New York, United States, July 27, 2022 (GLOBE NEWSWIRE) -- The fields of molecular medicine, bioengineering, and neuroscience are included in electroceuticals and bioelectric medicine to facilitate the creation of nerve stimulating technologies for use throughout the treatment process. Utilizing electrical impulses, it brings about changes in the functioning of the organism. These medications are an option that may be utilised for therapy that involves the use of drugs. Electroceuticals and bioelectric medicine both function on the principle of neuro stimulation, which may be defined as the regulation of electrical impulses in the nervous system. It is capable of treating a wide range of disorders using both invasive and non-invasive approaches. In the next years, it is anticipated that it will replace treatment based on pharmaceuticals. Implantable pacemakers and defibrillators, as well as brain implants such as cochlear implants, spinal cord stimulators, and retinal implants, are all a part of this treatment modality.
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Rising elderly population, resulting in an increase in the frequency of neurological and cardiovascular problems
The elderly population as a whole has a significantly increased likelihood of acquiring neurologic or cardiovascular diseases. Because of their increased vulnerability to these diseases, elderly patients are an important subset of the total patient population. As a consequence of this, the expansion of this population subset will ensure a continued and intensified demand for electroceutical devices for the treatment of cardiovascular disorders and neurological disorders. These devices include implantable cardioverter defibrillators, deep brain stimulators, and spinal cord stimulators.
The use of this cutting-edge technology is being evaluated as a potential substitute for the medicinal treatment of a great number of conditions. Therefore, the number of adverse effects that the patient experiences will be reduced. The method of spinal cord stimulation and various implants, such as those for the cochlea and retina, are typically included in these therapies.
The expansion of the electroceuticals and bioelectric medicine market is also predicted to be driven by an increase in the focus of government initiatives and private firms on innovation and research and development projects for more effective treatments.
Major market participants can find considerable prospects for expansion in emerging economies such as India, South Korea, Malaysia, and Vietnam, as well as in African and Middle Eastern nations such as Israel, Saudi Arabia, and the United Arab Emirates. This can be ascribed to their relatively low regulatory obstacles, advancements in healthcare infrastructure, an increasing patient population, and increased expenditures in healthcare. In addition, the regulatory rules that are in place in the Asia Pacific area are more adaptable and business-friendly than those in industrialised countries. Because of this, as well as the growing rivalry in developed markets, prominent companies in the electroceuticals and bioelectric medicine industry have begun to concentrate their efforts on developing nations.
Report Scope
| Report Metric | Details |
| Market Size | USD 33.41 Billion by 2030 |
| CAGR | 5.78% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Type, Application, End User, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Medtronic plc (Ireland), Abbott Laboratories, Inc. (US), Boston Scientific Corporation (US), Cochlear Ltd. (Australia), LivaNova PLC (UK), Cochlear Ltd., ReShape Lifesciences Inc, InterStim Smart Programmer, Nevro Corp |
| Key Market Opportunities | considerable prospects for expansion in emerging economies |
| Key Market Drivers | Rising elderly population, resulting in an increase in the frequency of neurological and cardiovascular problems |
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Regional Overview of Bioelectric Medicine Market
The presence of medical device manufacturers in North America, such as Abbott and Boston Scientific Corporation, led to the region's dominance of the market in 2021, as measured by its revenue share, which was greater than 35.0 percent. In addition, the presence of a highly developed healthcare system as well as the accessibility of innovative goods in this region have contributed to the expansion of the market in this area. Because of the increasing need for cutting-edge medical technology for the treatment, Europe came in second place, followed by North America. It is anticipated that the existence of large bioelectric medication producers and highly developed healthcare infrastructure will continue to be important drivers driving the market.
Key Highlights
- The global market for Bioelectric Medicine was valued at USD 20.15 billion in 2021 and is expected to reach USD 33.41 billion in 2030 expanding at a compound annual growth rate (CAGR) of 5.78% from 2022 to 2030.
- Rise in the incidence of neurological and cardiovascular diseases will drive the market growth.
- Focus of government initiatives and private firms on innovation and research and development projects for more effective treatments create a good oppprtunity.
- The global Bioelectric Medicine Market is segmented into the following categories: Product, type, Application, end user and region.
- Because of the massive use of these products for the treatment of arrhythmia in 2021, the implanted cardioverter defibrillators market segment represented the greatest revenue share at more over 35.0 percent of total sales
- Based on type the market is classified into the following categories: Implantable bioelectric device, Non-invasive bioelectric device. Because of the massive use of these products in the treatment of conditions such as arrhythmia, chronic pain, ischemia, depression, tremor, and sensorineural hearing loss, implantable electroceutical devices held the biggest revenue share in 2021, which was greater than 85.0 percent.
- In 2021, the arrhythmia segment held a revenue share that was greater than 65.0 percent of the whole market. This allowed it to establish a commanding lead.
- The presence of medical device manufacturers in North America, such as Abbott and Boston Scientific Corporation, led to the region's dominance of the market in 2021, as measured by its revenue share, which was greater than 35.0 percent.
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Competitors in Bioelectric Medicine Market
- Medtronic plc (Ireland)
- Abbott Laboratories, Inc. (US)
- Boston Scientific Corporation (US)
- Cochlear Ltd. (Australia)
- LivaNova PLC (UK)
- Cochlear Ltd.
- ReShape Lifesciences Inc
- InterStim Smart Programmer
- Nevro Corp
Segmentation of Bioelectric Medicine Market
By product
- Implantable Cardioverter Defibrillators
- Cardiac Pacemakers
- Transcutaneous Electrical Nerve Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Cochlear implants
- Spinal cord stimulators
- Deep brain stimulators
By type
- Implantable bioelectric device
- Non-invasive bioelectric device
By Application
- Arrhythmia
- Depression
- Treatment-resistant depression
- Epilepsy
- Pain management
- Tremor
- Urinary and faecal incontinence
- Sensorineural hearing loss
- Parkinson’s disease.
By end user
- Hospitals
- Individual Users
- Homecare Centres
- Ambulatory Surgical Centres
- Specialty Clinics
By region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle east
TABLE OF CONTENT
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Bioelectric Medicine Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Type Overview
- Introduction
- Market Size & Forecast
- Implantable bioelectric device
- Market Size & Forecast
- Non-invasive bioelectric device
- Market Size & Forecast
- Introduction
- Application Overview
- Introduction
- Market Size & Forecast
- Arrhythmia
- Market Size & Forecast
- Depression
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Type
- By Application
- Canada
- By Type
- By Application
- Mexico
- By Type
- By Application
- Latin America
- By Type
- By Application
- Europe
- Market Size & Forecast
- Germany
- By Type
- By Application
- France
- By Type
- By Application
- U.K.
- By Type
- By Application
- Italy
- By Type
- By Application
- Spain
- By Type
- By Application
- Rest of Europe
- By Type
- By Application
- Asia Pacific
- Market Size & Forecast
- Japan
- By Type
- By Application
- China
- By Type
- By Application
- Australia
- By Type
- By Application
- India
- By Type
- By Application
- South Korea
- By Type
- By Application
- Rest of Asia-Pacific
- By Type
- By Application
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Type
- By Application
- South Africa
- By Type
- By Application
- Kuwait
- By Type
- By Application
- Rest of Middle East & Africa
- By Type
- By Application
- Introduction
- Company Profile
- Medtronic plc (Ireland)
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Abbott Laboratories Inc (US)
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Boston Scientific Corporation (US)
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Medtronic plc (Ireland)
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/bioelectric-medicine-market/toc
Recent developments
ReShape Lifesciences Inc. stated in April 2019 that it has successfully implanted its first patient in the ENDURE II study to support CE Marking of the ReShape Vest to treat obesity and metabolic illnesses, with clinical findings showing an excess weight loss of 85 percent after a year.
InterStim Smart Programmer was utilised in conjunction with the InterStim System for sacral neuromodulation therapy in 2018. Medtronic was the first to develop sacral neuromodulation, and this new device was intended to help the business expand its market share.
Nevro Corp. gained FDA clearance for the new Senza II SNS System in August 2018. The firm was able to increase its product range in the neuromodulation and pain treatment categories as a result of this launch.
ReShape Lifesciences scored its first success in the ENDURE 2 trial in April 2019. This business has successfully implanted its first patient in order to support the CE marking of the ReShape Vest, which is primarily intended to treat obesity. It also treats metabolic illnesses and has set a new weight-loss record in a single year.
News Media
Neuropathic Pain Market to Reach USD 3108.9 Million by 2026 at a CAGR of 5.3%
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