Bioelectric Medicine Market is estimated to expand at a CAGR of 6% from 2023 to 2032 | insightSLICE
The global Bioelectric Medicine market size was estimated to be US$ 20.3 billion in 2021 and is expected grow at a CAGR of 6% between 2023 to 2032.
The confluence of science, engineering, and healthcare has resulted in the development of bioelectronic medicine. Electroceuticals and bioelectric medicine combine molecular medicine, bioengineering, and neurology to enable the creation of nerve-stimulating devices for use throughout the therapeutic process.
Many disorders are now detected and treated with the help of precise electrical impulses. Irritable bowel syndrome, asthma, blindness, cardiovascular disease, and other neurological ailments have all benefited from bioelectronic treatments.
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Global Bioelectric Medicine Market Key Segments:
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 Surgical Requirement
- Invasive
- Noninvasive
By Application
- Arrhythmia
- Depression
- Treatment-resistant depression
- Epilepsy
- Pain management
- Tremor
- Urinary and fecal incontinence
- Sensorineural hearing loss
- Parkinson’s disease
- Others
By End User
- Hospitals
- Individual Users
- Homecare Centers
- Ambulatory Surgical Centers
- Specialty Clinics
- Others
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
These drugs are an excellent alternative to therapy that often necessitate the continual injection of chemicals into the body. Bioelectric medicine has the potential to cure a wide range of disorders using both non-invasive and invasive procedures.
It is envisaged that it would replace pharmaceutical-based treatment in the next years, thereby lowering the number of adverse effects that patients experience from pharmaceutical medications.
Implantable cardioverter implants and defibrillators are part of the bioelectric medicine technique, as are brain implants such as cochlear implants, spinal cord stimulators, and retinal implantable devices.
The key players of the Global Bioelectric Medicine Market are:
Some of the important leading companies in the bioelectric medicine market include Second Sight Medical Products, Inc., SetPoint Medical, Abbott Laboratories, Boston Scientific Corporation, BIOTRONIK SE & Co. KG, Cochlear Limited, electroCore, Inc., Inspire Medical Systems, Inc., Nuvectra Corporation, NeuroMetrix, Inc, LivaNova Plc, Medtronic Plc, MED-EL, Nevro Corp., Omron Corporation, and Pixium Vision.
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Driving factors for the growth of Global Bioelectric Medicine Market
The increased prevalence of chronic illnesses in both developed and developing countries is one of the most important factors driving the growth of this market. The older population in both developed and emerging countries, in addition to the rising prevalence of diseases in the senior population, is driving the market growth.
Because these treatments may be advantageous in treating Parkinson’s disease, Alzheimer’s disease, epilepsy, and other disorders, the bioelectric medicine industry is expected to rise. The ability of this technology to control all of these ailments will be a significant benefit to the medical profession.
The use of this technology to treat obsessive-compulsive disorders and other cardiac issues is also expected to drive the global bioelectric medicine market over the forecast period.
The increased knowledge of the availability of bioelectric medications is fuelling the economy and is expected to fuel market expansion further. Cardiovascular diseases are among the most dangerous diseases, accounting for a large number of deaths worldwide.
Increased government expenditure to encourage enterprises to conduct R&D projects in this industry would assist fuel market growth. A rise in the number of licenses given by regulatory bodies is also encouraging and promotes industry growth.
The expansion of the electroceuticals and bioelectric medicine market is likely to be aided by a greater emphasis on development and research projects for more effective goods by government programs and private entities.
Regional performance of Bioelectric Medicine Market
North America is predicted to account for a substantially bigger percentage of the market in bioelectric medicine treatments throughout the forecast year due to the region’s completely evolved healthcare system and easy access to cutting-edge technical devices.
Furthermore, the North American bioelectric medical business is driven by an aging population and greater usage of eye implants for treating vision problems. Because so many research and development projects are currently being conducted in academic institutions, there has been a large market for bioelectric medicines, that has had a substantial impact on revenue growth.
Furthermore, significant R&D successes for bioelectric industrial integration are likely to have an impact on this industry and generate prospects for expansion.
Furthermore, the Asia Pacific market is expected to rise gradually over the forecast period due to the increasing prevalence of various health conditions such as epilepsy, brain injuries, as well as other conditions, in addition to the use of bioelectric devices in managing such conditions.
Bioelectric medicine is predicted to experience lucrative growth opportunities in Asia Pacific as a result of increased spending in research and development activities to create breakthrough therapeutic devices.
Each year, the number of individuals that suffer from seizures, Parkinson’s disease, and Alzheimer’s disease rise in countries like China and India. These variables are predicted to hasten bioelectric medical technology adoption. The sector is also expanding rapidly as a result of existing reimbursement legislation in developing countries.
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The leading market segments of Global Bioelectric Medicine Market
Because of the product’s widespread use in arrhythmia, the market segment for implantable cardioverter defibrillators retained the largest share in 2021. The expanding older population, combined with a rise in the number of cardiovascular illnesses, has resulted in increased adoption of such devices.
There is also a growth in the number of neurological illnesses that require treatment with brain implants, such as Parkinson’s. Because of the growing prevalence, the use of neurological bioelectric treatments is predicted to increase during the projection period.
Hindering factors for growth of Bioelectric Medicine Market
Government rules that regulate the development and production of medical equipment such as cardiac pacemakers, implantable cardioverters or defibrillators, and neuromodulation devices can restrict the market growth.
The devices must first go through rigorous clinical trials before gaining a PMA (premarket approval), which significantly raises the makers’ expenditures. Furthermore, gadget recalls are a severe problem for producers and may harm the industry’s growth.
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