Global Electroconvulsive Therapy Market is an integral part of treating severe cases of depression and other mental disorders. Electroconvulsive therapy (ECT) involves inducing a seizure through the application of electric current to the brain through electrodes placed on the head under anesthesia. It is generally used as a last-resort treatment for psychiatric disorders like major depression, bipolar disorder, and schizophrenia. ECT can lead to substantial improvement in depression and other mental symptoms that have not responded to other 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 Demand are Mecta, Ectron, Somatics, LLC., St.Jude Medical (Abbott). ECT devices offer greater opportunities for psychiatrists to treat severe forms of mental health conditions with higher efficacy compared to medications. The rising availability of devices across countries and high unmet needs for mental healthcare treatments is creating significant opportunities for players in the global market. Mecta, a leader in the ECT devices market, is expanding its footprint across Asia Pacific and Latin America to address the increasing demand.
Key opportunities in the market include increasing adoption rates of ECT for treatment-resistant depression in developing nations and better reimbursement policies for mental health treatments globally. As per studies, ECT delivers much higher remission rates than medication alone for severe depression and is preferred for cases with high suicide risks. The market is witnessing growing preference for brief-pulse devices that reduce cognitive side effects.
Market Drivers and Restrain
Rising prevalence of mental illnesses like clinical depression is a key driver for the electroconvulsive therapy market. As per WHO, depression is now the leading cause of ill health and disability worldwide. Over 280 million people are estimated to suffer from depression globally. ECT remains one of the most effective treatments available for severe and treatment-resistant depression when medications fail. However, lack of trained professionals, social stigma, and high costs involved act as major restraints for wider adoption of ECT therapy globally. The risks of memory loss associated with ECT also limit its acceptability among some patients.
Market Drivers and Restrain
Rising awareness and acceptance of ECT as an effective treatment option for severe mental illnesses like depression and bipolar disorder is a major driver for the market. Support from mental health organizations regarding safety and efficacy of modern ECT devices has increased acceptance levels. However, shortage of experienced ECT practitioners remains a key challenge, especially in developing regions. Additionally, high costs of ECT devices and therapy sessions make it largely inaccessible in low and middle-income countries. Social stigma surrounding ECT also negatively impacts market growth.
Segment Analysis
The global electroconvulsive therapy market can be segmented on the basis of device type and end user. Based on device type, the bifrontal electroconvulsive therapy segment is dominating the market as it is associated with fewer side effects and shorter memory loss as compared to unilateral electroconvulsive therapy. Bifrontal electroconvulsive therapy use two electrodes, one placed on each temple region, resulting in a generalized seizure that engages both sides of the brain equally.
Based on end user, the hospitals segment holds the largest market share. Hospitals are the primary locations where electroconvulsive therapy procedures are carried out. Most patients prefer hospitals over other healthcare facilities due to availability of advanced infrastructure and trained professionals.
Global Analysis
The North America region is dominating the global electroconvulsive therapy market currently. This can be attributed to high awareness levels about mental health, advanced healthcare facilities, and supportive reimbursement policies in countries like the US and Canada. The Asia Pacific region is expected to exhibit the fastest growth during the forecast period due to rising geriatric population, improving access to healthcare facilities, and increasing prevalence of depression in countries like China and India. Key players are focusing on expanding their operations in emerging markets through new product launches and collaborations with local players.
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