Globally, the size of the bioelectric medicine market is expected to register a CAGR of 7.9% between 2020 to 2025.
Electroceutical devices are also known as bioelectronics medicine is a process in which it acts by targeting neural circuits of organs and modifies the functionality of the specific organs. This procedure involves treating varied diseases with the help of tiny electronic implants. It is specifically used in the treatment of targeted therapies.
MARKET DRIVERS:
The rise in the number of patients suffering from chronic diseases drives the demand of the Global Bioelectric Medicine Market to the extent. Also, the increasing need to have an effective treatment procedure is leveling up the bioelectric medicine market growth.
Growing investments in the government's healthcare centers and the launch of reimbursement schemes in favor of the ordinary people set up growth opportunities for the global bioelectric medicine market. Rising capita income in developing countries is also surging the demand of the market to the extent.
MARKET RESTRAINTS:
However, the cost of installation and maintenance of the devices is a bit expensive, and this is impeding the growth of the market. Lack of standardization is also an attribute to hinder the demand of the global bioelectric medicine market.
Impact of COVID-19 on the global bioelectric medicine market:
The reagent SARS-CoV-2 is the root cause for the novel coronavirus (COVID 19) affecting the world economy. Many industries, including the healthcare sector, have been affected. With the demand for vaccine and treatment drugs for COVID 19, the pharmaceutical and biotechnology industries will likely observe notable growth in the upcoming years. COVID 19 pandemic to have a considerable impact on bioelectric medicine market growth. Bioelectric medicine demands new perceptions for diagnosing and treating diseases like cancer, diabetes, asthma, rheumatoid arthritis, paralysis, organ transplantation, neurodegenerative disorders, and others. The most commonly used drug-like Hydroxychloroquine, has observed a dramatic increase in demand for the management of COVID 19.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
|
Forecast Period |
2020 to 2025 |
|
Segments Covered |
By Device, Application, End-user & Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
This market research report on the global bioelectric medicine market has been segmented and sub-segmented based on the device, application, end-user, and region.
Bioelectric Medicine Market - By Modality:
Based on the modality, the implantable electroceutical devices are leading with dominant shares of the market. Increasing targeted therapies procedures globally and growing disposable income are propelling the demand of the market.
The non-Invasive devices segment is anticipated to exhibit the highest CAGR due to the advanced technologies and increasing funds and investments for top companies' research and development.
Bioelectric Medicine Market - By Product Type:
Based on the product type, the implantable cardioverter defibrillators segment is the leading segment in the bioelectric medicine market due to its wide arrhythmia applications. Y-O-Y growth in the incidence of cardiac arrests and the growing aging population further help this segment secure its leading position.
The deep brain stimulator segment is anticipated to register the highest CAGR due to the increase in regularity of Parkinson's disease and lifestyle impelled disorders like obesity and depression.
Bioelectric Medicine Market - By Application:
Based on the application, the arrhythmia segment governs the bioelectric medicine market due to the growing arrhythmia occurrence comprising implantable cardioverter defibrillators and cardiac pacemakers.
The epilepsy segment is expected to showcase impressive CAGR growth because of the progress in treatment options such as vagus nerve stimulators. Industries and research institutes are significantly concentrating on inventing product development, which escalates the segment growth in the bioelectric medicine market over the analysis period.
Bioelectric Medicine Market - By End-user:
Based on end-user, the Hospital segment is ruling with the highest shares of the market. The rise in the construction of hospitals with the latest equipment is bolstering the demand of the market.
The academic research institutes segment is predicted to grow at a notable CAGR during the forecast period due to increasing investments and funds towards research and development of novel product enhancements and raised funds by the government.
Bioelectric Medicine Market - By Region:
Regionally, the North American market is expected to lead the global bioelectric medicine market during the forecast period due to the implementation of various treatment procedures at a high success rate and the presence of medical device manufacturers such as Medtronic, Biotronik, and many. The U.S. and Canada are the significant contributors in the North American market, and the U.S. is ruling the bioelectric medicine market.
The European market and the Asia Pacific market are forecasted to account substantial share in the global market during the forecast period due to the growing geriatric population and a growing prevalence of non-invasive treatment procedures. The European market had accounted for a market share of 28.0% in the global market in 2020 due to factors such as rising demand for inventing medical devices for the treatment and appearance of bioelectric medicine producers, especially in Germany, Switzerland, UK, and France integrated with improved healthcare infrastructure. Germany is believed to rule over the market in the region.
The Asia-Pacific region's bioelectric medicine market is expected to showcase the most massive CAGR growth rate during the forecast period. The aging population is rising in countries like India and China. Moreover, the steady growth of chronic diseases, which includes cardiac arrhythmias, epilepsy, and many more, elevates the demand of the market. China is expected to lead the market due to enhancing healthcare infrastructure, and surging cognizance in healthcare in APAC nations are expanding the bioelectric medicine market demand.
The Middle East and Africa are esteemed to have inclined growth rates during the main period.
KEY MARKET PARTICIPANTS:
Some of the notable market players leading the global bioelectric medicine market profiled in this report are Cochlear Limited (Australia), Sonova Holding AG (Switzerland), LivaNova PLC (U.K.), Biotronik (Germany), Medtronic plc (Ireland), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), Nevro Corporation (U.S.), Second Sight Medical Products, Inc. (U.S.), and ElectroCore LLC (U.S.).
Related Reports
Feb 2020
Feb 2020
