by Electroconvulsive therapy (ECT) is a treatment procedure used to relieve severe and treatment-resistant mental illnesses like major depression. It involves inducing brief seizures through controlled electrical stimulation of the brain using a medical device. ECT restores normal brain chemistry and provides relief from depressive symptoms. It is a standardized medical procedure administered under anesthesia in a properly equipped room. ECT offers acute symptom relief and is widely used when other treatments have failed.
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 Demand are Mecta, Ectron, Somatics, LLC., St.Jude Medical (Abbott).
The growing prevalence of mental health disorders like major depression and lack of effectiveness of antidepressant medications is driving the demand for electroconvulsive therapy procedures globally.
Major players are expanding their geographical footprint in emerging markets like Asia Pacific and Latin America to tap the growing unmet need for treatment of severe mental illnesses in these regions.
Market Key Trends
Technological advancements like brief pulse ECT devices and unilateral electrode placement techniques are minimizing cognitive side effects associated with ECT. This trend is making ECT a more tolerated treatment option and increasing its acceptability.
Porter’s Analysis
Threat of new entrants: High cost of entry and regulatory hurdles prevent new players from entering the market easily.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiated products from existing players.
Bargaining power of suppliers: Existing players have established supplier network so suppliers have low bargaining power.
Threat of new substitutes: Low threat as no close substitutes exist for ECT though pharmacological therapies are used for some mental illnesses.
Competitive rivalry: Intense competition exists among existing players to gain higher market share through product innovation and expansion.
The geographical region where the global electroconvulsive therapy market in terms concentrated in terms of value is North America. The region accounts for the largest share in the global market in 2024 due to growing geriatric population, increasing focus on treatment of mental disorders, and availability of advanced healthcare facilities.
The fastest growing region for the global electroconvulsive therapy market during the forecast period from 2024 to 2031 is Asia Pacific. This is attributed to rising prevalence of mental illness especially depression, increasing healthcare expenditure, growing awareness about ECT therapy, and improving healthcare infrastructure. Countries such as China and India are expected to drive the market growth in the region during the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
