Bioelectric Medicine Market Forecasts to 2028 – Global Analysis By Product (Cardiac Pacemakers, Cochlear Implants and Other Products), Types (Implantable Electroceutical Device and Non-Invasive Electroceutical Devices), Application (Pain Management, Senso

Bioelectric Medicine Market Forecasts to 2028 – Global Analysis By Product (Cardiac Pacemakers, Cochlear Implants and Other Products), Types (Implantable Electroceutical Device and Non-Invasive Electroceutical Devices), Application (Pain Management, Sensorineural Hearing Loss and Other Applications), End User and Geography

According to Stratistics MRC, the Global Bioelectric Medicine Market is accounted for $21.66 billion in 2022 and is expected to reach $34.00 billion by 2028 growing at a CAGR of 7.8% during the forecast period. Bioelectric medicine is a complete approach to disease identification and treatment that uses electrical pulses and the body's inherent systems as a complement or alternative to medications and medical treatments. It is a combination of science, technology and health care. Treatments for disorders like inflammatory bowel syndrome, asthma, cancer, obesity, blindness, cardiovascular disease, and other neurological diseases are greatly aided by bioelectronic medications. The use of focused electrical impulses in the diagnosis and treatment of numerous ailments is growing.

According to the National Center for Chronic Disease Prevention (CDC) and Health Promotion, Division for Heart Disease and Stroke Prevention facts updated on September 2021, it is estimated that 12.1 million people in the United States will have Atrial fibrillation (AFib) in 2030. According to the same source, more than 454,000 hospitalizations with AFib as the primary diagnosis happen yearly in the United States.

Market Dynamics:

Driver:

Increase in neurological and cardiovascular problems

A significant rise in the likelihood of developing cardiovascular or neurologic disorders is seen in the older population as a whole. Elderly people make up a significant portion of the overall patient population due to their higher susceptibility to various diseases. As a result, the growth of this population subset will ensure that the need for electroceutical devices for the treatment of cardiovascular and neurological problems continues to grow.

Restraint:

Stringent government rules and regulations

The development of the medical device market may be hampered by strict government laws and regulations governing the design and production of medical devices such implantable cardioverter defibrillators, cardiac pacemakers, and neuromodulation devices. Before gaining a premarket approval (PMA), the devices must pass stringent clinical testing, which dramatically raises the price for the producers.

Opportunity:

Growing investments in the R&D

Growing R&D investments for cutting-edge bioelectric pharmaceuticals are a key driver of the market's expansion. The need for electroceuticals and bioelectric medicines is anticipated to be complemented in the years to come by growing investments in the healthcare R&D sector, encouraging government initiatives, and a high incidence of cardiac and neurological illnesses. The segment for non-invasive electroceutical devices is anticipated to develop at the fastest rate over the research period. This is a result of technical improvement and increased business R&D spending on new product development.

Threat:

Expensive nature of bioelectric devices

The high price of electroceutical devices like cochlear implants and neuro-stimulators is a significant problem that is restricting market growth, especially in price-sensitive nations like Asia Pacific, Latin America, and Africa. Due to their limited financial means, healthcare providers, particularly those in poor countries, find it challenging to invest in more cutting-edge technologies. Additionally, in order to handle electroceutical equipment correctly and guarantee that it is in good working order, the staff must receive rigorous training. As a result, extensive research and development efforts are required to produce highly advanced electro-pharmaceutical devices, such as cochlear implants.

Covid-19 Impact

The COVID-19 has had a considerable positive impact on the demand for bioelectric medicine. This resulted from elements like the strong demand for the COVID-19 vaccine and its treatment medications. The preference for remote monitoring has increased as a result of the COVID-19 epidemic. Tech companies, healthcare professionals, and patients are all becoming more and more interested in remote technologies like non-invasive electroceutical devices and portable pacemakers that allow clinicians to provide clinical advise to patients regardless of distance.

The implantable electroceutical devices segment is expected to be the largest during the forecast period

The implantable electroceutical devices segment is estimated to have a lucrative growth, due to these medicines are widely used in the treatment of arrhythmia, persistent pain, ischemia, depression, tremor, and sensorineural hearing loss. The market for electroceutical devices has been divided into implanted and non-invasive categories based on type in bioelectric medicine. Manufacturers are concentrating on releasing cutting-edge items to meet unmet consumer wants. For instance, Biotronik improved cardiac arrhythmia detection and diagnosis with the MoMe cardiac monitor, which is intended to boost early cardiac arrhythmia detection and diagnosis.

The hospitals and clinics segment is expected to have the highest CAGR during the forecast period

The hospitals and clinics segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the increased burden of chronic disorders like arrhythmia, epilepsy, Alzheimer's, retinitis pigmentosa, chronic pain, and depression. Epilepsy affects about 50 million people globally, according to WHO, and more people are anticipated to develop the condition in the near future as a result of an increase in traffic accidents and other traumatic traumas. Therefore, one of the main causes of epilepsy due to accidents is head trauma. The need for bioelectric medications has increased as a result of the ageing population growth and the developing healthcare infrastructure. The use of electroceuticals in hospitals is anticipated to be influenced by the availability of cutting-edge medical technology for the treatment of numerous serious ailments as well as increased disposable income.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the growing elderly population in Asian nations like China and India. Additionally, chronic disorders such cardiac arrhythmias, Alzheimer's disease, Parkinson's disease, and epilepsy are becoming more common in this area, which is anticipated to increase the use of electroceuticals. The market is being driven by the rising elderly population in the Asia Pacific region and the prevalence of chronic diseases. Every year, the number of people with epilepsy, Parkinson's disease, and Alzheimer's disease rises in countries like China and India, which is projected to accelerate the use of this technology. The market is expanding as a result of recent advantageous reimbursement rules that have been available in emerging countries.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the presence of medical equipment producers like Boston Scientific and Abbott. Additionally, the region's highly advanced healthcare system and accessibility to cutting-edge items have driven the expansion of the local market. Due to the rising need for cutting-edge medical gadgets for the treatment, North America came in second, followed by Europe. Large bioelectric medicine producers and a highly advanced healthcare infrastructure are anticipated to continue to be key market drivers.

Key players in the market

Some of the key players profiled in the Bioelectric Medicine Market include Abbott, LivaNova PLC, Medtronic Plc, Boston Scientific Corporation, ElectroCore Inc, Biotronik SE & Co KG, Cochlear Ltd, Stimwave LLC, Sonova and Nevro Corp.

Key Developments:

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.

In January 2020, Medtronic plc (Ireland) acquired Stimgenics, a pioneer in Differential Target Multiplexed, a novel spinal cord stimulation therapy now available in the market.

In June 2019, Boston Scientific Corporation (US) acquired Vertiflex, Inc., (US). The company is focused on minimally invasive technology that helps alleviate pain and restore the physical function of lumbar spinal stenosis.

In December 2018, ElectroCore Inc. (US) received FDA Approval for gammaCore for the treatment of cluster headaches. The product is the only FDA-approved pharmacological treatment for the disorder.

Products Covered:
• Cardiac Pacemakers
• Cochlear Implants
• Implantable Cardioverter Defibrillators
• Spinal Cord Stimulators
• Transcutaneous Electrical Nerve Stimulators
• Sacral Nerve Stimulators
• Vagus Nerve Stimulators
• Deep Brain Stimulators
• Other Products

Types Covered:
• Implantable Electroceutical Devices
• Non-Invasive Electroceutical Devices
• Other Types

Applications Covered:
• Pain Management
• Sensorineural Hearing Loss
• Arrhythmia
• Parkinson’s Disease
• Treatment-resistant Depression
• Tremor
• Urinary and Fecal Incontinence
• Depression
• Epilepsy
• Other Applications

End Users Covered:
• Hospitals & Clinics
• Homecare Centres
• Individual Users
• Ambulatory Surgical Centres
• Specialty Clinics
• Research Institutes
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements