by ECT or electroconvulsive therapy involves the induction of seizures with controlled electric currents for therapeutic purposes. It is predominantly used in the treatment of major depressive disorder that has not responded to other therapeutic measures. ECT works by purposely triggering a brief, controlled seizure with small electric pulses to the brain. This deliberately induced seizure is believed to cause changes in brain chemistry that can rapidly reverse symptoms of certain mental health conditions. ECT is a highly regulated treatment that requires the use of anesthesia and muscle relaxants to minimize risks such as broken bones and provide maximum protection for patients. Despite controversies around its use, ECT remains an important therapy when other treatments have failed.
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 from 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 together hold over 70% of the market share due to their well-established brands and distribution networks worldwide.
The growing prevalence of mental health conditions coupled with limited efficacy of antidepressant drugs in treatment-resistant cases is fueling the demand for electroconvulsive therapy. According to the WHO, over 264 million people suffer from depression globally per year thus creating sustained demand for alternative treatment methods like ECT.
Major players are also expanding their operations in emerging regions of Asia Pacific and Latin America seeing higher potential for market growth. Increasing awareness, availability of trained professionals and favorable regulations will likely support the adoption of ECT in these untapped markets over the forecast period.
Market Key Trends
One of the key trends gaining momentum in the global electroconvulsive therapy market is the development of brief pulse and ultrabrief pulse devices. Traditional ECT uses pulse widths longer than 1 millisecond to induce seizures but new brief and ultrabrief devices use much faster pulse widths of under 1 ms. This reduces cognitive side-effects commonly linked to ECT like confusion and memory loss while still producing therapeutic effects. As these new devices demonstrate better safety profiles, their preference is increasing amongst healthcare professionals and patients alike. This shift towards lower intensity stimulation models will undoubtedly characterize future innovations in this space.
Porter’s Analysis
Threat of new entrants: The healthcare industry has stringent regulations which acts as a barrier for new companies to enter the market.
Bargaining power of buyers: Customers have limited bargaining power as there are few established players in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of suppliers for raw materials and components required for ECT devices.
Threat of new substitutes: There are no close substitutes for ECT in treatment of severe depression and other mental health conditions.
Competitive rivalry: Companies compete based on new product innovations, expansions and acquisitions.
Geographical Regions
North America currently dominates the global electroconvulsive therapy market in terms of value due to supportive reimbursement policies and rising prevalence of mental disorders. The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period owing to increasing healthcare expenditures, raising awareness levels and presence of less stringent regulations in countries like India and China.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
