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What key factors are powering the surge in the electroceuticals market right now?

In recent times, the market size of electroceuticals has exhibited substantial growth. Projected to increase from $22.76 billion in 2024 to $24.19 billion in 2025, it has a compound annual growth rate (CAGR) of 6.3%. The previous period’s expansion was largely due to a surge in chronic illnesses, increased investment in R&D, an aging populace, advancements made in nanotechnology, and an enhanced grasp of neural pathways.

How fast Is the electroceuticals market expected to grow, and what’s its future value?

In the forthcoming years, the electroceuticals market is anticipated to witness significant growth, reaching $33.49 billion in 2029 with a compound annual growth rate (CAGR) of 8.5%. This expected growth in the forecast period is due to improvements in bioelectronics, the evolution of precision medicine, the expansion of non-invasive therapies, emphasis on managing chronic pain, and the increase in neurological disorders. Main trends observed during the forecast period comprise implantable bioelectronic devices, devices controlled wirelessly and remotely, customised electroceutical therapies, advancements in neural modulation methods, and bioelectronic devices designed to manage metabolic disorders.

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What are the leading drivers of growth in the electroceuticals market?

The electroceuticals market’s growth is anticipated to be fuelled by the high incidence of chronic illnesses. Chronic diseases, typically lasting three months or longer and possibly worsening over time, are health issues with long-term impact. Electroceuticals have shown their capability in providing efficient disease control and symptom alleviation, offering personalized, minimally invasive neuromodulation and functional restoration methods, thus offering lasting solutions and potential for addressing treatment resistance. For example, the National Library of Medicine, an agency based in the US, predicted in January 2023 that the population of people aged 50 and older in the US with at least one chronic disease would rise by 99.5% to 142.66 million by 2050. Consequently, the high odds of chronic illnesses are propelling the electroceuticals market.

What are the key segments defining 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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Who are the key players steering the development of 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.

What emerging trends are influencing the growth of the electroceuticals market?

Electroceuticals market leaders are striving to create innovative products like OTC bioelectric bandages intended for faster wound healing and improved patient care. An OTC bioelectric bandage employs specialized wound care technology to foster quicker recovery through the use of bioelectricity. For instance, in April 2024, Vomaris Medical, an American-based firm specializing in cutting-edge medical devices and technologies, introduced their Powerheal bioelectric bandages for over-the-counter use, boosting healing rates while mitigating risks of infection for shallow wounds such as slight cuts, grazes, and blisters. PowerHeal bioelectric bandages transform the wound care industry by speeding up healing by 2-3 times in comparison to standard methods. They can also eradicate up to 99.99% of bacteria, even antibiotic-resistant variants, thereby lowering infection risk without the need for antibiotics. These bandages additionally maintain the ideal level of moisture, supporting healing while reducing both pain and scar formation.

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Which regions are most influential in expanding the electroceuticals market?

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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