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Bioelectric Medicine Market Trends

ID: MRFR//9533-CR | 152 Pages | Author: Rahul Gotadki| May 2024

Global Bioelectric Medicine Market Overview

Bioelectric Medicine Market size was valued at USD 21.81 Billion in 2022 and is projected to grow from USD 23.87 Billion in 2023 to USD 53.80 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.53% during the forecast period (2023 - 2032).

Increasing incidences of chronic diseases across the globe and rising strategic initiatives by market players are the major factors driving the growth of the Bioelectric Medicine Market. As per the World Health Organization, 18 million people were suffering from rheumatoid arthritis in 2019, of which 70% were women and 55% were older than 55 years. Moreover, Crohn’s & Colitis UK suggested that one in every 123 people in the UK will have had either Crohn’s disease or ulcerative colitis in 2022. However, the high cost associated with bioelectric medicine devices is expected to restrain the growth of the global market. Nevertheless, increasing clinical trials for bioelectric medicine and rising investment in bioelectric medicine by market players are anticipated to create lucrative opportunities for the market.

Bioelectric Medicine Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Bioelectric Medicine Trends

  • Increasing Incidences of chronic diseases across the globe fuels market growth

The increasing incidences of chronic diseases across the globe are contributing significantly to the growth of bioelectric medicine. Chronic diseases, such as chronic pain conditions, neurological disorders, inflammatory diseases, and metabolic disorders, impose a substantial burden on healthcare systems and adversely impact patients' quality of life. Traditional treatment approaches, including pharmaceuticals and surgeries, may offer limited efficacy or pose risks of adverse effects for some patients. The increasing incidence of diseases and bioelectric medicine's promising application in these conditions is creating huge demand for bioelectric medicine products. For example, deep brain stimulation (DBS) has shown efficacy in managing the symptoms of Parkinson's disease by regulating abnormal neuronal activity. Similarly, neuromodulation devices like vagus nerve stimulation (VNS) have demonstrated benefits in reducing seizure frequency in patients with epilepsy. Moreover, in February 2024, the World Health Organization reported that around 50 million people worldwide were suffering from epilepsy, and nearly 80% of people with epilepsy live in low- and middle-income countries.

Bioelectric Medicine Segment Insights

Bioelectric Medicine Product Insights

The global bioelectric medicine segmentation, based on product, includes implantable cardioverter defibrillators, cardiac pacemakers, cochlear implants, spinal cord stimulators, deep brain stimulators, transcutaneous electrical nerve stimulators, sacral nerve stimulators, vagus nerve stimulators, and others. The implantable cardioverter defibrillators segment held the largest market and deep brain stimulators is the fastest growing segment during the forecast period. Implantable cardioverter defibrillators dominate the market segment primarily because of their superior accuracy and shorter battery lifespan. Deep brain stimulators deliver electric signals to specific areas of brain to help regulate the brain activity. DBS has shown significant effectiveness in treating various neurological and movement disorders such as Parkinson's disease, essential tremor, dystonia, and obsessive-compulsive disorder. As more research demonstrates its efficacy, more clinicians are turning to DBS as a viable treatment option.

Figure 2: Bioelectric Medicine Market, by Product, 2022 & 2032 (USD Billion)

Bioelectric Medicine Market, by Product, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Bioelectric Medicine Type Insights

The bioelectric medicine market segmentation, based on type, into implantable electroceutical devices and non-invasive electroceutical devices. The implantable electroceutical devices segment held the largest market and non-invasive electroceutical devices is the fastest growing segment during the forecast period. With the rise in chronic diseases and the aging population, the implantable electroceutical device has emerged as the leading choice. This is primarily due to its ability to deliver targeted electric stimulation to specific areas with high accuracy, meeting the increasing demand and ultimately enhancing patient outcomes. Non-invasive electroceutical devices typically do not involve surgical procedures or invasive techniques, reducing the associated risks and potential side effects. This makes them more appealing to both patients and healthcare providers. With Continuous advancements in technology have led to the development of more sophisticated and effective non-invasive electroceutical devices. These devices can target specific areas of the body or brain with precision, enhancing their therapeutic efficacy.

Bioelectric Medicine Application Insights

The Bioelectric Medicine Market has been segmented, based on application into arrhythmia, pain management, sensorineural hearing loss, Parkinson’s disease, tremor, depression, epilepsy, urinary, and fecal incontinence, others. The arrhythmia segment held the largest market and sensorineural hearing loss is the fastest growing segment during the forecast period. The major reason being increase in prevalence of arrhythmia. The high prevalence of arrhythmias drives the demand for medical devices designed to diagnose, monitor, and treat these conditions. According to National Library of Medicine the prevalence of arrhythmias is expected to be 1.5% to 5% in the general population, with atrial fibrillation being the most common. Arrhythmias may or may not produce any symptoms and can be paroxysmal, leading to difficulty in estimating true prevalence. The overall presence of arrhythmia is associated with higher morbidity and mortality. The sensorineural hearing loss segment is the fastest-growing segment during the forecast period, due to increasing prevalence, technological innovations, awareness, accessibility, and regulatory support.

Bioelectric Medicine End User Insights

Based on end user, the market has been segmented into hospitals, research institutes, and others. The hospitals segment held the largest market and research institutes is the fastest growing segment during the forecast period. Hospitals serve as primary healthcare centers where a wide range of medical procedures, treatments, and surgeries are conducted, including the use of medical devices. They have the infrastructure, skilled healthcare professionals, and resources necessary to diagnose, treat, and manage various medical conditions, driving the demand for medical devices in these settings. research institutes segment is the fastest-growing segment during the forecast period due to increasing investments in healthcare research and development. Research institutes play a crucial role in advancing medical science, developing innovative technologies, and conducting clinical trials to evaluate the safety and efficacy of new medical devices. The rising emphasis on scientific exploration, coupled with collaborations between research institutions and industry players, fuels the growth of this segment as it contributes to the development of cutting-edge medical devices and therapies.

Bioelectric Medicine Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific, and Rest of the World. North America bioelectric medicine market accounted for the largest market share of 38.01% in 2022 and is anticipated to reach approximately USD 16.00 billion by 2032 at a 4.71% CAGR during the forecast period. However, Asia-Pacific is projected to grow at the highest CAGR of 8.99% during the forecast period.

 The outlook for the North America bioelectric medicine market remains promising, with sustained growth anticipated. Investments in healthcare infrastructure and a growing awareness of advanced medical solutions are expected to drive market expansion further. Both established players and emerging entrants are poised to capitalize on these opportunities, leveraging technological advancements to meet the rising demand for improved surgical outcomes.

Further, the major countries will be study are US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.



Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe bioelectric medicine market accounted for the second-largest market share due to technology advancements, increasing healthcare expenditure, and increasing prevalence of chronic diseases. Furthermore, the Germany bioelectric medicine market attributed to hold the largest market share, and the France bioelectric medicine market projected be the fastest growing market in the Europe region.

The Asia-Pacific bioelectric medicine market is expected to be the fastest growing from 2023 to 20302 owing to high patient population, rising prevalence of chronic diseases, and favorable regulatory policies. Moreover, key players working in the market are actively expanding into this region, further driving the regional market growth. Moreover, China bioelectric medicine market accounted to hold the largest market share, and the India bioelectric medicine market projected to be the fastest growing market in the Asia-Pacific region.

Bioelectric Medicine Key Market Players & Competitive Insights

The Bioelectric Medicine Market is characterized by the presence of many global, regional, and local players. Developments in the healthcare industry and growing research and development make the bioelectric medicine market lucrative. To expand their reach and optimize their operational costs, the major players focus on obtaining regulatory authorizations from government agencies for their products and emphasize product approvals and product launches to gain a substantial market share. Mergers and collaborations were also observed to expand the company's product portfolio, as well as introduce new products. The growth of prominent industry players is dependent on various factors, such as market conditions, government support, and industry development. The major players have adopted a strategy of obtaining regulatory approval from government agencies for their products and signing contracts and agreements to broaden their reach and reduce operational costs.

 For instance, Abbott i a global healthcare company that operates in various segments, including medical devices, diagnostics, nutrition, and pharmaceuticals. With respect to bioelectric medicine, Abbott has made significant contributions and advancements in this field through its Neuromodulation division.

In July 2023, Abbott announced the U.S. Food and Drug Administration (FDA) approved the AVEIR dual chamber (DR) leadless pacemaker system, the world's first dual chamber leadless pacing system that treats people with abnormal or slow heart rhythms.

Key Companies Bioelectric Medicine in market includes.

  • Abbott (US)

  • Boston Scientific Corporation (US)

  • Biotronik (Germany)

  • Aleva Neurotherapeutics (Switzerland)

  • Cochlear Ltd. (Australia)

  • LivaNova PLC (UK)

  • Medtronic (Ireland)

  • Charco Neurotech (UK)

  • ElectroCore, Inc. (US)

  • Nevro Corp (US)

Bioelectric Medicine Industry Developments

  • January 2024, The US, the FDA has approved Medtronic's Percept RC Deep Brain Stimulation (DBS) system. Percept RC is the thinnest and smallest dual channel neurostimulator for DBS available right now. It is equipped with Brain Sense technology, which records and analyzes brain activity to provide information that enables a physician to adapt treatment to a patient's evolving requirements.

  • February 2023, LivaNova PLC launched the SenTiva DUO implantable pulse generator for epilepsy. The device is designed to provide VNS therapy for drug-resistant epilepsy treatment.

  • December 2022, ElectroCore, Inc. unveiled Truvaga, a New Wellness Product Offering for Stress, Anxiety, and Sleep, to its US-based clientele. Truvaga is a portable, non-invasive vagus nerve stimulator that stimulates the vagus nerve quickly and gently using our tried-and-true technology.

  • April 2019, Biotronik introduced an implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D), Acticor and Rivacor CRT-D and ICD devices in Europe. Its goal is to reduce the need for device replacements, hence lowering risks, reducing patient suffering, and saving money on operations.

Bioelectric Medicine Segmentation

Bioelectric Medicine Product Outlook

  • Implantable Cardioverter Defibrillators

  • Cardiac Pacemakers

  • Cochlear Implants

  • Spinal Cord Stimulators

  • Deep Brain Stimulators

  • Transcutaneous Electrical Nerve Stimulators

  • Sacral Nerve Stimulators

  • Vagus Nerve Stimulators

  • Others

Bioelectric Medicine Type Outlook

  • Implantable Electroceutical Devices

  • Non-invasive Electroceutical Devices

Bioelectric Medicine Application Outlook

  • Arrhythmia

  • Pain Management

  • Sensorineural Hearing Loss

  • Parkinson’s Disease

  • Tremor

  • Depression

  • Epilepsy

  • Urinary and Fecal Incontinence

  • Others

Bioelectric Medicine End User Outlook

  • Hospitals

  • Research Institutes

  • Others  

Bioelectric Medicine Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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