Electroconvulsive therapy (ECT) is a procedure, wherein small electric currents are passed through the brain intentionally, to trigger a brief seizure. It is mainly used in the treatment of major depression, bipolar disorder, and schizophrenia. ECT helps relieve symptoms by affecting brain chemistry and nerve cell activity. Technological advancements have led to refinements in ECT devices and procedures, making it safer and more effective with lesser side effects.
The global Electroconvulsive Therapy Market is estimated to be valued at US$ 16.1 Million in 2024 and is expected to exhibit a CAGR Of 2.7% over the forecast period of 2024 To 2030.
Key Takeaways
Key players operating in the Global Electroconvulsive Therapy Market Demand are Mecta, Ectron, Somatics, LLC., St.Jude Medical (Abbott).
Growing awareness about mental health issues and increasing application of electroconvulsive therapy in the treatment of various psychiatric conditions present lucrative growth opportunities.
Advancements in ECT device technology such as brief pulse electroconvulsive therapy and magnetic seizure therapy help reduce cognitive side effects and make the treatment more tolerable.
Market Drivers
Rising prevalence of depression and other mental illnesses drives the demand for electroconvulsive therapy. According to WHO, over 264 million people globally suffer from depression. ECT remains an effective treatment option for patients not responding to drug therapy or suffering from very severe conditions.
Reimbursement for ECT procedures in developed markets encourages its adoption. For instance, in the US, Medicare covers ECT services when proper protocol is followed. This reduces financial barriers improving access to treatment.
Current challenges in Global Electroconvulsive Therapy Market:
The global electroconvulsive therapy market is facing several challenges like lack of skilled professionals, negative social stigma associated with ECT procedures and strict regulatory approval process for new devices and therapies. The complex nature of the medical procedure requires highly skilled technicians and psychiatrists to administer the treatment safely. However, majority of healthcare facilities are facing shortage of such medical professionals who can perform ECT. This shortage is expected to hamper the growth of global market in coming years.
SWOT Analysis
Strength: ECT is considered the most effective treatment for severe depression and bipolar disorder when medications don’t work. It provides quick therapeutic benefits.
Weakness: ECT causes adverse cognitive effects like confusion and memory loss. It also carries social stigma of being inhumane.
Opportunity: Advancement in ECT device technology like brief pulse ECT can help reduce cognitive side effects. Rising mental health issues creates demand for effective therapies.
Threats: Stringent regulatory standards for safety and efficacy delays new product approvals. Lack of reimbursements and high therapy costs restrain market growth.
Geographical Regions
North America accounts for the largest share of global electroconvulsive therapy market in terms of value. This is attributed to factors like availability of state-of-art healthcare facilities, high adoption rate of new therapies, and presence of major market players. Asia Pacific is expected to witness fastest growth during forecast period due to growing population suffering from mental disorders, rising medical tourism, and increasing healthcare expenditure.
Germany holds the highest share of global electroconvulsive therapy market in European region owing to supportive government reimbursement policies and rising prevalence of psychiatric disorders. Whereas low and middle-income countries in Latin America, Middle East and Africa lag behind due to lack of skilled resources and poor economic conditions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it