Major Growth Boosting Factors:
The rising geriatric population and subsequent growth in the prevalence of neurological & cardiovascular disorders, the increasing investments and funding for research on CRM devices, and rising government support & funding for neurological disorders are the major factors driving the global growth for electroceuticals market.
Expected Revenue Gains:
The global electroceuticals market is projected to reach USD 21.5 billion by 2026 from USD 16.8 billion in 2021, at a CAGR of 5.0% during the forecast period.
Overview:
This study involved four major activities in estimating the current size of the electroceuticals market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate segments and subsegments’ market size.
End Users:
Based on end users, the electroceuticals market has been segmented into hospitals, clinics, and ambulatory surgical centers (ASCs); and other end users. In 2020, the hospitals, clinics, and ASCs segment accounted for the largest share of the electroceuticals market, mainly due to the increasing adoption of electroceutical devices to serve a large patient pool. The rising incidence of cardiovascular & neurological conditions and the improving healthcare infrastructure in developing countries also drive the market growth of this end-user segment.
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Geographical Growth Dynamics:
The global electroceuticals market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest regional market for electroceutical devices in 2020. The large share of North America in this market can be attributed to the increasing prevalence of cardiovascular & neurological disorders and the highly developed healthcare system in the US and Canada.
Market Size Estimation:
Both top-down and bottom-up approaches were used to estimate and validate the electroceuticals market’s total size. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
# The key players in the industry have been identified through extensive secondary research.
# The revenues generated by leading players operating in the electroceuticals market have been determined through primary and secondary research.
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation:
After arriving at the overall market size applying the process mentioned above, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
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