Growing prevalence of chronic & acute conditions are expected to augment the market at a healthy CAGR of 6.46% during the forecast period, 2022 to 2030

Pune, India, September 2022/MRFR Press Release/- Market Research Future has published its half-cooked research report on the global bioelectric medicine market.

Bioelectric Medicine Market Highlights

According to MRFR analysis, the global bioelectric medicine market is expected to register a CAGR of 6.46% from 2022 to 2030 and hold a value of over USD 31.65 billion by 2030.

The market is driven by factors like the growing prevalence of chronic & acute conditions and rising funding by the government for bioelectric medicine. Other major factors driving market growth include increased R&D investments by manufacturers and an increase in the rate of regulatory approvals for new bioelectric medicines. For instance, 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.

Additionally, the COVID-19 outbreak has increased the preference for remote monitoring. Remote devices like portable pacemakers and non-invasive electroceutical devices connected to the internet that allow clinicians to provide clinical advice to patients regardless of distance, are gaining popularity among tech companies, health providers, and patients. The pandemic has aided efforts in this area by focusing more attention on smart monitoring devices and wearable technologies. These devices could be useful during the pandemic for a variety of reasons, from detecting undiagnosed heart abnormalities in patients who miss routine medical appointments to analyzing COVID-19 patients' responses to experimental heart medications. Hence, the pandemic had a positive impact on the market growth.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Bioelectric Medicine Market Research Report

Regional Analysis

North America is likely to dominate the bioelectric medicine market due to well established healthcare infrastructure and increasing prevalence of chronic diseases. Additionally, it also enjoys the presence of major market players that are driving innovations and launching new products in the region. For instance, Boston Scientific Corporation (US), ElectroCore Inc. (US), and Abbott (US) are all headquartered in the North America region.

Europe is likely to account for a significant share in the bioelectric medicine market because of the increasing demand for innovative medical devices for treatment. The presence of well-known bioelectric medicine manufacturers and highly developed healthcare infrastructure are expected to continue to be major market driving factors. For instance, Medtronic plc (Ireland), LivaNova PLC (UK), Sonova (Switzerland) are all headquartered in the Europe.

The Asia-Pacific region is expected to have the highest CAGR during the forecast period due to the rising geriatric population in countries such as China and India. Furthermore, the prevalence of chronic diseases such as cardiac arrhythmias, Alzheimer's disease, Parkinson's disease, and epilepsy is increasing in this region, boosted by rising public health awareness, which is expected to drive electroceutical adoption.

The market's growth in the Rest of the World is slower than in the other regions due to the presence of poorer economies and lack of digitalization in the healthcare infrastructure. However, government initiatives to develop the healthcare infrastructure and bring in new technologies are expected to drive market growth.

Segmentation

The global bioelectric medicine market has been segmented into type, product, application, and end user.

Based on type, the market has been segmented into implantable electroceutical devices and non-invasive electroceutical devices. The non-invasive electroceutical devices segment held the largest share in 2021. This is due to technological advancements and rising R&D investments by companies in order to develop innovative products.

Based on product, the market has been segmented into 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, and others. The cardiac pacemakers and implantable cardioverter defibrillators segment accounted for the largest share of the bioelectric market in 2021, owing to an increase in arrhythmias, a rise in cardiovascular disease prevalence, and technological advancements.

Based on application, the market has been segmented into arrhythmia, pain management, sensorineural, hearing loss, epilepsy, and others. The arrhythmia segment accounted for the largest share of the bioelectric market in 2021, due to the advancement in treatment options such as vagus nerve stimulators.

Based on end user, the market has been segmented into hospitals & clinics, research institutes, and others. The hospitals & clinics segment accounted for the largest share of the bioelectric market in 2021, due to the rising burden of chronic diseases such as arrhythmia, epilepsy, Alzheimer's, retinitis pigmentosa, chronic pain, and depression requiring frequent or infrequent hospitalization.

Key Players

Some of the key market players are    Medtronic Plc (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), and Stimwave LLC (US).