New York, May 01, 2023 (GLOBE NEWSWIRE) -- The global bioelectric medicine market size is expected to be worth around USD 37.2 Billion by 2032 from USD 20.3 Billion in 2022, growing at a CAGR of 6.4% during the forecast period from 2022 to 2032.
Bioelectric medicine also known as electroceuticals or neuromodulation is a form of bioelectric medicine. It involves the use of electrical impulses to stimulate or inhibit nervous activity. This technology is relatively young and has shown positive outcomes in treating a number of conditions including chronic pain & seizures.
The Alliance for Advancing Bioelectronic Medicine is launching the first Bioelectronic Medicine Day in January 2022. This event will include an extensive health campaign. The campaign supported efforts in the field of bioelectronics. The market is booming due to a number of factors which includes the rising prevalence and severity of chronic diseases, the demand for minimally-invasive treatments, and technological advancements. The market will boom in the future because of increased investment in bioelectric development and research.
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Key Takeaway:
- By product, in 2022, the bioelectric medicine market was dominated by the implantable cardioverter defibrillators segment due to an increase in severe diseases.
- By type, the implantable electroceutical devices segment dominated the largest market share and accounted for the largest revenue share in the bioelectric medicine market in 2022.
- By application, the arrhythmia segment dominated the largest market share.
- By end-user type, the hospitals & clinics segment dominated the largest market share.
- In 2022, North America dominated the market with the highest revenue share of 35%.
- APAC is expected to grow at a greater pace owing to the growing geriatric populations in Asian countries like China & India.
Factors affecting the growth of the Bioelectric Medicine Industry
There are several factors that are affecting the growth of the bioelectric medicine industry. These include:
- Increasing prevalence of chronic diseases: The increasing incidence of chronic diseases like diabetes, cardiovascular disease, & neurological disorders drives the demand for bioelectric medicines as effective treatments.
- Advancements in technology: The bioelectric medicine industry is growing due to the development of advanced technologies such as implantable devices & neuromodulation therapy.
- Increasing investment in research and development: The industry of bioelectric medicine is attracting significant investment in research & development both from the public and private sectors. This has led to the development and introduction of new therapies and devices.
- Growing demand for non-invasive therapies: Bioelectric medicine is proving a promising option for treating numerous medical conditions.
- Increasing awareness about the benefits of bioelectric medicine: More research is being conducted and more success cases are being shared. This is increasing awareness of the benefits of bioelectrical medicine amongst healthcare professionals and patients.
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Top Trends in Global Bioelectric Medicine Market
Implantable devices are the latest trend in the bioelectric medicine market for healing conditions which include chronic pain & epilepsy. Bioelectric medicine is increasingly being used in personalized medicine for targeted therapy. According to the CDC report, Cardiovascular Diseases are the main cause of death in America. CVDs may be responsible for one-fourth of deaths. More than 80% of all CVD-related deaths are owing to stroke or IHD. CVDs will cost USD 1,044 billion by 2030. The market also showcases advanced devices that are safer, more efficient, and easier to use. The InterStim Smart Programmer was used in conjunction with the InterStim system to implement sacral neuromodulation. Medtronic introduced sacral neuromodulation first and the company expected this product improvement to boost its position in the market. Strategic collaborations, mergers, and acquisitions are increasing market share.
Market Growth
The global bioelectric market is showcasing significant growth primarily due to the growing demand for efficient treatments of chronic diseases, technological advances in medical devices as well as increasing investments in research & development. The market is expected to surge its growth trajectory over the next few years due to factors like the increasing prevalence of neurological disorders & the adoption of non-invasive treatments as well as the growing awareness of the benefits of bioelectric medicines among patients & healthcare professionals. The emergence of new companies in the market and the growing number of partnerships & collaborations among companies are expected to further fuel the market's growth. The bioelectric medicine industry is set to grow significantly in the next few years. It has a lot of potential for growth and innovation.
Regional Analysis
North America will be the dominant region of the global bioelectric medicines market with a market share of 35% and a projected CAGR of 7.2% over the forecast period. The growth has been surged by the presence of medical device manufacturers such as Abbott & Boston Scientific Corporation as well as a highly developed healthcare system. North America was closely followed by Europe because of the growing demand for innovative medical products. The presence of large bioelectric medicines manufacturers & a strong healthcare infrastructure is anticipated to be key driving factors for the market. The Asia Pacific region is expected to show the highest CAGR during the forecast period due to the growing geriatric population in Asian countries such as China and India. In this region, chronic diseases such as Alzheimer's and Parkinson's are on the rise.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 20.3 billion |
| Market Size (2032) | USD 37.2 billion |
| CAGR (from 2023 to 2032) | 6.4% |
| North America Revenue Share | 35.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The global bioelectric industry is surged by numerous factors which include the increasing prevalence of chronic diseases, technological advancements, & the growing geriatric population. Other factors include rising healthcare costs, increased awareness about the benefits of bioelectric medicine, and the increasing prevalence of chronic disease. The rising incidence of chronic diseases such as cancer, diabetes, cardiovascular disease, and others has led to a huge demand for bioelectric medicine. The use of artificial intelligence & nanotechnology has led to more efficient and effective bioelectric medicine devices. The growth of bioelectric medicines is also influenced by the elderly population as there are many age-related diseases like Parkinson's and Alzheimer's. The market is also driven largely by increasing healthcare expenditures and the growing awareness about the benefits of bioelectric medicine.
Market Restraints
The fact that healthcare professionals do not know about the potential of bioelectric medicine can be a major obstacle to the adoption of these devices. There are also many factors that inhibit the growth of the market which include the high cost of bioelectric devices, the limited reimbursement policies, and the lack of skilled healthcare professionals. The regulatory approval process can be complex & long which can delay the release of new products. Some patients may have safety concerns about these devices and others prefer traditional medicine to bioelectric medicine. The COVID-19 epidemic has also had an impact on global bioelectric markets. This is due to disruptions in the supply chain and slowdowns of economic activities that have led to a decrease in the demand for bioelectric medical devices.
Market Opportunities
Global bioelectric medicine will grow rapidly in the coming years. Bioelectric medicine uses electrical signals to stimulate & regulate the body's signaling processes. This is mainly used to treat numerous conditions which include chronic diseases, neurological disorders, & cardiovascular diseases. The market is surging due to the rising demand for noninvasive, drug-free treatments along with the growing incidence of chronic diseases & technological advancements. The bioelectric medicine market will likely see new opportunities as the industry focuses more on personalized medicines & invests more in R&D. The global bioelectric market is projected to grow significantly in the coming years.
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Report Segmentation of the Bioelectric Medicine Market
Product Insight
The bioelectric medicine market is segmented by product into implantable cardioverter-defibrillators (ICD), Cardiac Pacemakers (CP), Cochlear Implants (CI), Spinal Cord Stimulators (SCS), Deep Brain Stimulators(DBS), Sacral Nerve Stimulators(SNS), Transcutaneous Electrical Nerve Stimulators(TENS), Vagus Nerve Stimulators and Other Products. The segment of implantable cardioverter-defibrillators is the most lucrative with a projected CAGR of 6.6%. The implantable cardioverter defibrillators segment will have a revenue share of 35% by 2022. The market is expected to grow because of the increasing incidence of sudden cardiac death, an aging populace, and new product development. The deep brain stimulation market is expected to grow at an attractive rate over the forecast period due to the rising prevalence of Parkinson's disease & lifestyle-induced disorders such as obesity and depression. In 2022, the segment of sacral nerve stimulation was responsible for a significant revenue share because of product innovation and new products.
Type Insight
The market is further subdivided by type into non-invasive and implantable electroceutical devices. The global bioelectric medicine industry is estimated to be dominated by implantable electroceutical devices. This segment has a market share of over 85% and a projected growth rate of 6.8% through 2022. This device was previously used to treat arrhythmias and chronic pain. It also treated depressions, tremors, and sensorineural losses. Manufacturers are focusing on launching products that meet the unmet needs of customers. In August 2018, Biotronik created a cardiac monitor named MoMe in order to improve the early diagnosis & detection of cardiac arrhythmias. The segment of noninvasive electroceutical devices is expected to surge most during the forecasted period due to technological advances and increasing investment from companies in R&D to develop innovative products.
Application Insight
According to application, the market can be divided into arrhythmias, pain management, sensorineural loss, Parkinson’s disease, tremors, treatment-resistant depression, epilepsy, urinary and fecal incontinence, and other applications. Arrhythmia with a market of 64.8% in the global bioelectric market and a projected 7.1% CAGR in 2022 is the most lucrative segment. This is due to the rising incidence of arrhythmia which involves the use of implantable cardioverter-defibrillators & cardiac pacemakers for the treatment. The epilepsy market is expected to grow at a high CAGR over the forecast period owing to the development of new treatment options such as vagus nerve stimulators. Research institutes and companies are focusing on developing innovative products. Sensorineural hearing loss is another important segment that will account for an important revenue share by 2022. This segment is primarily driven due to the growing number of patients who have hearing loss.
End User Insight
The market is segmented by end-user into hospitals & Clinics, ambulatory surgery centers, and other users. The hospitals & clinics segment with a revenue share of 90% is the most lucrative end-user segment in the global market for bioelectric medicine. It also has a projected CAGR (compound annual growth rate) of 7.4% over the forecast period. The growing population & improving healthcare infrastructure have fueled the demand for bioelectric medicines. Electroceuticals will be used more due to the increase in disposable income and advanced medical devices that treat severe diseases. The other segment is made up of research institutions and ambulatory surgery centers. This segment is expected to show a significant CAGR over the forecast period due to the increased investment in R&D for the development of new products.
Recent Development of the Bioelectric Medicine Market
- Merck KGaA Darmstadt, Germany, (Merck) partnered up with Innervia Bioelectronics in July 2021 to obtain graphene-based bioelectronic Vagus nerve treatments for critical chronic disease. The partnership will use the expertise of both companies in order to develop therapies for diseases that have unmet medical needs, which are within Merck's treatment areas.
- Pulse Biosciences, Inc. will announce in February 2021 that the first clinic patient has been treated using the CellFX System. This first commercial use marks the beginning of the Company's controlled release program, with product shipments made to respected dermatologists in the United States of America and Europe.
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Market Segmentation
Based on Product
- Implantable Cardioverter Defibrillators
- Cardiac Pacemakers
- Cochlear Implants
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Transcutaneous Electrical Nerve Stimulators
- Vagus Nerve Stimulators
- Other Products
Based on the Type
- Implantable Electroceutical Devices
- Non-invasive Electroceutical Devices
Based On the Application
- Arrhythmia
- Pain Management
- Sensorineural Hearing Loss
- Parkinson’s Disease
- Tremor
- Depression
- Treatment-resistant Depression
- Epilepsy
- Urinary and Fecal Incontinence
- Other Applications
Based on the End User
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Other End-Users
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
Major manufacturers offer numerous advanced electroceuticals via their strong distribution channels across the world. This has led to cutthroat competition between manufacturers & high pressure on pricing strategies by vendors which will affect profit margins. To capture a larger revenue share, the leading players are engaged in new product developments, collaborations, and mergers & acquisitions as well as regional expansions.
Some of the major players include:
- Medtronic
- Abbott
- Boston Scientific Corporation
- Cochlear Ltd.
- LivaNova PLC
- Biotronik SE & Co KG
- electroCore, Inc.
- Sonova
- Nevro Corp.
- Stimwave LLC
- Other Key Players
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