Bioelectric Medicine Market Overview
The bioelectric medicine market size is projected to be worth USD 32.3 billion by 2032 at 4.7% CAGR during the forecast period 2023 - 2033. Bioelectronic medicine is a comprehensive approach to disease detection and treatment that employs electrical pulses and the body's natural mechanisms as an adjunct or alternative to drugs and medical procedures. The bioelectric medicine market has been segmented based on type, product, application, end user, and region. The market is driven by factors like the growing prevalence of chronic & acute conditions and rising funding by the government for bioelectric medicine. However, high cost of electroceutical devices and stringent government rules and regulations could hamper the growth of the bioelectric medicine market.Â
Combining bioengineering, molecular medicine, and neurology, bioelectric medicine creates nerve-stimulating devices to control biological processes during disease treatment. "Electroceuticals" describes a long-established therapeutic approach broadly referring to all bioelectronic drugs. It includes medical-related equipment that alters bodily function using electrical impulses to supplement drug-based treatment. The market is fueled by the increased incidence of acute and chronic illnesses and the government's increasing support for bioelectric treatment. However, the market for bioelectric medicines may be constrained by the exorbitant price of electroceutical equipment and strict governmental norms and restrictions.
To diagnose and treat various disorders, these gadgets typically read and alter the electrical signals traveling along the body's nerves that contain abnormal or unique impulses. The main factor projected to drive the market is the growing incidence of persistent illnesses like cardiac and neurological problems. Government restrictions on the design and production of medical devices, such as cardiac pacemakers, implantable cardioverter defibrillators, and neuromodulation devices, may limit the market's expansion. Before a PMA, the devices must pass stringent clinical trials, significantly raising the producers' expenses. Additionally, recalls of goods are a significant problem for producers and may hurt the expansion of the industry.
The elderly population uses cutting-edge electroceuticals such as implantable cardioverter defibrillators, cardiac pacemakers, cochlear implants, and spinal cord stimulators to treat these illnesses. Consequently, it is anticipated that the growing elderly population will propel the market for electroceutical/bioelectric drugs. Additionally, it is anticipated that the prevalence of chronic illnesses like cardiac and neurological problems will fuel market expansion. The rising global burden of chronic diseases like diabetes, cardiovascular disease, and neurological disorders primarily drives the electroceuticals market. The development of bioelectric medicine will improve the choices for treating chronic disorders, including Parkinson's disease and heart arrhythmias.
The newest transcutaneous afferent patterned stimulation (TAPS) device for Parkinson's disease-related essential tremor and action hand tremors will be introduced by Cala. Without the negative effects of conventional drugs, TAPS therapy allows patients to manage their everyday activities. The second half of 2023 will see the new product launch on the market.
COVID-19 Analysis
COVID-19 has positively impacted demand for bioelectric medicine significantly. This was due to factors such as high demand for vaccine and treatment drugs for COVID-19. Â
The COVID-19 pandemic has increased people's preference for remote monitoring. Remote gadgets like portable pacemakers and non-invasive electroceutical devices connected to the internet that enable clinicians to give clinical advice to patients regardless of distance are gaining increased interest from tech businesses, healthcare professionals, and patients. The pandemic has aided efforts in this area by drawing more attention to wearable and smart monitoring technologies. These tools could be helpful during the pandemic for a number of reasons, including their capacity to identify undiscovered heart conditions in people skipping routine medical appointments. Given these considerations, COVID -19 is expected to have a significant impact on the bioelectric medicine market.Â
Bioelectric Medicine Market Dynamics
Drivers
- Growing prevalence of chronic & acute conditions
The rising prevalence of chronic diseases such as cardiovascular and neurological disorders is expected to drive the market. The National Institutes of Health (NIH) and the Defense Advanced Research Projects Agency (DARPA) have both made significant investments in the field through programmes such as SPARC (Stimulating Peripheral Activity to Relieve Conditions) and ElectRx (Electrical Prescriptions). For instance, one recent study funded by DARPA's ElectRx, discovered that sacral nerve stimulation reduced inflammation in the colon. Furthermore, there is a high demand for advanced bioelectric medicine for the treatment of these chronic disorders, which will drive market growth.
- Rising funding by the government for bioelectric medicine
Market Restraints
- Stringent government rules and regulations
Stringent government rules and regulations governing the development and manufacture of medical devices such as implantable cardioverter defibrillators, cardiac pacemakers, and neuromodulation devices may hinder market growth. The devices go through rigorous clinical trials before receiving a premarket approval (PMA), which increases the manufacturers' costs significantly.
- High cost of electroceutical devices
Market Opportunities
- Technological advancements in bioelectric medicine
The technological advancements in bioelectric medicine will enhance the treatment options for chronic diseases such as cardiac arrhythmias and Parkinson's disease. For instance, Medtronic, a leading bioelectric medicine manufacturer, invested approximately USD 2,224 million in R&D for advanced product development. Moreover, during treatment of chronic diseases, the technologically advanced electroceuticals provide high reliability and efficiency. For instance, Apple Inc. (US) is currently undertaking research to integrate Parkinson’s disease tracking into its apple watch products. Therefore, such technological advancements and innovations are expected to provide lucrative growth opportunities for market players in the future.
Value Chain Analysis
The value chain analysis for the bioelectric medicine industry comprises four major components, which starts with the research & product development followed by the manufacturing of the products, distribution & sales, and ends with post-marketing surveillance. Throughout the value chain, customer requirements are kept in mind while designing products, methods to improve manufacturing turnaround times are employed and post launch, product monitoring is done to keep end users up to date with product features and ensuring product functions as intended in the market.
Bioelectric Medicine Market Segment Overview
By Type
- Implantable Electroceutical Devices
Pacemakers and defibrillators were the first bioelectric devices, followed by implants in the spine, ears, and eyes. Electroceutical devices stimulate nerves and tissue rather than drugs (pharmaceutical). These electroceutical devices are implanted or placed within a person's body. They must be implanted in a human body through a minimally invasive surgery
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- Non-Invasive Electroceutical Devices
Non-invasive electroceuticals provide pain relief without the use of drugs. For instance, a pulsed shortwave therapy (PSWT) device treats musculoskeletal pain, improves physical functionality, and enhances overall quality of life.
By Products
- Cardiac Pacemakers & Implantable Cardioverter Defibrillators
These are devices that are implanted in your chest or abdomen. A pacemaker aids in the control of abnormal heart rhythms. It uses electrical pulses to stimulate the heart to beat normally. It has the ability to accelerate a slow heart rhythm, control a fast heart rhythm, and coordinate the chambers of the heart. An ICD is a device that monitors heart rhythms. It delivers shocks if it detects dangerous rhythms. It can help control potentially fatal arrhythmias, particularly those that can result in sudden cardiac arrest. The majority of new ICDs can function as both a pacemaker and a defibrillator. Many ICDs also record the electrical patterns of the heart when there is an abnormal heartbeat. This can aid the doctor in future treatment planning.
Spinal cord stimulators are made up of thin wires (electrodes) and a small battery pack resembling a pacemaker. The electrodes are positioned between the spinal cord and the vertebrae (the epidural space), and the generator is positioned beneath the skin, typically near the buttocks or abdomen. When patients experience pain, spinal cord stimulators allow them to send electrical impulses remotely. The remote control and its antenna are both located outside the body. In June 2021, FDA approved Medtronic’s (Ireland) Vanta spinal cord stimulator. The new device employs Medtronic's AdaptiveStim technology to provide individualized pain relief that responds to a patient's movement or body position via an in-built accelerometer. AdaptiveStim technology can automatically adjust stimulation to maintain the best dose for each patient. Vanta also provides full-body MRI access via Medtronic SureScan technology.
The spinal cord stimulators segment is further bifurcated into chronic pain, failed back surgery syndrome, and cerebral ischemia.
A cochlear implant is a surgically implanted neuroprosthesis that provides sound perception to people with moderate-to-severe sensorineural hearing loss. Cochlear implants may improve speech understanding in both quiet and noisy environments with the help of therapy.
Deep brain stimulation (DBS) is a procedure that involves implanting electrodes in specific areas of the brain. Electrical impulses generated by these electrodes regulate abnormal impulses. Alternatively, electrical impulses within the brain can affect specific cells and chemicals.
- Sacral Nerve Stimulators & Gastric Electrical Stimulators
A sacral nerve stimulator is a small transmitter that is inserted beneath the skin in the upper buttock. It sends out gentle electrical impulses via a probe (a thin wire) placed near the sacral nerve. The technology works in the same way as a pacemaker, but instead of regulating a person's heartbeat, it stimulates the bowel, sphincter, and bladder muscles to function normally.
Gastric electrical stimulation, also known as implantable gastric stimulation, is the use of specific devices to provide electrical stimulation to the stomach in order to induce weight loss or improve gastroparesis in those who are overweight. For instance, the Enterra II model 37800 gastric neurostimulator is a programmable, implanted device that generates mild electrical pulses to treat chronic, intractable (resistant to medication) nausea and vomiting associated with gastroparesis caused by diabetes.
- Transcutaneous Electrical Nerve Stimulators
Transcutaneous electrical nerve stimulators (TENS) deliver electrical pulses through the skin to activate your body's natural painkillers. Endorphins and other substances are released by electrical pulses to block pain signals in the brain. TENS machines are used to treat chronic nerve, muscle, or joint pain, which can include inflammatory arthritis, back pain, foot pain, contractions during childbirth, or post-operative pain. TENS machines can also help with migraine pain relief.
The vagus nerve is one of 12 pairs of cranial nerves that originate in the brain and are part of the autonomic nervous system, which controls involuntary body functions.For instance, in January 2017, Hennepin County Medical Center (HCMC) launched clinical trials for the treatment of brain injury by using vagus nerve stimulation. Moreover, it’s important to remember that VNS is only a treatment option for people with epilepsy or treatment-resistant depressions.
In others segment includes functional electrical stimulation, interferential current (IFC) electrical stimulation, and iontophoresis.
By Application
An arrhythmia of the heart is an irregular heartbeat. When the electrical signals that coordinate the heart’s beats, fail to function properly, heart rhythm problems (heart arrhythmias) occur. Because of the faulty signaling, the heart beats too quickly (tachycardia), too slowly (bradycardia), or irregularly. In patients with known, sustained ventricular tachycardia or fibrillation, implantable cardioverter defibrillators (ICD) can help prevent sudden death. ICDs play a role in preventing cardiac arrest in high-risk patients who have not experienced, but are at risk of experiencing, life-threatening ventricular arrhythmias.
Bioelectric medicine is effective in providing temporary pain relief, but it should only be used as part of a comprehensive pain management plan. When combined with traditional pain medications, bioelectric treatment has shown to reduce the dose of some pain medications by up to 50%. TENS machines are used to treat chronic nerve, muscle, or joint pain, which can include inflammatory arthritis, back pain, foot pain, contractions during childbirth, or post-operative pain. TENS machines can also help with migraine pain relief.
- Sensorineural Hearing Loss
Sensorineural hearing loss is another significant segment, accounting for a sizable revenue share in 2021. The rising number of patients with hearing loss is the primary growth driver for this segment. According to the NIH, nearly one in every three people aged 65 to 74 has hearing loss, while nearly half of the population over 75 has hearing difficulty.
Epilepsy is a central nervous system (neurological) disorder characterized by abnormal brain activity, resulting in seizures or periods of unusual behavior, sensations, and, in some cases, loss of awareness. The advancements in treatment options such as vagus nerve stimulators, the epilepsy application segment is expected to grow at a lucrative CAGR over the forecast period. Companies and research institutes are concentrating on the development of innovative products.
The others segment includes depression, tremor, urinary and fecal incontinence, and Parkinson’s disease.
By End User
Due to the rising burden of chronic diseases such as arrhythmia, epilepsy, Alzheimer's, retinitis pigmentosa, chronic pain, and depression, hospitals and clinics segment is projected to hold the largest revenue share. According to WHO, approximately 50 million people worldwide suffer from epilepsy, and this number is expected to rise in the near future due to an increase in the number of car accidents and other traumatic injuries. Therefore, due to accidents, head trauma is one of the leading causes of epilepsy. The growing aging population and expanding healthcare infrastructure have increased demand for bioelectric medicines. The presence of advanced medical devices for the treatment of various severe diseases, as well as rising disposable income, are expected to drive the use of electroceuticals in hospitals.
Due to increased investment in R&D for new product development, this segment is expected to grow at a significant CAGR over the forecast period. Furthermore, rising government funding for bioelectric medicine supports market growth. For example, the National Institutes of Health announced approximately USD 20 million funding for electroceuticals research in October 2016.
The others segment includes ambulatory surgical center, home settings, and specialty centers.
Bioelectric Medicine Market Regional Analysis
The bioelectric medicine market based on the region has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The growing prevalence of chronic and acute conditions, product advancements, and increasing geriatric population are major factors driving the market.9999
North America
The rising prevalence of chronic diseases such as cardiovascular and neurological disorders is expected to drive the North American market.
The North America bioelectric medicine market held the largest market share by region in 2021. The rising prevalence of chronic diseases such as cardiovascular and neurological disorders is expected to drive the market. According to the CDC, approximately 610 thousand people die in the USÂ each year as a result of heart disease. Approximately 370 of them die because of coronary heart disease. As a result, advanced bioelectric medicine is in high demand for the treatment of these chronic disorders, which is expected to drive market growth. Additionally, because of the presence of medical device manufacturers such as Abbott (US) and Boston Scientific Corporation (US), North America dominated the market in 2021. Furthermore, the highly developed healthcare system and the availability of advanced products in this region have fueled the regional market's growth. Therefore, such factors helped North America capture the largest market share in 2021.
Competitive Landscape
The market is highly fragmented, with a large number of manufacturers present. Major manufacturers offer a wide range of advanced electroceuticals through their global distribution channels. It resulted in intense competition among manufacturers and increased pressure on vendors' pricing strategies, which is expected to affect profit margins. To increase their market revenue share, the market's leading players are investing in new product development, collaborations, mergers and acquisitions, and regional expansions. Some key players in the market are Abbott (US), Medtronic plc (Ireland), and Boston Scientific Corporation (US).
Abbott is headquartered in Illinois, US. It was founded in 1888 and has over 113,000 employees globally. The company operates through four reportable segments, namely, established pharmaceutical products, diagnostic products, nutritional products, and medical devices. The established pharmaceutical products segment offers a broad range of branded and generic pharmaceutical products. This segment focuses on emerging markets, including India, Brazil, Russia, and China. The nutritional products segment sells and distributes adult & pediatric nutritional products. The diagnostic products segment offers diagnostic tests and instruments for blood banks, hospitals, and commercial laboratories. The medical devices segment offers devices for various treatments, including cardiac arrhythmias & heart failure, vascular, neuromodulation, structural heart, and diabetes care. The Food and Drug Administration awarded breakthrough device designation to Boomerang Medical, a women-owned bioelectronic medicine company, for its bioelectronic technology to treat Inflammatory Bowel Disease. Less than 800 gadgets presently hold the Breakthrough Device Designation. Medical devices are given FDA breakthrough classification because they offer more effective detection or treatment of fatal or permanently disabling diseases or conditions. By accelerating the approval process, the program aims to give patients and healthcare professionals quick access to cutting-edge technologies. Currently available treatments for IBD patients include medications, biologics, diet, physical therapy, and behavioral health therapy.
List of companies covered in this report:
- Medtronic (Ireland)
- Abbott (US)
- Boston Scientific Corporation (US)
- Cochlear Ltd. (Sydney)
- LivaNova PLC (UK)
- Biotronik SE & Co KG (Germany)
- ElectroCore, Inc. (US)
- Sonova (Switzerland)
- Nevro Corp. (US)
- Stimwave LLC (US)
Bioelectric Medicine Market Recent Developments
- In January 2022, the Alliance for Advancing Bioelectronic Medicine launched the first Bioelectronic Medicine Day, which included a health awareness campaign. The campaign aided efforts and advancements in the field of bioelectronic medicine.
- In June 2021, FDA approved Medtronic’s (Ireland) Vanta spinal cord stimulator. The new device employs Medtronic's AdaptiveStim technology to provide individualized pain relief that responds to a patient's movement or body position via an in-built accelerometer.
- In January 2020, Medtronic plc (Ireland) acquired Stimgenics, a pioneer in Differential Target Multiplexed, a novel spinal cord stimulation therapy now available in the market.
- In June 2019, Boston Scientific Corporation (US) acquired Vertiflex, Inc., (US). The company is focused on minimally invasive technology that helps alleviate pain and restore the physical function of lumbar spinal stenosis.
- In December 2018, ElectroCore Inc. (US) received FDA Approval for gammaCore for the treatment of cluster headaches. The product is the only FDA-approved pharmacological treatment for the disorder.
Report Overview
The study covers the existing short-term and long-term market effects. It helps decision-makers to draught short-term and long-term business plans by region. The report covers major regions in North America, Europe, Asia-Pacific, and the Rest of the World. The report analyzes market drivers, restraints, opportunities, challenges, Porter's five forces, value chain, and impact of COVID-19 on the market.
Study Objectives
- To provide a detailed analysis of the market structure and forecast for the next seven years of the various segments and sub-segments of the bioelectric medicine market
- To provide insights about factors affecting the market growth
- To analyze the bioelectric medicine market based on various factors- price analysis, value chain analysis, Porter's five force analysis, etc.
- To provide historical and forecast revenues of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia-Pacific, and the Rest of the World
- To provide country-level analysis of the market with respect to the current market size and future prospective
- To provide strategic profiling of key players in the market, comprehensively analyze their core competencies, and draw a competitive market landscape
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers & acquisitions, new product developments, and R&D in the bioelectric medicine market
Market Segmentation:
Global Bioelectric Medicine Market, By Type
- Implantable Electroceutical Devices
- Non-Invasive Electroceutical Devices
Global Bioelectric Medicine Market, By Product
- Cardiac Pacemakers & Implantable Cardioverter Defibrillators
- Spinal Cord Stimulators
- Cochlear Implants
- Deep Brain Stimulators
- Sacral Nerve Stimulators & Gastric Electrical Stimulators
- Transcutaneous Electrical Nerve Stimulators
- Vagus Nerve Stimulators
- Others
Global Bioelectric Medicine Market, By Application
- Arrhythmia
- Pain Management
- Sensorineural Hearing Loss
- Epilepsy
- Others
Global Bioelectric Medicine Market, By End User
- Hospitals & Clinics
- Research Institutes
- Others
Global Bioelectric Medicine Market, By Region
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Intended Audience
- Product manufacturers and suppliers
- Healthcare Institutions
- Research and Development (R&D) Companies
- Government and Independent Regulatory Authorities
- Market Research and Consulting Service Providers
- Academic Institutes and Universities
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Report Attribute/Metric
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Details
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  Market Size
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  USD 32.3 billion
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  CAGR
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  4.7%
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  Base Year
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  2021
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  Forecast Period
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  2023-2032
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  Historical Data
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  2018 to 2020
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  Forecast Units
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  Value (USD Billion)
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  Report Coverage
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  Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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  Segments Covered
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  Type, Product, Application, and End User
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  Geographies Covered
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  North America, Europe, Asia-Pacific, and Rest of the World
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  Key Vendors
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  • Medtronic Plc • Abbott • Boston Scientific Corporation • Cochlear Ltd. • LivaNova PLC • Biotronik SE & Co KG • ElectroCore, Inc. • Sonova • Nevro Corp. • Stimwave LLC
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  Key Market Opportunities
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  • Technological advancements in bioelectric medicine
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  Key Market Drivers
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  • Growing prevalence of chronic & acute conditions • Rising funding by the government for bioelectric medicine
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Bioelectric Medicine Market Highlights:
