The global electroconvulsive therapy market comprises therapeutic devices that deliver electric currents to induce brief seizures or convulsions for the treatment of mental disorders such as depression, bipolar disorder, and schizophrenia. ECT devices offer a highly effective and approved treatment option for severe depression and other mental disorders that do not respond to antidepressant medications. Technological advancements including brief pulse ECT devices and ultra brief pulse ECT machines have improved the safety, efficacy, and patient tolerability of ECT treatments.
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 Takeaways
Key players operating in the Global Electroconvulsive Therapy Market Size are Mecta, Ectron, Somatics, LLC., St.Jude Medical (Abbott). Mecta and Ectron collectively hold over 50% of the market share owing to their robust product portfolios and global distribution networks.
The growing prevalence of mental illness worldwide along with the rising recognition of ECT as an effective treatment option is fueling the demand for electroconvulsive therapy devices. According to WHO estimates, over 264 million people suffer from depression globally.
Leading manufacturers are expanding their presence in developing markets of Asia Pacific and Latin America through partnerships and acquisitions. Increasing investments by governments and private organizations to modernize and improve access to mental healthcare is expected to boost the adoption of ECT in emerging nations.
Market Drivers
The increasing incidence of mental health disorders due to rising stress levels, substance abuse, and loneliness during the pandemic outbreak is a major factor driving the need for effective therapeutic solutions. ECT remains one of the most effective treatments for severe depression, mania, and schizophrenia, especially in patients who do not respond to standard antidepressant medications. According to the National Institute of Mental Health, over 21% of Americans suffer from mental illness each year. Favorable regulatory guidelines and reimbursement policies in various countries are also prompting the uptake of electroconvulsive therapy.
The current geopolitical turmoil is impacting the growth of the global Electroconvulsive Therapy market. Various political conflicts and economic sanctions imposed by some countries on others are disrupting global supply chains and trade relations. This makes import and export of Electroconvulsive Therapy devices difficult for players operating in sanctioned countries. Furthermore, budget allocations for healthcare tends to reduce in times of geopolitical issues as governments prioritize defense spending over social sectors. This leads to lower expenditures on mental health treatments including Electroconvulsive Therapy in many nations.
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