Bioelectronics Market
Number of pages: 100 | Report Format: PDF | Published date: January 17, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 10.19 billion |
|
Revenue Forecast in 2030 |
US$ 25.27 billion |
|
CAGR |
10.62% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Type, Product, Application, End user, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global bioelectronics market was valued at US$ 10.19 billion in 2021 and is expected to register a revenue CAGR of 10.62% to reach US$ 25.27 billion by 2030.
Bioelectronics Market Fundamentals
Bioelectronics is a multidisciplinary field developed by the combination of biology and electronics that can be used for diagnostic and therapeutic purposes in the healthcare industry. Bioelectronics is based on the principles of electrical engineering and has wide applications in medicine, biological research, and physiological health. Bioelectronics is a trending subject among scientists and is highly researched for treatment in various fields, such as sensory, muscular, and autonomic disorders. The main aim of bioelectronics is to interact with soft and motile tissues. Bioelectromagnetic, neural networks, instrumentation, sensor technologies, and robotics are some of the primary disciplines crucial for understanding bioelectronics. For instance, bioelectronic systems play an important role in the medical sector and cardiac pacemakers or implants for the hearing impaired.
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Bioelectronics Market Dynamics
Growing involvement of electrical and/or electronic studies in the medical fields has led to revenue growth in the bioelectronics market. Over the past decade, bioelectronics has grown at a rapid pace and illustrates significant revenue growth during the forecast period. This can be attributed to growing demand for diagnostics and monitoring devices and increasing adoption of cardiac pacemakers and blood pressure cups. Additionally, rising technological advancements and increasing launch of novel and/or advanced products, such as medical imaging devices, are also boosting market revenue growth. Moreover, various advantages of bioelectronics have raised their demand, thereby increasing business opportunities for players operating in the bioelectronics market.
Bioelectronics provides a virtual environment by enhancing the learning experience for healthcare trainees through realistic activities. Bioelectronic brain stimulation can also offer relaxing or stimulating effects comparable to those caused by tranquilizers or pharmacological stimulants, thus enhancing the treatment for mental health. Bioelectronic medicines are one of the major drivers of market revenue growth as it has gained a lot of attention from healthcare workers and researcher. Bioelectronic medicine has the potential to revolutionize the therapeutics system for disease by developing nerve-stimulating devices which can interact with the central and peripheral nervous systems.
However, bioelectronics faces problems in two major areas, namely healthcare-assisted technologies and medical diagnostics. There is still an opportunity for advancement in medical diagnostics and healthcare services by offering high-quality, creative, and cost-efficient solutions that enable safe and effective patient care. The factors impacting negatively on the revenue growth of the bioelectronics market include need for high-resolution imaging technology in distant places and high cost of sophisticated bioelectronics devices.
Bioelectronics Market Ecosystem
The global bioelectronics market is analyzed based on five parameters: type, product, application, end user, and region.
Bioelectronics Market by Type
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Based on the type, the global bioelectronics market is segmented into bioelectronic devices and bioelectronic medicine.
The bioelectronic medicine segment is expected to account for high revenue share during the forecast period. Consistently growing demand for personalized or customizable medicine and rapidly increasing R&D activities for the development of novel bioelectronics are influencing the revenue growth of this segment. This rapidly expanding discipline employs tailored electrical impulses to detect and treat a wide range of disorders, such as arrhythmias, treatment-resistant epilepsy, and chronic pain. Additionally, development of implantable bioelectronics technology also provides a great opportunity for manufacturing enhanced and effective tools for customizable electronic medicines, thus contributing to the high revenue growth of this segment. Bioelectronics in medicine, particularly electrode technology, is both historically significant and regarded as one of the most promising areas of progress for the future of implanted devices. These factors drive revenue growth in the bioelectronics market.
Bioelectronics Market by Product
Based on the product, the global bioelectronics market is segmented into electrochemical biosensors, piezoelectric biosensors, thermal biosensors, and optical biosensors.
The electrochemical biosensors segment dominates the bioelectronics market with the largest revenue share. The cell-based electrochemical biosensor offers an important contribution to biology, medicine, chemistry, pharmacology, and environmental research. These biosensors employ electrochemical transducers and whole cells as recognition elements, thus, expanding the bio-sensing and life science research. Some of the advantages offered by electrochemical biosensors include enhanced sensitivity, high precision & accuracy, simplicity in the interface, cost-effectiveness, minimal sample demand, simple integration into portable platforms, low power consumption, and multiplexing capabilities. These factors are projected to fuel revenue growth in this segment during the forecast period.
Bioelectronics Market by Application
Based on the application, the global bioelectronics market is segmented into fabrication templates, biochips, implantable devices, prosthetics, artificial organs, pills, surgical, biofuel cells, molecular motors, and others.
The bioelectronic implantable device segment leads the market with the highest revenue share. This high revenue growth of this segment is attributed to the enormously growing demand for technologically advanced implantable medical devices, including vital devices such as ear implants, pacemakers, and even gastric implants. The significant development in the technology with enhanced research resulted in the creation of implanted devices such as neuromodulation devices for chronic pain management, wirelessly powered devices to assist organ functions, and stimulation devices for accelerated bone repair. These factors are responsible for the dominance of this segment and hence increasing the market revenue growth.
The artificial organs segment is expected to account for the fastest revenue share during the forecast period. This is attributed to increasing number of organ failures due to aging and age-related illnesses, increase in the number of patients pool requiring organ transplants, and rise in severe roadside accidents resulting in amputations. Integration of bioelectronics with bio-nanotechnology, biocomputing, and material science has resulted in novel smart bioelectrical systems for homeland security, medical and environmental applications, and rising demand for bioelectronics to develop advanced medical imaging devices. These factors are expected to drive revenue growth in the bioelectronics market during the forecast period.
Bioelectronics Market by End User
In terms of the end user, the global bioelectronics market is segmented into healthcare, food & beverage, and environmental.
The healthcare segment accounts for the largest revenue share of the global bioelectronic market. This is attributed to large demand for bioelectronics in the medical field (especially in diagnostics & therapeutics). Additionally, growing need for prosthetics, implantable therapeutic systems, monitoring systems, and point-of-care (POC) are boosting the revenue growth in the global market. For instance, growing cases of disorders, such as arrhythmia, epilepsy, Alzheimer’s disease, retinitis pigmentosa, chronic pain, and depression, needing frequent or seldom hospitalization support the revenue growth of this segment. This aside, growing population and expanding healthcare infrastructure, leading to increased demand for bioelectric medications, is fueling revenue growth in the segment.
Bioelectronics Market by Region
Based on the region, the global bioelectronics market is segmented into North America, Europe, Asia Pacific, and the rest of the world (RoW).
North America accounts for the largest revenue share of the global bioelectronics market. The revenue growth of this region’s market is attributed to increase in applications of bioelectronics in various healthcare domains. Additionally, rise in cases of several serious diseases (such as cardiovascular diseases, cancer, and psychological disorders) due to sedentary lifestyles, presence of a significant number of R&D facilities, and increase in the adoption of refined and advanced products by healthcare professionals, clinicians, and patients, are likely to boost revenue growth in the North America bioelectronics market during the forecast period.
The market in Asia Pacific is expected to register revenue growth at a higher CAGR during the forecast period, owing to increase in the prevalence of chronic diseases, rise in the geriatric population, and growth in the need for transplantation surgeries in the region.
Bioelectronics Market Competitive Landscape
The prominent players operating in the global bioelectronics market are:
The global bioelectronics market is expected to value US$ 25.27 billion in 2030.
The expected revenue CAGR of the global bioelectronics market is 10.62% during the forecast period.
North America accounts for the largest revenue share of the global bioelectronics market.
Bioelectronics experiences concerns in two major areas, namely healthcare-assisted technologies and medical diagnostics. These factors are likely to restrain the revenue growth of the global bioelectronics market.
The bioelectronic devices segment dominates the global bioelectronics market based on application.
*Insights on financial performance are subject to the availability of information in the public domain