Electroceuticals Industry – Major Leaders and Their Contribution in Global Growth

PUNE, India, 2020-May-04 — /EPR Network/ —

The electroceuticals market is expected to grow at a CAGR of 7.9% during the forecast period to reach USD 25.20 Billion by 2021 from an estimated USD 17.20 Billion in 2016. Electroceuticals encompass medical devices that use electrical impulses to modulate the body’s neural circuits as an alternative to drug-based intervention.

Electroceuticals are also known as bioelectronic medicine, which combine molecular medicine, bioengineering, and neuroscience to discover and develop nerve stimulating and sensing technologies to regulate biological processes and treat diseases. The market growth can be attributed to rising geriatric population, regulatory approval for new and advanced electroceuticals, growing investments and funds for the development of novel therapies and electroceuticals, rising prevalence of neurological disorders, and growing prevalence of hearing loss.

The electroceuticals/bioelectric medicine 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).

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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.

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