(PharmaNewsWire.Com, October 02, 2020 ) This market is expected to reach USD 25.20 Billion by 2021 from USD 17.20 Billion in 2016, at a CAGR of 7.9%.
The electroceuticals market is dominated by various companies including Medtronic plc (Ireland), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), Cochlear Limited (Australia), Sonova Holding AG (Switzerland), LivaNova PLC (U.K.), Biotronik (Germany), Nevro Corporation (U.S.), Second Sight Medical Products, Inc. (U.S.), and ElectroCore LLC (U.S.). Some of the other players in the market are BioElectronics Corporation (U.S.), MED-EL (Austria), Cefaly Technology (Belgium), Stimwave LLC (U.S.), Vomaris Innovations, Inc. (U.S.), EnteroMedics Inc. (U.S.), NeuroSigma, Inc. (U.S.), and Oticon Medical (France).
Product launches, approvals, new product launches, agreements/collaborations/joint ventures/partnerships, marketing and promotion activities, acquisitions and mergers, expansions, and other strategies (including market developments, new program launches, and product enhancements) are major strategies adopted by players to achieve growth in the electroceuticals/bioelectric medicine market.
Product launches accounted for 36.97% of the total developments during 2013 to 2016. Players adopted this strategy to enhance their market position, expand their global market presence, expand its product portfolio, and remain competitive and to sustain the leading position in the market. Key players that adopted these strategies are Medtronic plc (Ireland), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), Cochlear Limited (Australia), Sonova Holding AG (Switzerland), LivaNova PLC (U.K.), Biotronik (Germany), Nevro Corporation (U.S.), Second Sight Medical Products, Inc. (U.S.), and ElectroCore LLC (U.S.). Some of the other players that adopted these strategies include BioElectronics Corporation (U.S.), Cefaly Technology (Belgium), Synapse electroceutical Ltd. (U.K.), Lepu Medical Technology Co., Ltd. (China), NeuroSigma, Inc. (U.S.), EndoStim (U.S.), and Neuronetics, Inc. (U.S.), among others.
The strategy of Approvals accounted for 17.4% of the total developments during 2013 to 2016. Players adopted this strategy to enhance their product applications, and expand its product portfolio. Key players that adopted these strategies are Medtronic plc (Ireland), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), Cochlear Limited (Australia), Biotronik (Germany), and Nevro Corporation (U.S.).
New product launches accounted for 16.1% of the total strategies adopted by players in this market during 2013 to 2016. Players adopted this strategy to widen and strengthen their product portfolios. Medtronic plc (Ireland), Boston Scientific Corporation (U.S.), Cochlear Limited (Australia), Sonova Holding AG (Switzerland), LivaNova PLC (U.K.), and Biotronik (Germany) are the key players that adopted this strategy. Other players include BioElectronics Corporation (U.S.), MED-EL (Austria), Stimwave LLC (U.S.), Vomaris Innovations, Inc. (U.S.), NeuroMetrix, Inc. (U.S.), Neuros Medical, Inc. (U.S.), Oticon Medical (France), and Endonovo Therapeutics (U.S.), among others.
On the basis of end user, the electroceuticals market is segmented into hospitals, research institutes, and individual users. The hospitals segment is expected to account for the largest share of the market in 2016; while, the individual users segment is projected to grow at the highest CAGR in the forecast period.
Geographically, the global bioelectric medicine market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (Latin America, Middle East, and Africa). North America is expected to account for the largest share of the electroceuticals/bioelectric medicine market in 2016, followed by Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific market is projected to grow at the highest CAGR, and serves as a revenue pocket for companies offering electroceuticals/bioelectric medicine devices.
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