ID: MRFR/HC/9533-HCR | 110 Pages | Author: Rahul Gotadki | June 2023
Bioelectric Medicine Market is expected to grow USD 31.65 billion at a CAGR 6.46% during the forecast period 2022-2030.
The bioelectric medicine market size is projected to be worth USD 31.65 billion by 2030 at 6.46% CAGR during the forecast period 2022 - 2030. 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.
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.
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.
Bioelectric Medicine Market Dynamics
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.
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.
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.
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.
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.
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 (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.
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 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
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 US 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.
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.
List of companies covered in this report:
Bioelectric Medicine Market Recent Developments
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.
Global Bioelectric Medicine Market, By Type
Global Bioelectric Medicine Market, By Product
Global Bioelectric Medicine Market, By Application
Global Bioelectric Medicine Market, By End User
Global Bioelectric Medicine Market, By Region
|Market Size||USD 31.65 billion|
|Historical Data||2018 to 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Product, Application, and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World|
|Key Vendors||• Medtronic Plc • Abbott • Boston Scientific Corporation • Cochlear Ltd. • LivaNova PLC • Biotronik SE & Co KG • ElectroCore, Inc. • Sonova • Nevro Corp. • Stimwave LLC|
|Key Market Opportunities||• Technological advancements in bioelectric medicine|
|Key Market Drivers||• Growing prevalence of chronic & acute conditions • Rising funding by the government for bioelectric medicine|
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