Medtronic plc (Ireland) and Boston Scientific Corporation (US) are Leading Players in the Electroceuticals/Bioelectric Medicine Market
The global electroceuticals/bioelectric medicine market is projected to reach USD 33.6 billion by 2029 from USD 23.9 billion in 2024, at a CAGR of 7.0% during the forecast period. The electroceuticals market is experiencing growth primarily due to factors such as an increasing elderly population leading to higher prevalence of neurological, hearing loss and cardiovascular disorders, growing government support and funding for neurological disorders, and rising investments in research on CRM devices. However, the market is hindered by challenges such as the high cost of electroceutical devices and the need for significant capital investments.
The major players in this market are Medtronic plc (Ireland), Boston Scientific Corporation (US), Abbott Laboratories, Inc. (US), LivaNova PLC (UK), Cochlear Ltd. (Australia), MicroPort Scientific Corporation (China), Sonova Group (Switzerland), Nevro Corp. (US), Axonics Modulation Technologies, Inc. (US), Neuronetics, Inc. (US), ElectroCore, Inc. (US), NeuroPace, Inc. (US), BIOTRONIK (Germany), Medico S.p.A. (Italy), Nurotron Biotechnology Co. Ltd. (US), MED-EL (Austria), Aleva Neurotherapeutics SA (Switzerland), NeuroSigma, Inc. (US), BioWave Corporation (US), Soterix Medical Inc. (US), Bioinduction (Amber Therapeutics) (UK), GiMer Medical (Taiwan), Cefaly (Belgium), BioControl Medical (Israel), and tVNS Technologies GmbH (Germany).
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As of 2022, Medtronic (Ireland) emerged as the top player in the electroceuticals market. The company’s leading position in the market is attributed to its wide portfolio of neuromodulation devices, cardiac pacemakers, and implantable cardioverter defibrillators, as well as its strong geographical presence. The company has pursued various growth strategies, both organic and inorganic, to expand its market share. For example, in August 2023, Medtronic received CE Mark approval for its Inceptiv closed-loop rechargeable spinal cord stimulator (SCS), enhancing its neuromodulation offerings. Additionally, in 2022, the company obtained FDA approval for its InterStim X System, a next-generation personalized sacral nerve stimulation therapy for bladder and bowel control. These approvals have positively impacted Medtronic's market penetration.
During 2022, Boston Scientific Corporation (US) secured the second position in the electroceuticals market. The company’s growth in the market is supported by its wide presence in various regions and robust portfolio of neuromodulation, cardiac pacemakers, and implantable cardioverter defibrillator devices. In 2023, the company achieved a significant milestone with the US FDA approval of the Vercise Neural Navigator 5 Software. This software, when used with the Vercise Genus Deep Brain Stimulation (DBS) Systems, provides clinicians with simple and actionable data for efficient programming in the treatment of patients with Parkinson's disease or essential tremor. Furthermore, Boston Scientific also received FDA approval for its image-guided software, Vercise Neural Navigator with Stimview XT, for deep brain stimulation therapy in patients with Parkinson's disease. These approvals highlight Boston Scientific's commitment to innovation and its focus on providing advanced solutions for patients with neurological disorders.
In the year 2022, Abbott (US) emerged as the leader in the electroceuticals market. The company's prominent market position stems from its extensive product range and robust global presence across more than 160 countries. Employing both organic and inorganic growth strategies, the company has bolstered its standing through heightened investments in research and development, the introduction of new products, and securing regulatory approvals.
Related Reports:
Electroceuticals/Bioelectric Medicine Market by Product (Cardiac Pacemakers, ICD, Cochlear Implant, Neuromodulation (Deep Brain Stimulation)), Type (Implantable, Non-Invasive), Application (Arrhythmia, Heart Failure, Epilepsy) - Global Forecast to 2029
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