Electroceutical Devices Market Growth in Future Scope 2021-2028 | Medtronic plc, Abbott Laboratories, Cochlear Ltd. Sonova Holding AG, Advanced Bionics AG, Boston Scientific Corporation

Global Electroceutical Devices Market was valued US$ 17.1 billion in 2018, and is projected to exhibit a CAGR of 6.8% over the forecast period (2018 - 2026). As an alternative to drug-based therapies, electroceuticals are medical devices that use electrical currents to effect and modify physiological functions. Modern electroceutical devices, unlike pacemakers and other traditional excitable-tissue stimulators, use sophisticated control methods to alter physiological regulation.

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For example, 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 companies are actively spending in R&D to produce more efficient and novel electroceutical devices, as well as keeping organic and in-organic strategies, resulting in significant potential in this market. For example, 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.

MicroPort will be able to add these different cardiac rhythm management portfolios to their existing product line as a result of the acquisition. Medtronic plc completed the purchase of Sapiens Steering Brain Stimulation (Sapiens SBS), a developer of Deep Brain Stimulation (DBS) technology, for US$ 200 million in August 2014. Furthermore, Medtronic's skills in brain function modulation are strengthened through the acquisition of Sapiens SBS..

In addition, significant firms are working on bringing their unique electroceutical device portfolio to market and obtaining regulatory approval. For example, 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). Furthermore, Cochlear Limited got FDA approval in November 2017 for the first remote functionality to the nucleus cochlear implant system via a telemedicine platform, allowing follow-up programming sessions. This is the first time an artificial cochlear implant has received FDA approval, and it will benefit a variety of cochlear implant patients who are unable to receive continuous follow-ups. Furthermore, implantable cardiac pacemaker manufacturers are updating their product portfolios by employing inorganic growth tactics in order to maintain their market share. The Medtronic Micra Transcatheter Pacing System, the world's tiniest pacemaker, was approved by the US Food and Drug Administration in April 2016. (TPS). The Micra TPS is built on tiny pacing technology, allowing it to be implanted directly into the heart with a catheter.

Key takeaways of the Electroceutical Devices Market:

Due to increasing participation of various industry players to create innovative electroceutical devices, the worldwide electroceutical devices market is estimated to grow at a CAGR of 8.0 percent during the forecast period (2018-2026)

Due to its wide use in various cardiac disease situations, implantable cardioverter defibrillators accounted for a large revenue share in the market. Implantable cardioverter defibrillators (ICDs) have a critical role in preventing cardiac arrest in high-risk ventricular arrhythmia patients, according to the American Heart Association (AHA)

In the modality area, implantable electroceutical devices have a large market share. Implantable electroceutical devices have been utilised for a long time, and they allow continuous treatment within the patient's body as well as an easy environment for patient treatment. 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).

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Due to the rising number of electroceutical device implant procedures in hospitals, hospitals represent a significant market share in the end user category.

Medtronic plc, Abbott Laboratories, Cochlear Ltd., Sonova Holding AG, Advanced Bionics AG, Boston Scientific Corporation, electroCore, Inc. and ReShape Lifesciences are some of the prominent competitors in the worldwide electroceutical devices market.

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