March 2, 2024

Global Electroconvulsive Therapy Market Is Estimated To Witness High Growth Owing To Rising Incidences Of Mental Disorders

Electroconvulsive therapy (ECT), also known as electroshock therapy, involves the application of electric currents to induce controlled seizures with anesthetization and muscle relaxation. It is one of the most effective and commonly used medical treatment for severe and treatment-resistant mental disorders such as major depression, bipolar disorder, and schizophrenia. The therapeutic seizures induced during ECT can provide relief for symptoms such as depression, hallucinations, and suicidal thoughts within 2-4 treatments. ECT is usually administered under general anesthesia with curare to produce seizures and minimize risks of injury.

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). Key players are mainly focused on new product launches and geographic expansions to gain competitive advantage.

The rising awareness about mental health disorders and availability of reimbursement schemes for ECT procedures are the major opportunities in the market. Furthermore, favorable government policies and programs for treatment of mental health diseases will also boost the adoption of ECT in the coming years.

Globally, North America dominated the Electroconvulsive Therapy market in 2019 due to supportive reimbursement policies and developed healthcare infrastructure. However, Asia Pacific is expected to witness highest growth during the forecast period due to increasing focus of key players, rising incidence of mental disorders, and growing healthcare expenditure in the region.

Market Drivers

The global Electroconvulsive Therapy market is primarily driven by rising prevalence of mental disorders such as depression and bipolar disorder. According to WHO, over 300 million people are affected by depression worldwide. ECT is considered as the most effective treatment for severe cases of mental illnesses. Furthermore, the preference of ECT over other treatment options owing to its faster response rate and fewer side effects compared to medications is also boosting the market growth.

 

PEST Analysis

Political: Governments worldwide have regulations in place that influence hospitals and clinics providing electroconvulsive therapy. These regulations determine treatment standards and licensing requirements for medical professionals.

Economic: Changes in the global economy can impact healthcare sector spending on equipment like electroconvulsive therapy devices. Higher disposable income also influences more people seeking treatment options like ECT.

Social: Society’s attitudes towards mental health issues and available treatments affect how widely electroconvulsive therapy is accepted and utilized. Increased awareness of its efficacy and safety improves social perception.

Technological: New advances in electroconvulsive therapy device design and functioning allow for shorter treatment durations and reduced cognitive side effects. This along with brain imaging techniques make the procedure better targeted.

The geographical regions where the global electroconvulsive therapy market is concentrated in terms of value are North America and Europe. North America alone accounts for nearly half the market value owing to developed healthcare infrastructure and favorable reimbursement policies. Europe is the second largest regional market due to wide availability and social acceptance of ECT especially in Western and Northern European countries.

The Asia Pacific region represents the fastest growing geographical market for electroconvulsive therapy globally. This growth is attributed to rising awareness about mental health and increasing healthcare expenditure in developing countries like China and India which are investing heavily in modernizing and expanding their medical infrastructure and services. Other fast developing countries in Southeast Asia are also contributing to the market’s expansion in the Asia Pacific region.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it