Global Bioelectric Medicine Market Size, Share & Industry Trends Analysis Report By Type (Implantable Electroceutical Devices, and Non-invasive Electroceutical Devices), By End-use, By Product, By Application, By Regional Outlook and Forecast, 2023 - 2030

Global Bioelectric Medicine Market Size, Share & Industry Trends Analysis Report By Type (Implantable Electroceutical Devices, and Non-invasive Electroceutical Devices), By End-use, By Product, By Application, By Regional Outlook and Forecast, 2023 - 2030

The Global Bioelectric Medicine Market size is expected to reach $31.7 billion by 2030, rising at a market growth of 6.1% CAGR during the forecast period.

Deep brain stimulation (DBS) is a well-established technique involving implanted electrodes to deliver electrical impulses to specific brain regions, providing therapeutic benefits in conditions like Parkinson's disease. Therefore, Deep Brain Stimulators segment generated $1,022.1 million revenue in the market in 2022. Likewise, neuromodulation techniques, such as transcranial magnetic stimulation (TMS), and deep brain stimulation, are being explored for their potential in various neurological and psychiatric disorders. These techniques aim to modulate neural activity to restore normal functioning and alleviate symptoms. These aspects will lead to increased demand in the market.

The major strategies followed by the market participants are Partnerships, Collaborations & Agreements as the key developmental strategy to keep pace with the changing demands of end users. For instance, In August, 2021, electroCore, Inc. signed an agreement with Red One Medical Devices, LLC, a service-disabled veteran-owned small business. This agreement aimed to widen the availability of electroCore’s gammaCore platform in the federal marketplace. Moreover, In May, 2020, Medtronic collaborated with UW following which the company has accelerated research into deep brain stimulation treatment for essential tremor, Parkinson’s disease, and other neurological disorders.

Based on the Analysis presented in the KBV Cardinal matrix; Abbott Laboratories and Medtronic PLC are the forerunners in the Market. In November, 2021, Medtronic PLC partnered with Rune Labs, a company using aggregated brain data to empower the development and delivery of precision medicines for neurological and psychiatric diseases. This partnership aimed to assess the use of BrainSense technology, the first and only complete Deep Brain Stimulation system able to chronically capture and record brain signals. Companies such as Boston Scientific Corporation, Nevro Corporation and electroCore, Inc. are some of the key innovators in the Market.

COVID-19 Impact Analysis

The pandemic disrupted global supply chains, affecting the production and distribution of bioelectric devices and components. Lockdowns, travel restrictions, and workforce challenges led to delays in manufacturing and supply, impacting the availability of certain bioelectric technologies. Many research and development activities in the market experienced delays as laboratories were temporarily closed, and resources were redirected toward COVID-19-related research. Clinical trials for new bioelectric therapies faced interruptions, affecting timelines for product development. Therefore, the COVID-19 pandemic led to a negative impact on the market.

Market Growth Factors

Growing aging population globally

The aging process is associated with an increased risk of chronic diseases such as cardiovascular disorders, neurodegenerative conditions (like Alzheimer's and Parkinson's diseases), arthritis, and other age-related ailments. Bioelectric interventions, through their potential to modulate physiological processes, can offer novel approaches to manage and treat these conditions effectively. Bioelectric medicine aims not only to treat diseases but also to enhance the overall quality of life. Bioelectric interventions, including neuromodulation and other techniques, can improve these aspects and promote a better quality of life for elderly individuals. These factors will help in the expansion of the market.

Rising investments in research and development

Investment in research helps navigate regulatory pathways for approval and commercialization. Meeting regulatory standards is crucial for bringing bioelectric therapies to the market, and ongoing investment supports the necessary studies and documentation to meet these requirements. The commitment of resources from industry leaders contributes to expanding the market. As new therapies are developed and proven effective, they can reach a broader patient population, increasing market penetration. Therefore, these factors will pose lucrative growth prospects for the market.

Market Restraining Factors

Challenges related to regulatory approval

Bioelectric companies looking to market their products internationally face the challenge of navigating multiple regulatory frameworks. Differences in approval processes and requirements across regions can add complexity and length to the overall regulatory timeline. Regulatory agencies may face challenges in adapting existing frameworks to accommodate rapidly evolving technologies in bioelectric medicine. The novelty and uniqueness of some bioelectric therapies may require regulatory agencies to develop specialized guidelines. These elements will hamper the growth of the market.

Type Outlook

By type, the market is bifurcated into implantable electroceutical devices and non-invasive electroceutical devices. In 2022, the non-invasive electroceutical devices segment witnessed a substantial revenue share in the market. Non-invasive electroceutical devices provide a patient-friendly alternative to invasive procedures. Patients often prefer non-invasive treatments due to reduced pain, minimal discomfort, and the absence of surgical interventions. This approach enhances patient compliance and contributes to a positive patient experience. Technological advancements have been crucial in developing sophisticated, non-invasive electroceutical devices. Innovative technologies, such as transdermal electrical stimulation and non-invasive neuromodulation, have expanded the scope of non-invasive interventions. Therefore, the segment will expand rapidly in the upcoming years.

End-use Outlook

On the basis of end-use, the market is divided into hospitals and others. The hospitals segment recorded the maximum revenue share in the market in 2022. Bioelectric interventions are finding applications across various medical specialties, ranging from neurology and pain management to cardiology and rehabilitation. The versatility of bioelectric therapies makes them relevant for addressing diverse medical conditions, prompting hospitals to explore and implement these interventions within various departments. Thus, these factors will fuel the growth of the hospitals segment.

Product Outlook

Based on product, the market is segmented into implantable cardioverter defibrillators & cardiac pacemakers, cochlear implants, spinal cord stimulators, deep brain stimulators, transcutaneous electrical nerve stimulators, sacral & vagus nerve stimulators, and others. In 2022, the spinal cord stimulators segment garnered a significant revenue share in the market. Spinal cord stimulators are often used as a therapeutic option for managing chronic pain conditions, such as failed back surgery syndrome and complex regional pain syndrome. The rising prevalence of these conditions, coupled with a growing aging population, can contribute to an increased demand for spinal cord stimulators. Therefore, the segment will expand rapidly in the coming years.

Application Outlook

Based on application, the market is divided into arrhythmia, pain management, sensorineural hearing loss, Parkinson’s disease, tremor & epilepsy, depression, treatment-resistant depression, urinary & fecal incontinence, and others. In 2022, the tremor and epilepsy segment witnessed a substantial revenue share in the market. Tremors and epilepsy often involve abnormal electrical activity in the brain. Neuromodulation therapies, a significant component of bioelectric medicine, involve the use of electrical stimulation to modulate neural activity. Advances in neuromodulation technologies may lead to more effective treatments for conditions such as tremors and epilepsy. These factors will lead to rapid expansion of the segment.

Regional Outlook

By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The North America segment procured the highest revenue share in the market in 2022. North America, particularly the United States, has been a significant player in the healthcare industry, with a robust industry for medical technologies and innovations. The region has been at the forefront of bioelectric medicine research and development. Academic institutions, research centers, and industry collaborations often drive innovation, leading to the development of novel bioelectric therapies and devices. Thus, the segment will witness increased growth in the coming years.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Medtronic PLC, Abbott Laboratories, Boston Scientific Corporation, Cochlear Ltd., LivaNova PLC, Koninklijke Philips N.V., Biotronik SE & Co. KG, Sonova Holding AG, Nevro Corporation, and electroCore, Inc.

Recent Strategies Deployed in Bioelectric Medicine Market

Mergers & Acquisition

May-2022: Medtronic plc acquired Intersect ENT, a medical technology company. This acquisition aimed to increase Medtronic's comprehensive ear, nose, and throat offering with innovative products used in sinus procedures to enhance post-operative outcomes and treat nasal polyps.

Nov-2021: Koninklijke Philips N.V. acquired Cardiology, a France-based medical technology company focused on transforming cardiac diagnostics using artificial intelligence (AI) and cloud technology. Through his acquisition, Koninklijke Philips N.V. would be able to strengthen its diagnostics offering and cardiac monitoring with electrocardiogram (ECG) analysis, creative software technology, and reporting services.

Feb-2021: Koninklijke Philips N.V. took over BioTelemetry, Inc., a leading U.S.-based provider of remote cardiac diagnostics and monitoring. Through this acquisition, Koninklijke Philips N.V. would be in a favourable position to enhance patient care across care environments for medical conditions and numerous diseases with the help of the combination of both the organization's portfolio and service platforms.

Jan-2020: Medtronic took over Stimgenics, a startup company that has developed a novel spinal cord stimulation waveform. This acquisition enabled the company to expand its business in the SCS Market.

Jun-2019: Boston Scientific acquired Vertiflex, a healthcare company. Through this acquisition, Vertiflex's spinal cord stimulation and radiofrequency ablation have been added to Boston Scientific's product portfolio.

Partnerships, Collaborations & Agreements

Nov-2021: Medtronic PLC partnered with Rune Labs, a company using aggregated brain data to empower the development and delivery of precision medicines for neurological and psychiatric diseases. This partnership aimed to assess the use of BrainSense technology, the first and only complete Deep Brain Stimulation system able to chronically capture and record brain signals.

Aug-2021: electroCore, Inc. signed an agreement with Red One Medical Devices, LLC, a service-disabled veteran-owned small business. This agreement aimed to widen the availability of electroCore’s gammaCore platform in the federal marketplace.

May-2020: Medtronic collaborated with UW following which the company has accelerated research into deep brain stimulation treatment for essential tremor, Parkinson’s disease, and other neurological disorders.

May-2019: Abbott came into partnership with the US National Institutes of Health (NIH). The partnership was aimed at developing unique insights and driving the application of neurostimulation therapies. The partnership would provide the latter company's neuroscience research initiative BRAIN access to Abbott’s neuromodulation technologies.

Product Launches and Product Expansions

Dec-2022: electroCore, Inc. rolled out Truvaga, a new wellness product offering. The launched product aimed to provide a drug-free, simple, and convenient way to support in reducing stress with just 2-minute sessions, day and night; no apps, batteries, chargers, or phones are required.

Nov-2022: electroCore, Inc. introduced gammaCore Sapphire, the first and only FDA-cleared non-invasive device. The launch would be aimed at treating and preventing multiple types of headache pain via the vagus nerve.

Oct-2020: Abbott Laboratories introduced ICD (Implantable Cardioverter-Defibrillator), a medical device that monitors heart rhythms and delivers shocks to treat life-threatening arrhythmias, and CRT-D (Cardiac Resynchronization Therapy with Defibrillation), an ICD with an added feature to synchronize the contractions of the heart's ventricles, improving heart function in certain patients.

Jan-2020: Medtronic announced the CE mark for its Percept PC neurostimulator. This is a Deep Brain Stimulation (DBS) system with BrainSense technology. The system can sense and record brain signals while offering therapy to patients with neurologic disorders, such as Parkinson’s disease.

Oct-2019: Medtronic launched Activa Programming, a new system. The system enables the patients in managing their deep brain stimulation (DBS) treatments at home using a dedicated and customized Samsung smartphone.

Jan-2019: Cochlear Ltd. launched Nucleus 7 Sound Processor, implantable hearing device for the people with single-sided deafness, conductive and mixed hearing loss.

Jan-2019: Boston launched WaveWriter Spinal Cord Stimulator (SCS) System in Europe for providing the treatment of chronic pain to people in Europe.

Jan-2019: Boston Scientific introduced the Vercise Primary Cell (PC) and Vercise Gevia Deep Brain Stimulation (DBS) Systems. The systems feature the Vercise Cartesia Directional Lead. The systems have the technology that enables the physicians in controlling the range, shape, position, and direction of electrical stimulation to treat the symptoms of Parkinson's disease (PD) through highly-personalized therapy.

Geographical Expansion

Sep-2019: Sonova opened a new training center in Germany. This expansion aimed to provide training program for hearing care professionals.

Mar-2019: Cochlear Ltd. expanded its reach to UK. This expansion aimed to provide the criteria for cochlear implant to professionals.

Approvals and Trials

Jul-2023: Abbott Laboratories got approval from the FDA for the AVEIR dual chamber (DR) leadless pacemaker system, an advanced medical device that offers dual-chamber pacing capabilities without the need for traditional leads or wires, improving patient comfort and reducing potential complications.

Oct-2022: Nevro Corporation got FDA approval for the Senza HFX iQ spinal cord stimulation (SCS) system, the first and only Artificial Intelligence-based SCS system. The approved product would address the variability in pain from patient to patient and support patients to optimize and maintain long-term pain relief and improved quality of life.

Jan-2021: Medtronic plc introduced the first enrollment in ADAPT-PD. This trial aimed to evaluate the safety and efficacy of adaptive deep brain stimulation (aDBS) in patients with Parkinson's Disease.

Jan-2020: Abbott Laboratories got approval from the US Food and Drug Administration (FDA) for its Infinity Deep Brain Stimulation (DBS) system. This system would be used in the treatment of Parkinson’s disease. The system would enable targeting a specific area of the brain known as the internal globus pallidus (GPi) for improving the symptoms of Parkinson’s disease not controlled by medication.

Nov-2019: Nevro Corporation received approval from the FDA for the Senza Omnia Spinal Cord Stimulation (SCS) System. The Omnia system has been designed to deliver Nevro's proprietary HF10 therapy in addition to all other available SCS frequencies.

Scope of the Study

Market Segments covered in the Report:

By Type

• Implantable Electroceutical Devices
• Non-invasive Electroceutical Devices

By End-use

• Hospitals
• Others

By Product

• Implantable Cardioverter Defibrillators & Cardiac Pacemakers
• Spinal Cord Stimulators
• Cochlear Implants
• Deep Brain Stimulators
• Transcutaneous Electrical Nerve Stimulators
• Sacral & Vagus Nerve Stimulators
• Others

By Application

• Arrhythmia
• Pain Management
• Sensorineural Hearing Loss
• Tremor & Epilepsy
• Parkinson’s Disease
• Depression
• Treatment-resistant Depression
• Urinary & Fecal Incontinence
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• Medtronic PLC
• Abbott Laboratories
• Boston Scientific Corporation
• Cochlear Ltd.
• LivaNova PLC
• Koninklijke Philips N.V.
• Biotronik SE & Co. KG
• Sonova Holding AG
• Nevro Corporation
• electroCore, Inc.

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