The global electroconvulsive therapy market involves usage of electric currents administered through electrodes placed on head to provide controlled seizures for the treatment of several mental disorders including major depression, schizophrenia, and bipolar disorder. ECT is consider an effective treatment approach when other alternatives have failed to provide relief from persistent or severe disabling symptoms of various psychiatric conditions. The therapeutic theory behind ECT involves inducing brief seizures which is believed to elicit biochemical and physiological changes in the brain that reverse symptoms of certain mental health illnesses. The device used for administering ECT generally consists of a pulse generator and electrodes that attach to the head to deliver electric stimulation.

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., St.Jude Medical (Abbott). Mecta and Ectron collectively hold over 70% of the market share owing to their well-established product portfolios and global distribution networks.

There is growing demand for electroconvulsive therapy owing to rising prevalence of mental health conditions combined with limitations of alternative treatment drugs. ECT is often utilized for patients not responding to medications or experiencing severe side effects from drugs.

The market is witnessing expansion in regional markets of Asia Pacific and Latin America due to increasing awareness and availability of advanced ECT devices in developing countries. Major players are focusing on expanding access to therapy in these untapped growth territories.

Market Drivers

Increasing incidence of depression and other mental disorders globally is a major factor driving the electroconvulsive therapy market. According to WHO, over 300 million people are dealing with depression worldwide. Rising cases of failed treatments with antidepressants and psychotherapy has augmented the need for alternative treatment through ECT. Additionally,growing health insurance coverage for psychiatric disorders in developed nations is contributing to market growth.

The current geopolitical situation is impacting the growth of the global electroconvulsive therapy market. Several factors arising due to political conflicts and economic disruptions pose challenges. For instance, supply chain disruptions caused by the war in Ukraine is affecting the procurement of raw materials required for manufacturing electroconvulsive therapy devices. This has led to a rise in commodity prices globally. Additionally, international trade restrictions and sanctions on some countries have made it difficult to carry out cross-border business activities smoothly. This in turn is hindering market expansion opportunities in new geographic locations.

To sustain growth, manufacturers must develop alternative sourcing strategies and diversify supply networks to reduce dependency on politically volatile regions. Additionally, focusing on regionalizing production and prioritizing domestic/local markets can help minimize risks arising from uncertain global trade dynamics. Investing in new product development and service innovation is also critical to cater to the changing demands of customers. Developing next-gen digital therapeutics, that allow for remote prescribing and delivery of electroconvulsive therapy, can aid in overcoming geographic barriers. Collaborating with local distributors can further help expand reach while dealing with geopolitical tensions and regional instability issues.

In terms of value, the market is currently concentrated in North America due to robust reimbursement structures and increasing acceptance of electroconvulsive therapy especially for treatment-resistant depression. However, Asia Pacific is emerging as the fastest growing regional market on account of growing geriatric population, rising prevalence of mental health disorders, and improving healthcare infrastructure and spending in countries like China and India. The Latin America market is also expected to showcase significant growth prospects during the forecast period supported by government initiatives to boost access to mental healthcare.

Get more insights on this topic :

https://www.dailyprbulletin.com/global-electroconvulsive-therapy-market-is-estimated-to-witness-high-growth-owing-to-technological-advancements-in-medical-devices/