Bioelectric Medicine Market Size Worth USD 44.59 Billion in 2032 | Emergen Research

Vancouver, Nov. 23, 2023 (GLOBE NEWSWIRE) -- The global Bioelectric Medicine Market will be worth USD 44.59 billion by 2032 , according to a current analysis by Emergen Research. The growth of the market across the globe is majorly attributed to the key driving factors like increasing geriatric population which often leads to a spike in the requirement of bioelectric medicine, growing dependency of diseases inciting the utilization of bioelectric medicine, increasing frequency and number of investments and funds targeted towards the R&D of novel therapeutics and electroceuticals, leading to restricted rate of success of medicines focusing on the treatment of specific disease, growing number of reactions to drugs, and rise in the levels of awareness among consumers.

The market is anticipated to grow at a considerable rate mainly because of the opportunities that are with the reach of its domain, which also includes growth in developing economies coupled with technological advancement in bioelectric medicine. Given the aforesaid factors, there are a handful of restraining factors which are hampering the market growth. These challenges extend to product recall, stringent scrutiny procedures when it comes to regulatory policies, exorbitant cost of electroceuticals, and side effects and complications associated with the bioelectric medicine devices.

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Segments Covered in the report

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MAJOR COMPANIES and Market Share Analysis

The market for Bioelectric Medicine is highly fragmented with a large number of small as well as medium-sized manufacturers, which account for a major global share of the market. The manufacturers involved in the Bioelectric Medicine Market are desegregated across the value chain.

Some of the prominent players in the Bioelectric Medicine Market include:

• Medtronic Plc.
• Boston Scientific Corporation
• St. Jude Medical
• Cochlear Ltd.
• LivaNova PLC
• Sonova
• Biotronik
• Second Sight
• Nevro Corp.
• ElectroCore

Strategic Development

• US based Boston Scientific Corporation acquired Vertiflex, Inc. in June 2019. Vertiflex mainly focuses on minimally invasive technology which aids in alleviating pain, thereby restoring the usual physical functionalities of lumbar spinal stenosis. It is anticipated that the deal is likely to strengthen radiofrequency ablation portfolio and spinal cord stimulation.

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Key Highlights from The Report.

• In March 2019, Novocure, a U.S.-based electroceutical developer, received the approval from FDA for their patented bioelectric brain stimulators which can be utilized is close association with the existing chemotherapy.
• The bioelectric medical devices are mostly wearables which are implanted internally or externally in the body. The majority of these devices are designed in a way to stimulate the vagus nerve in the human body to keep in track with the patient's lungs breathing and heart beating. The vagal nerve stimulators and devices which are mainly used to diagnose depression and epilepsy are implants, which makes the products easy to use. This ease of usage is a factor which also stimulates the growth of the market.
• The major competitors operating in the industry are frequently involved in new product developments in order to increase the portfolio. Additionally, they also concentrate of collaborations, mergers, and acquisitions with technology companies especially biotech companies. The organizations also focus on regional expansions in order to gain maximum revenue share in the sector. All these initiatives are in turn propelling the market valuation on a global scale.

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For the purpose of this report, Emergen Research has segmented into the global Bioelectric Medicine Market on the product type, application, end user and region:

• Product Type Outlook (Revenue, USD Billion; 2019-2032)

• Cardioverter defibrillators
• Cardiac pacemakers
• Cohlear implants
• Spinal cord stimulators
• Brain stimulators
• Sacral and vagus nerve stimulator

• Application Outlook (Revenue, USD Billion; 2019-2032)

• Arrhythmia
• Pain Management
• Sensorineural hearing loss
• Parkinson’s disease
• Tremor
• Depression

• End User Outlook (Revenue, USD Billion; 2019-2032)

• Hospitals
• Ambulatory Surgery Centers
• Diagnostic Centers

• Regional Outlook (Revenue: USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. UK
    2. Germany
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • MEA
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

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