Electroceuticals/Bioelectric Medicine Market
Number of pages: 100 | Report Format: PDF | Published date: April 03, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 19.97 billion |
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Revenue Forecast in 2031 |
US$ 32.81 billion |
|
CAGR |
5.67% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product, Type, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global electroceuticals/bioelectric medicine market was valued at US$ 19.97 billion in 2022 and is expected to register a revenue CAGR of 5.67% to reach US$ 32.81 billion by 2031.
Electroceuticals/Bioelectric Medicine Market Fundamentals
Bioelectric medicine focuses on developing methods to treat diseases without needing drugs. Bioelectric medicine treatments are applied with the help of implanted or non-invasive devices that create and distribute periodic digital dosages to nerve bundles, resulting in a disease-fighting impact that can last hours or days and are based on principles comparable to pharmacological therapies. The rapid technological advancements in the MedTech industry and the rising prevalence of chronic illnesses are expected to expand the electroceuticals/bioelectric medicine market revenue expansion in the coming years. Increasing investments in the healthcare R&D industry, supporting government efforts, and the high prevalence of cardiac and neurological illnesses are all predicted to supplement the demand for electroceutical/bioelectric medicine during the forecast period.
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Electroceuticals/Bioelectric Medicine Market Dynamics
Rising demand for treating neurological disorders, technological advancements in the electroceuticals field, and increased investments and funding for research on cardiac rhythm management devices drive revenue growth in the electroceuticals/bioelectric medicine market. Electroceuticals are medical devices that provide neurostimulation for therapeutic reasons; nevertheless, they are most commonly used in ultra-miniature and/or injectable implants. Electrical stimulation therapy has grown in popularity recently as researchers believe it can be more effective than traditional medication-based therapies. As the use of electroceuticals grows, several research institutions are increasingly working on implanted neurostimulators to treat pain, hearing loss, and other disorders. Electrical stimulation therapies are proposed to promote neuronal repair and regeneration after damage and modulate brain plasticity pathways, which can aid in the recovery of lost functions. Acute electrical stimulation of damaged peripheral nerves is found to improve functional connections and change spinal cord excitability dysfunctions. Bioelectric devices that generate electrical impulses to either stimulate the regeneration of damaged spinal pathways or activate intact spinal networks beneath the injury have opened up new therapy options for spinal cord injuries. These are the major variables expected to fuel the market revenue growth during the forecast period. A convergence of advances in neuroscience, electronics, materials science, molecular medicine, and biomedical engineering, as well as over a billion dollars in government and industry investment, is driving revenue growth of the bioelectric medicine market.
According to recent studies, researchers believe that manipulating the body's neural networks might be a mainstream therapy for various serious health problems, including arthritis, asthma, and Alzheimer's disease, as well as depression, diabetes, and digestive disorders, within the next decade. Nerve stimulation has also shown promise in treating cardiovascular illness and septic shock and boosting memory.
One of the most challenging issues in implementing electroceuticals is understanding the financial benefits of electroceuticals, given that implantable and similar devices frequently have a higher upfront cost. A new generation of physicians is expected to be trained in electro-pharmaceuticals. Additionally, in some cases, electroceuticals fail to recognize the difficulties of treating a greater number of individual neurons consistently, durably, and non-disruptively without altering their function due to the enormous complexity of neurological systems.
Electroceuticals/Bioelectric Medicine Market Ecosystem
The global electroceuticals/bioelectric medicine market is analyzed from the following perspectives: product, type, application, end-user, and region.
Electroceuticals/Bioelectric Medicine Market by Product
Based on the products, the global electroceuticals/bioelectric medicine market can be further segmented into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, cardiac pacemakers, implantable cardioverter defibrillators, cochlear implants, transcutaneous electrical nerve stimulators, and others.
Implantable cardioverter-defibrillators (ICDs) are medical devices used to treat patients with arrhythmias. The ICDs continuously monitor the patient's heart rhythm and deliver an electrical shock to the heart to restore its normal rhythm if an arrhythmia is detected. With the rise in lifestyle-related diseases such as hypertension, diabetes, and obesity, the incidence of cardiovascular diseases has also increased. This has led to a greater demand for ICDs, as they are an effective treatment option for patients with arrhythmias. Additionally, the development of new technologies, such as miniaturization and wireless communication, has led to the development of more advanced ICDs that are smaller and more efficient. These technological advancements have increased the adoption of ICDs among patients and healthcare professionals. Also, the aging population is more susceptible to cardiovascular diseases and arrhythmias, and the demand for ICDs is expected to increase with the growing number of elderly people. The increasing awareness about ICDs and their benefits among patients and healthcare professionals is also driving the revenue growth of this segment in the electroceuticals market. The availability of favorable reimbursement policies for ICDs has also contributed to revenue growth in the market, making them more accessible to patients who need them.
Using low-voltage electrical current makes transcutaneous electrical nerve stimulation (TENS) a feasible therapeutic option for chronic pain. It works well on its standalone or with other pain medications, whether prescribed or over-the-counter. Some people who use TENS treatment may be able to lower their medication dosage. Because of its small size, TENS treatment can relieve pain anywhere, whether at home or on the road.
Electroceuticals/Bioelectric Medicine Market by Type
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Based on the technology, the global electroceuticals/bioelectric medicine market is segmented into implantable and non-invasive electroceutical devices.
The implantable electroceuticals devices segment accounts for the notable revenue share in the global market. Implantable electroceutical medicines are used in various applications of their miniaturized design and conformability, including muscle activation, heart stimulation, skin rejuvenation, and nerve modulation. They can also support a variety of other therapeutic modalities. These devices commonly treat cardiac failure and epilepsy because they stimulate the vagus nerve to enhance heartbeat and respiration. This results in the overall segment revenue growth.
The non-invasive electroceutical devices segment is expected to grow in terms of revenue share during the forecast period. This is owing to technical developments and increased R&D spending by businesses for new product creation. Furthermore, rising healthcare awareness and the popularity of electroceuticals in emerging nations such as India, China, South Africa, and Argentina will likely drive market revenue growth.
Electroceuticals/Bioelectric Medicine Market by Application
Based on the application, the global electroceuticals/bioelectric medicine market can be segmented into arrhythmia, pain management, sensorineural hearing loss, Parkinson's disease, tremors, depression, treatment-resistant depression, epilepsy, urinary and fecal incontinence, and others.
The arrhythmia segment is expected to account for a notable revenue share in the global market. Arrhythmias are a fairly common medical condition affecting millions of people across the globe. The currently available treatments for arrhythmias are limited and often have significant side effects. Electroceuticals offer a non-invasive, targeted approach that can potentially benefit patients. Recent advances in technology have made electroceuticals more effective and easier to use. For instance, new devices are being developed to monitor the heart's electrical activity and deliver electrical stimulation precisely when and where needed. This is owing to the increasing prevalence of arrhythmia, which is treated with implanted cardioverter-defibrillators and cardiac pacemakers. With advancements in treatment alternatives such as vagus nerve stimulators, the epilepsy application segment is expected to rise at a profitable revenue CAGR throughout the forecast period. Additionally, market players and research institutes are concentrating on developing novel products.
Epilepsy is a neurological disorder defined by aberrant brain activity, which results in seizures or periods of odd behavior, feelings, and, in some cases, loss of awareness. The epilepsy segment is expected to develop at a profitable revenue CAGR during the forecast period due to improvements in treatment alternatives such as vagus nerve stimulators. Organizations and research institutions are focusing on the introduction of unique technologies.
Electroceuticals/Bioelectric Medicine Market by End User
Based on the end users, the global electroceuticals/bioelectric medicine market can be segmented into hospitals, ambulatory surgical centers, specialty clinics, and others.
The hospitals and clinics segment is expected to have the highest revenue share due to the increased burden of chronic disorders such as arrhythmia, epilepsy, Alzheimer's, retinitis pigmentosa, chronic pain, and depression. Rapid revenue growth in the cases of epilepsy has been noticed in recent years due to head trauma resulting from accidents. The rising healthcare infrastructure and an older population have raised the demand for bioelectric medications. The availability of modern medical equipment for treating a wide range of serious diseases, as well as increased disposable income, is likely to promote the usage of electroceuticals in hospitals.
Electroceuticals/Bioelectric Medicine Market by Region
Based on the region, the global electroceuticals/bioelectric medicine market can be further segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Since the presence of medical device manufacturers such as Abbott and Boston Scientific Corporation, North America has led the market revenue with a revenue share in 2022. Furthermore, the highly developed healthcare system and the availability of innovative products in this area have propelled the regional market's revenue share. Furthermore, North America is followed by Europe due to the increased need for novel medical technologies for treatment. The existence of large bioelectric medicine producers and highly developed healthcare infrastructure is expected to continue to be important market revenue drivers.
Asian countries such as China and India have a growing geriatric population. Furthermore, the incidence of chronic disorders such as cardiac arrhythmias, Alzheimer's disease, Parkinson's disease, and epilepsy is increasing in this region, which is expected to promote electroceutical adoption.
Competitive Landscape of Electroceuticals/Bioelectric Medicine Market
Prominent manufacturers provide electroceuticals/bioelectric medicine products through extensive global distribution networks. It has spurred severe rivalry among manufacturers and put significant pressure on vendors' pricing strategies, which are expected to impact profit margins. The main players in this market are likewise well-known, established, and have a high level of brand loyalty.
The prominent players operating in the global electroceuticals/bioelectric medicine market are:
Strategic Development in Electroceuticals/Bioelectric Medicine Market
The global electroceuticals/bioelectric medicine market was valued at US$ 19.97 billion in 2022.
The arrhythmia segment dominates the global electroceuticals/bioelectric medicine market with the largest revenue share.
The expected size of the global electroceuticals/bioelectric medicine market in 2031 is US$ 32.81 billion at a revenue CAGR of 5.67%.
The lack of skilled professionals and comparatively low awareness of novel technologies are expected to hamper the global market revenue growth.
The global electroceuticals/bioelectric medicine market players are Medtronic Plc., Abbott Laboratories Inc., Boston Scientific Corporation, and Biotronik SE & Co KGw.
*Insights on financial performance are subject to the availability of information in the public domain