into North America, Europe, Asia-Pacific, Middle East and Africa and Latin America. North America region is expected to acquire major share and is projected to witness moderate growth over the forecast period. High investments in healthcare infrastructures with favorable reimbursement coverage have contributed to market growth in this region. Asia- Pacific region is also projected to witness enormous growth over the forecast period owing to growing healthcare awareness, increasing government funding, improved economic growth, large patient pool and proliferation in the geriatric population thereby increasing the number of surgeries.
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