Electroceuticals/Bioelectric Medicine Market Analysis and Forecast to 2031: By Product (Cardiac Pacemakers & Implantable Cardioverter Defibrillators, Spinal Cord Stimulators, Cochlear Implants, Deep Brain Stimulators, Sacral Nerve Stimulators & Gastric El

Electroceuticals/Bioelectric Medicine Market Analysis and Forecast to 2031: By Product (Cardiac Pacemakers & Implantable Cardioverter Defibrillators, Spinal Cord Stimulators, Cochlear Implants, Deep Brain Stimulators, Sacral Nerve Stimulators & Gastric Electric Stimulators, Vagus Nerve Stimulators, Others), Type (Implantable Electroceutical Devices, Noninvasive Electroceutical Devices), End User (Hospitals, Clinics, and ASC’s, Others), and Region

The global electroceuticals/bioelectric medicine market was valued at USD 17.2 billion in 2021 and it is expected to reach up to USD 27.9 billion by 2031, at a CAGR of 5.0% during the forecast period.

Numerous neurological illnesses, including Parkinson's illness, obsessive compulsive disorder (OCD), epilepsy, Alzheimer's illness, dystonia, and essential tremor, are currently being treated with electro pharmaceutical devices or bioelectric therapy. It is useful in the diagnosis and treatment of all neurological illnesses involving the autonomic, somatic, and central nervous systems as well as their subsystems.

Global Electroceuticals/Bioelectric Medicine Market Scope and Report Structure

Market Trends and Drivers

Neurologic or cardiovascular problems are more likely to affect the elderly population. Geriatrics make up a significant portion of the patient population due to their higher risk of developing these ailments. Therefore, as this demographic segment expands, there will be an increased need for electroceutical devices such spinal cord stimulators, implantable cardioverter defibrillators, deep brain stimulators, and cardiac pacemakers to treat neurological and cardiovascular conditions.

Likewise, Major market participants have significant prospects for growth in emerging economies such those in India, South Korea, Malaysia, Vietnam, Africa, and the Middle East including Israel, Saudi Arabia, and the United Arab Emirates. This can be ascribed to their lax regulatory requirements, advancements in the healthcare system, increasing patient populations, and rising healthcare costs. Additionally, compared to wealthy nations, the Asia-Pacific area has more flexible and business-friendly regulatory frameworks. Key participants in the electroceuticals/bioelectric medicine market are now concentrating on emerging nations as a result of this as well as the escalating rivalry in mature markets.

Market Restraints and Challenges

Especially in price-sensitive regions like the Asia Pacific, Latin America, and Africa, the high cost of electroceutical devices like cochlear implants and neurostimulators is a major problem impeding market expansion. Healthcare providers, particularly in developing nations like Brazil and Mexico, lack the financial resources to make complex technological investments. Additionally, the crew needs intensive training in order to maintain and handle electroceutical devices effectively. To develop technologically cutting-edge electroceutical products like cochlear implants, considerable R&D operations are necessary. The cost of production consequently rises significantly as a result. As a result, only established or significant market participants can afford the enormous financial investments needed to carry out such activities.

Global Electroceutical/Bioelectronic Medicine Market Segmental Overview

The report analyses the electroceutical/bioelectronic medicine market based on product, type, end user, and regions.

Global Electroceutical/Bioelectronic Medicine Market by Product

Based on product, it is segmented into cardiac pacemakers & implantable cardioverter defibrillators, spinal cord stimulators, cochlear implants, deep brain stimulators, transcutaneous electrical nerve stimulators, vagus nerve stimulators, sacral nerve stimulators & gastric electrical stimulators, and others. The cardiac pacemakers & implantable cardioverter defibrillators accounted for the largest share of the market. The key factors boosting the growth of the market are the rising incidence of arrhythmias coupled with the rising prevalence of CVD, and rising technological advancements.

Global Electroceutical/Bioelectronic Medicine Market by Type

By type, it is segmented into implantable electroceutical devices and noninvasive electroceutical devices. The implantable electroceutical devices segment accounted for the largest share of the market. The key factors such as increasing incidences of neurological & cardiovascular disorders and an increase in the number of product approvals are boosting the growth of the market.

Global Electroceutical/Bioelectronic Medicine Market by End User

By end user, it is segmented into hospitals, clinics, ambulatory surgical centers, and others. The hospitals, clinics, and ambulatory surgical centers segment is likely to dominate the market during the forecast period. The factors boosting the growth of the market are the increasing adoption of electroceutical devices to serve a large patient pool.

Geographical Analysis of Global Electroceutical/Bioelectronic Medicine Market

Based on region, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America is the largest regional market for the electroceutical/bioelectronic medicine market. The key factors such as the highly developed healthcare system in the US and Canada, increasing healthcare spending, and the increasing prevalence of cardiovascular & neurological disorders are boosting the growth of the market.

Major Players in the Global Electroceutical/Bioelectronic Medicine Market

COVID-19 Impact

The global delivery of healthcare has changed as a result of the COVID-19 epidemic. Numerous hospitals and departments have been re-profiled for caring for patients with COVID-19 as a result of the increasing demand brought on by the rising prevalence of COVID-19 hospitalizations. Due to the restricted capacity and resources (such as hospital beds and patient care specialists) available, many elective surgeries were either postponed or cancelled throughout the world. Additionally, there is a greater inclination for remote monitoring as a result of the COVID-19 outbreak. Tech businesses, healthcare organisations, and individuals are more intrigued by remote medical technologies like wireless pacemakers and non-invasive electroceuticals that let doctors consult with patients from a distance. These tools could be helpful during the pandemic for a number of reasons, including their capacity to identify unrecognised heart conditions in individuals skipping routine check-ups and their utility in examining COVID-19 patients' reactions to heart-related experimental drugs. The epidemic has also affected how remote monitoring devices are approved. In response to this epidemic, the FDA updated its approval guidelines. Current non-invasive patient monitoring technology has been used in this public health emergency to limit the need for unnecessary patient contact and the strain on healthcare institutions. It is anticipated that these discoveries will encourage the use of non-invasive or minimally invasive electroceutical devices.

Recent Developments

• March 2022, Feinstein Institutes, Spark Biomedical, Inc. collaborate to advance bioelectric medicine.
• March 2021, Medtronic Plc received US FDA approval for its Intellis Platform with Differential Target Multiplexed (DTM) programming to treat chronic intractable back and leg pain.
• January 2021, Boston Scientific Corporation received US FDA approval for its Vercise Genus Deep Brain Stimulation System.
• January 2020, Medtronic Plc acquired Stimgenics, LLC, a novel spinal cord stimulation therapy.

Frequently Asked QuestionsQ1. How big is the Electroceuticals/Bioelectric Medicine market?Ans. The global Electroceuticals/Bioelectric Medicine market size was USD 17.2 Billion in 2021 and is anticipated to reach USD 27.9 Billion in 2031, growing at a rate of 5.0% from 2022 to 2031.Q2. What is the Electroceuticals/Bioelectric Medicine market growth rate?Ans. The growth rate of the Electroceuticals/Bioelectric Medicine market is 5.0% from 2022 to 2031.Q3. Which region holds a major market share for the Electroceuticals/Bioelectric Medicine market?Ans. North America holds a major market share of the Electroceuticals/Bioelectric Medicine market in 2021.Q4. Which segment accounted for the largest Electroceuticals/Bioelectric Medicine market share?Ans. By end user, the hospitals, clinics, and ASCs segment accounted for the largest Electroceuticals/Bioelectric Medicine market share.Q5. Who are the key players in the Electroceuticals/Bioelectric Medicine market?Q6. What are the factors driving the Electroceuticals/Bioelectric Medicine market growth?Ans. The major factors driving the growth of the market are the growing geriatric population and subsequent growth in the prevalence of neurological & cardiovascular disorders.Q7. What are the key growth strategies of Electroceuticals/Bioelectric Medicine market players?Ans. The key growth strategies of Electroceuticals/Bioelectric Medicine market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Electroceuticals/Bioelectric Medicine market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Electroceuticals/Bioelectric Medicine market during the forecast period.

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