Electroceutical Devices Market Dynamics, Segments and Supply Demand 2016-2024

Electroceutical devices are target specific and stimulate nerves or tissues through electric impulses, which enable to alleviate or relieve various conditions of the body. Electroceutical devices are employed as an alternative to drug-based remediation. Furthermore, the technological enhancements, including wearable devices, and miniaturized devices, among others have been a significant contributing factor for the growth of the market. The technological innovations in the market include the development of the Stimwave electroceutical device which does not contain toxic materials and does not hold any internal batteries. In August 2016, GlaxosmithKline entered into an agreement with Google’s life science spinoff, Verily to form a joint venture, Galvani Bioelectronics for the development of miniature electroceutical devices. Through this joint venture, both the companies intend to invest over US$ 700 Mn over a period of four years. In addition, National Institute of Health (NIH) also invested US$ 250 Mn on its project SPARC (Stimulating Peripheral Activity to Relieve Conditions).

Electroceutical devices market can be segmented based on the products, by application, by end users and by region. The market can be segmented into implantable electroceutical devices and non-invasive devices, on the basis of product. Implantable electroceutical devices can be further segmented into cardiac pacemakers, implantable cardioventer defibrillators, spinal cord stimulators, deep brain stimulators, and vagus nerve stimulators, among others. On the basis of application, electroceutical devices market can be segmented into pain management, neurology, urology, hearing aids, cardiology, gasteroenterology, and ophthalmology, among others. Hospitals, individual users, and research institutes form the major end users of the market. On the basis of region, the market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.

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