New York, USA, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Bioelectric Medicine Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Bioelectric Medicine Market Information by Type, Product, Application, and End User, and Region - Forecast till 2030”, the market size is projected to be worth USD 31.65 billion by 2030 at 6.46% CAGR during the forecast period 2022 - 2030.
Market Scope
In order to enable the development of nerve stimulating technologies for use throughout the therapeutic process, electroceuticals and bioelectric medicine incorporate the domains of molecular medicine, bioengineering, and neuroscience. Through the use of electrical impulses, it alters how the organism functions. These medications are an alternative that could be used in conjunction with drug-based therapy. The principles of neuro stimulation, which can be interpreted as the control of electrical impulses in the nervous system, underlie the operation of both electroceuticals and bioelectric medicine. It has the ability to treat a variety of illnesses with both invasive and non-invasive methods.
It is projected that it will take the place of medication-based treatment in the coming years. This therapeutic modality includes brain implants such cochlear implants, spinal cord stimulators, and retinal implants in addition to implantable pacemakers and defibrillators.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 31.65 Billion |
| CAGR | 6.46% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Product, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing prevalence of chronic & acute conditions |
| Rising funding by the government for bioelectric medicine |
Bioelectric Medicine Market Competitive Landscape:
The affluent firms in the bioelectric medicine industry are
- Medtronic (Ireland)
- Abbott (US)
- Boston Scientific Corporation (US)
- Cochlear Ltd. (Sydney)
- LivaNova PLC (UK)
- Biotronik SE & Co KG (Germany)
- ElectroCore, Inc. (US)
- Sonova (Switzerland)
- Nevro Corp. (US)
- Stimwave LLC (US)
Key corporations routinely undertake strategic objectives and make significant R&D investments in the development of sophisticated electropharmaceuticals and bioelectric therapies. To illustrate, in April 2022, Cochlear and Demant reached an agreement for Cochlear to buy Oticon Medical, a company that makes hearing implants. This would provide the business with more scale and allow it to raise its R&D spending and market expansion initiatives.
Bioelectric Medicine Market Dynamics:
Market Drivers:
Neurologic or cardiovascular disorders are substantially more likely to affect the senior population as a whole. Elderly people make up a significant portion of the overall patient population due to their higher susceptibility to various diseases. As a result, the growth of this population subset will ensure that the need for electroceutical devices for the treatment of cardiovascular and neurological problems continues to grow. Deep brain stimulators, spinal cord stimulators, and implantable cardioverter defibrillators are some of these devices.
Major market players can discover significant opportunities for growth in developing nations like Israel, Saudi Arabia, the United Arab Emirates, South Korea, Malaysia, and other Asian, African, and Middle Eastern countries. This can be attributed to factors such as their comparatively few regulatory barriers, improvements in the healthcare infrastructure, an increase in the patient population, and higher healthcare spending.
Additionally, compared to industrialized nations, the regulatory framework in the Asia-Pacific region is more flexible and business-friendly. Due to this and the increasing competition in developed markets, well-known companies in the electroceuticals and bioelectric medicine sectors have started focusing their efforts on underdeveloped countries.
Market Restraints:
Government laws that are too strict may impede the development and production of medical equipment including implantable cardioverter defibrillators, cardiac pacemakers, and neuromodulation devices. Before gaining a premarket approval (PMA), the devices must pass stringent clinical testing, which dramatically raises the price for the producers.
COVID 19 Analysis
COVID-19 has had a considerable positive impact on the demand for bioelectric medicine. This resulted from elements like the strong demand for the COVID-19 vaccine and its treatment medications. The preference for remote monitoring has increased as a result of the COVID-19 epidemic.
Tech companies, healthcare professionals, and patients are all becoming more and more interested in remote technologies like non-invasive electroceutical devices and portable pacemakers that allow clinicians to provide clinical advice to patients regardless of distance. Through increased attention to wearable and smart monitoring devices, the pandemic has assisted efforts in this area. For a variety of reasons, including their ability to detect hidden cardiac issues in those skipping regular medical sessions, these instruments could be useful during the pandemic.
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Bioelectric Medicine Market Segmentation
By Type
The two main types of bioelectric medications are Implantable Electroceutical Devices and Non-invasive Electroceutical Devices.
By Product
The main products included in the report are cardiac pacemakers, implantable cardioverter defibrillators, spinal cord stimulators, cochlear implants, transcutaneous electrical nerve stimulators, deep brain stimulators, vagus nerve stimulators, sacral nerve stimulators, and others.
By Application
Some of the most common uses for bioelectric medications are the treatment of arrhythmia, epilepsy, and sensorineural hearing loss.
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By End-User
The study lists the market end-users as ASCs, Hospitals & Clinics, and others.
Bioelectric Medicine Market Regional Insights
Given the higher frequency of chronic conditions like cardiovascular and neurological disorders, North America will outperform all other areas in the bioelectric medicine industry. According to the CDC, heart disease accounts for around 610 000 deaths in the US each year. About 370 of them passed away from coronary heart disease. The market is expected to grow due to the rising demand for better bioelectric therapy to treat these chronic ailments. Additionally, due to the presence of medical device manufacturers like Abbott (US) and Boston Scientific Corporation, North America led the market in 2021.
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The growth in the European market is bolstered by the surging demand for increased medical research and development activities to produce technologies that would be useful in treating many incurable diseases. The development of healthcare infrastructure in nations like France, Switzerland, and Germany is significantly influencing the expansion of this market.
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