The latest research study “Bioelectric Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that The global bioelectric medicine market size reached US$ 21.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.2 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
What is Bioelectric Medicine Market?
Bioelectric medicine, also known as electroceuticals, encompasses medical-related devices that use electrical impulses and signaling in the nervous system. It combines neuroscience, molecular medicine, bioengineering, etc., to develop nerve-stimulating technologies for biological processes. Bioelectric medicine comprises relief, cardiac pacemakers, cochlear, retinal implants, spinal cord stimulators, implantable defibrillators, etc. It usually includes tiny electronic implants that can diagnose and treat several chronic diseases, such as inflammatory bowel disease, cancer, rheumatoid arthritis, obesity, diabetes, asthma, paralysis, cardiovascular diseases (CVDs), etc. Bioelectric medicine can treat a wide array of conditions and disorders by using both non-invasive and invasive approaches.
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Bioelectric Medicine Market Trends and Drivers:
The increasing incidences of neurological and cardiovascular disorders and the expanding geriatric population are primarily driving the bioelectric medicine market. Additionally, the growing prevalence of arrhythmia that involves the use of cardiac pacemakers and implantable cardioverter-defibrillators to treat the ailment is further catalyzing the market growth. Besides this, the escalating demand for deep brain stimulators, on account of the rising cases of lifestyle-induced disorders, such as depression and obesity, and Parkinson’s disease, is acting as another significant growth-inducing factor. Moreover, leading manufacturers are developing smart products that aid in the early diagnosis and detection of cardiac arrhythmias and cater unmet needs of consumers, which is positively influencing the global market. Apart from this, the introduction of new therapies and electroceuticals and extensive R&D activities are also propelling the market growth. Furthermore, continuous advancements in healthcare infrastructures and the inflating expenditure capacities of individuals are anticipated to fuel the bioelectric medicine market over the forecasted period.
Bioelectric Medicine Market Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
- Implantable Electroceutical Devices
- Non-Invasive Electroceutical Devices
Breakup by Product:
- Implantable Cardioverter Defibrillators
- Cardiac Pacemakers
- Cochlear Implants
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Transcutaneous Electrical Nerve Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
Breakup by Application:
- Pain Management
- Sensorineural Hearing Loss
- Parkinson’s Disease
- Treatment-Resistant Depression
- Urinary and Fecal Incontinence
Breakup by End Use:
- Research Institutes
- Individual Users
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
List of Major Key Players:
The major players in the market are
- Abbott Laboratories
- Biotronik SE & Co KG
- Boston Scientific Corporation
- Cochlear Limited
- electroCore Inc.
- LivaNova PLC
- MED-EL Medical Electronics
- Medtronic plc and Sonova Holding AG.
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