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.
Bioelectronic medicine is created by the fusion of research, engineering, and healthcare. Electroceuticals and bioelectric medicine incorporate the disciplines of molecular medicine, bioengineering, and neuroscience to allow the development of nerve-stimulating devices for application throughout the therapy process.
Many diseases are now being diagnosed and treated using precise electrical impulses. Bioelectronic drugs have proven to be particularly beneficial in the treatment of disorders such as irritable bowel syndrome, asthma, blindness, cardiovascular disease, and other neurological diseases.
These medications are a great alternative to therapies that generally require the continuous infusion of chemicals into the body. Bioelectric medicine can cure a wide spectrum of illnesses through both non-invasive and invasive methods. It is expected that over the coming years, it will substitute pharmaceutical-based treatment, reducing the number of undesirable effects that patients encounter from pharmaceutical drugs. The bioelectric medicine technique includes implantable cardiac implants and defibrillators, together with brain implants including cochlear implants, spinal cord stimulators, and retinal implantable devices.
Reasons promoting the growth of this market:
Among the most crucial aspects for the expansion of this market is the rising prevalence of chronic diseases in both developed and developing countries. The growing aging population in developed and developing countries, as well as the rising prevalence of disorders in the senior population, is driving market expansion.
The bioelectric medicine market is predicted to grow because these treatments could be effective in treating Parkinson's disease, Alzheimer's disease, epilepsy, and other diseases. This technology's potential to manage all of these disorders will be a huge advantage to the medical sector. The adoption of this technology to cure obsessive-compulsive disorders and other cardiac problems is also predicted to boost the global bioelectric medicine market during the forecast period.
The growing awareness of the accessibility of bioelectric medicines is driving the economy, which is projected to further fuel the market expansion. Cardiovascular illnesses are one of the most serious diseases that cause a huge number of deaths across the globe. Increased government spending to encourage companies to undertake research and development projects in this sector would help fuel market expansion.
A rise in the number of licenses granted by regulatory organizations is also positive and supports industry growth. The growth of the electroceuticals and bioelectric medicine market is expected to be boosted by a rise in the emphasis of government programs and private entities on development and research projects for more effective products.
Segments with highest growth potential:
In 2021, the market category for implantable cardioverter defibrillators held the biggest share due to the product's widespread use in arrhythmia. The growing elderly population, combined with an increase in the frequency of cardiovascular disorders, has led to an increase in the use of such devices. There is also an increase in the number of neurological diseases like Parkinson's which requires treatment by use of brain implants. Use of the neurological bioelectric medicines is also expected to grow during the forecast period due to increased incidence.
Hinderances in the growth:
Government regulations governing the design and manufacture of medical devices including cardiac pacemakers, implantable cardioverters or defibrillators, and neuromodulation devices can hinder the market's growth. The gadgets must first undergo severe clinical trials before receiving a PMA (premarket approval), which greatly increases the manufacturers' costs. Furthermore, device recalls are a serious issue for manufacturers and may have a detrimental impact on the industry's growth.
Because of the region's fully advanced healthcare system and good accessibility to cutting-edge technological devices, North America is expected to account for a comparatively larger profit share in the bioelectric medicine market over the forecast year. Furthermore, the growing older population and increased use of corneal transplants for treating eye disorders drive the North American bioelectric medicine industry.
Since so many R&D projects are now being carried out in academic institutions, there is a high demand for bioelectric medicines, which has a significant impact on revenue growth. Furthermore, positive R&D achievements for the integration of the bioelectric industry are expected to have an effect on this sector and create opportunities for expansion.
Furthermore, the Asia Pacific market is also predicted to grow gradually throughout the forecast period because of the rising prevalence of several health issues such as seizures, spinal cord injuries, and other illnesses, as well as the usage of bioelectric products in treating such disorders. Because of increased investments in research and development operations to build breakthrough therapeutic devices, bioelectric medicine is expected to enjoy profitable growth potential in the Asia Pacific.
The number of individuals suffering from epilepsy, Parkinson's disease, and Alzheimer's disease is increasing every year in countries such as China and India. These factors are expected to accelerate the adoption of bioelectric medicine technology. Also due to the current reimbursement laws available in developing countries, the industry is expanding significantly.
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, Pixium Vision, and Stimwave LLC are some of the major key players involved in the bioelectric medicine market.
By Surgical Requirement
By End User
Bioelectric medications are a great alternative to pharmaceutical therapies which require continuous infusion of chemicals into the body and reduce the number of undesirable effects that patients may encounter.
This report for Global Bioelectric Medicine Market segmented is segmented by product type, surgical requirement, application, end-users and geography.
Bioelectric medicine Market anticipated to expand at CAGR of 6% from 2023 to 2032.
The bioelectric medicine market size was estimated to be US$ 20.3 billion in 2021.
The market category for implantable cardioverter defibrillators held the biggest share due to the product's widespread use in arrhythmia.
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, Pixium Vision, and Stimwave LLC are some of the major key players.
The growing aging population in developed and developing countries, as well as the rising prevalence of disorders in the senior population, is driving bioelectric medicine market expansion.
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