The Global Electroceutical
Devices Market, by Product Type (Cardiac Pacemakers, Implantable
Cardioverter Defibrillators, Cardiac Resynchronization Therapy Devices, Retinal
Implants, Cochlear Implants, Spinal cord Stimulators, Deep brain Stimulators,
Sacral Neuromodulators and Others), by Modality (Implantable Electroceutical
Devices and Non-Invasive Electroceutical Devices), by Application (Chronic
Pain, Cardiovascular Diseases, Ophthalmic Diseases, Neurological Diseases,
Hearing Disorders and Gastrointestinal Diseases), By End User (Hospitals,
Ambulatory Surgical Centers and Others), was valued US$ 17.1 billion in 2018,
and is projected to exhibit a CAGR of 6.8% over the forecast period (2018 -
2026). Electroceuticals are medical devices, which employ electrical currents
to affect and modify body functions as an alternative to drug-based
interventions. In contrast to pacemakers and other classical excitable-tissue
stimulators, modern electroceutical devices employ sophisticated control
strategies in order to modulate physiological regulation. For instance,
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
players are actively investing in research and development to develop more
efficient and innovative electroceutical devices and also retaining organic and
in-organic strategies, which thereby offer lucrative opportunities in this
market.
For instance, 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. The acquisition helps MicroPort to add these diverse cardiac
rhythm management portfolio to their existing product portfolio. In August 2014, Medtronic plc completed
acquisition of Sapiens Steering Brain Stimulation (Sapiens SBS): a developer of
Deep Brain Stimulation (DBS) technologies; for deal value of US$ 200 million.
Moreover, acquisition of Sapiens SBS strengthens Medtronic's capabilities in
modulation of brain function.
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Browse 32 Market Data Tables and
36 Figures spread through 192 Pages and in-depth TOC on "Electroceutical
Devices Market, by Product Type (Cardiac Pacemakers, Implantable Cardioverter
Defibrillators, Cardiac Resynchronization Therapy Devices, Retinal Implants,
Cochlear Implants, Spinal cord Stimulators, Deep brain Stimulators, Sacral
Neuromodulators and Others), by Modality (Implantable Electroceutical Devices
and Non-Invasive Electroceutical Devices), by Application (Chronic Pain,
Cardiovascular Diseases, Ophthalmic Diseases, Neurological Diseases, Hearing
Disorders and Gastrointestinal Diseases), By End User (Hospitals, Ambulatory
Surgical Centers and Others) - Global
Forecast to 2026"
Furthermore, key players are
engaged in launching innovative electroceutical devices portfolio in market
along with gaining regulatory approval for the same. For instance, 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). Moreover, in November 2017, Cochlear Limited; received the U.S.FDA
approval for first remote feature to nucleus cochlear implant system thorough a
telemedicine platform, which allow follow-up programming sessions. This
approval is first in the artificial cochlear implant industry, benefiting
various cochlear implant patients who are unable to access consistent
follow-ups. Furthermore, manufacturers of implantable cardiac pacemakers are updating
their product portfolio by implementing inorganic growth strategies to sustain
their foothold in the market. In April 2016, Medtronic plc received U.S.FDA
approval for the world's smallest pacemaker, the Medtronic Micra Transcatheter
Pacing System (TPS). The Micra TPS is based on miniaturized pacing technology,
which allows it to be delivered through a catheter and implanted directly into
the heart.
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Key takeaways of the Electroceutical
Devices Market:
The global electroceutical
devices market is expected to expand at a CAGR of 8.0% during the forecast
period (2018 – 2026), owing to growing engagement of various market players to
develop innovative electroceutical devices
Among product segment,
implantable cardioverter defibrillators segment accounted for high revenue
share in market, owing to its wide application in various heart disease
conditions. According to American Heart Association (AHA), implantable
cardioverter defibrillator play major role in preventing cardiac arrest in
high-risk patients of ventricular arrhythmias.
Implantable electroceutical
devices hold major market share in modality segment. Implantable
electroceutical devices are being used for long period, along with that these
devices offer continuous treatment within the patient’s body and provides easy
environment for easy treatment of patients.
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).
Hospitals hold major market share
in end user segment, owing to increased number of electroceutical devices
implant procedures in hospitals.
Some of the major players
operating in global electroceutical devices market include Medtronic plc,
Abbott Laboratories, Cochlear Ltd. Sonova Holding AG, Advanced Bionics AG,
Boston Scientific Corporation, electroCore, Inc., Biotronik, ReShape
Lifesciences, Inc., and LivaNova, PLC.
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