by Electroconvulsive therapy (ECT) is a procedure, wherein small electric currents are passed through the brain, intentionally triggering a brief seizure. ECT aims to treat various psychiatric conditions, such as major depression, bipolar disorder, and schizophrenia. Rising prevalence of psychiatric disorders like depression has been fueling the demand for ECT over the past few years. Additionally, increasing awareness about ECT and the availability of newer devices with enhanced safety features are supporting the growth of this market.
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 2.6% over the forecast period 2024 To 2031.
Key players operating in the Global Electroconvulsive Therapy are Mecta, Ectron, Somatics, LLC., St.Jude Medical (Abbott).
Key Takeaways
Key players: Key players operating in the Global Electroconvulsive Therapy Market Growth are Mecta, Ectron, Somatics, LLC., and St.Jude Medical (Abbott). Mecta dominates the market with its wide range of ECT devices.
Key opportunities: Growing geriatric population prone to develop depression and other psychiatric conditions presents significant growth opportunities. Rising adoption in developing countries also offers untapped potential.
Global expansion: Major players are investing in new product launches and focusing on geographic expansion strategies to consolidate their position. Expending capabilities to developing countries will further aid the global expansion of ECT market.
Market Drivers
Rising prevalence of psychiatric disorders: Growing incidence of major depression, bipolar disorder, schizophrenia, and other mental health conditions is a key factor augmenting the demand for ECT devices and procedures. According to WHO, over 300 million people suffer from depression worldwide.
New product launches: Introduction of newer devices with enhanced safety, upgraded functionality, and usability has improved the efficacy and acceptance of ECT therapy. Notable devices launched recently include Thymatron System V from Somatics and Monarch ECT device from CerboMed.
PEST Analysis
Political: Government’s regulations regarding the adoption and usage of ECT therapy devices. Growing favorable public reimbursement scenario is supporting the market growth.
Economic: Rising healthcare expenditure in developing countries is fueling the demand for ECT devices in the global market.
Social: Increasing adoption ECT therapy options for treating severe depression and other mental health disorders is a key factor.
Technological: Advancements in ECT devices like brief pulse devices and ultrasonic ECT are enhancing safety, patient comfort and therapeutic effectiveness. Development of FDA-approved devices is also boosting the market.
The global Electroconvulsive Therapy market in terms of value is concentrated majorly in North America. The region accounts for the largest market share owing to the presence of established healthcare infrastructure and favorable reimbursement policies.
Asia Pacific is projected to be the fastest growing region for the global Electroconvulsive Therapy market between 2024 and 2031. This can be attributed to factors such as rising mental healthcare expenditure, growing number of healthcare facilities, increasing medical tourism and expansion of private healthcare organizations in emerging countries like India and China.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
