The global electroconvulsive therapy market consists of equipment and devices that are used to deliver electric currents to induce seizures intentionally for therapeutic reasons. Electroconvulsive therapy is a procedure, where small electric currents are passed through the brain, intentionally triggering a brief seizure. It is mainly used in the treatment of mood disorders like major depression, bipolar disorder, and schizophrenia, as well as other mental and neurological disorders. The electroconvulsive therapy procedure is performed under general anesthesia, along with muscle relaxants to avoid adverse effects like muscle contractions during seizures.
The Global Electroconvulsive Therapy Market is estimated to be valued at Us$ 16.1 Mn in 2024 and is expected to exhibit a CAGR Of 2.7% over the forecast period 2024 To 2030.
Key Takeaways
Key players operating in the Global Electroconvulsive Therapy Market Demand are Mecta, Ectron, Somatics, LLC., and St.Jude Medical (Abbott). Mecta is a leading provider of electroconvulsive therapy devices with several product offerings.
The growing incidence of mental health disorders globally presents significant growth opportunities for players in the electroconvulsive therapy market. According to the World Health Organization, over 300 million people are estimated to suffer from depression worldwide.
North American and European players are actively looking to expand in high growth markets such as Asia Pacific and Latin America. For instance, Somatics has strengthened its presence in China and Latin America over the past few years. Growing medical infrastructure and acceptance of therapy in developing countries will drive the market.
Market Drivers
Increasing prevalence of mental disorders - The growing incidence of neuropsychiatric disorders such as depression, schizophrenia, and bipolar disorders drives the demand for effective therapeutic procedures like electroconvulsive therapy. This is a major growth driver for the market.
Favorable regulatory environment - Regulations in several countries have eased the restrictions on the use of electroconvulsive therapy. Additionally, favorable reimbursement policies further support the growth of the market.
Market Restraints
Risk of adverse effects - Potential adverse effects of electroconvulsive therapy such as confusion, memory loss and bone fractures postprocedure limit widespread adoption. This acts as a major restraint for the market growth.
Availability of alternative therapies - Presence of other effective therapies such as transcranial magnetic stimulation and deep brain stimulation pose competition to electroconvulsive therapy.
Segment Analysis
The global electroconvulsive therapy market can be segmented into unilateral and bilateral treatment types. The bilateral treatment segment currently dominates the market owing to its high effectiveness in treating severe depression and other mental health conditions. Bilateral ECT involves delivering electrical stimulus to both sides of the brain simultaneously and has higher success rates than unilateral treatment.
Global Analysis
Regionally, North America holds the largest share in the global electroconvulsive therapy market and is expected to maintain its dominance over the forecast period. This can be attributed to increasing prevalence of mental illnesses and availability of advanced ECT devices and skilled professionals in the region. Asia Pacific is anticipated to experience the highest growth rate in the coming years. Factors such as rising awareness about mental health issues, growing geriatric population, and improving healthcare infrastructure are boosting the adoption of ECT in Asia Pacific countries.
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