Globally, the bioelectric medicine market size is expected to register a CAGR of 7.9% from 2021 to 2026.
The term "electroceuticals" was developed to describe an ancient therapeutic method that encompasses all bioelectronic medications. It refers to medical devices that use electrical impulses to cause change, therefore changing biological function as an alternative to drug-based treatment. These devices typically read and transform electrical signals that flow via the body's nerves and include abnormal or different impulses linked to various diseases. Neural implants, such as cochlear implants, retinal implants, or spinal cord stimulators for pain treatment, cardiac pacemakers, and implanted defibrillators, fall under the bioelectric category. In addition, deep brain stimulation and electrical stimulation of the vagus nerve have recently been added to deep brain stimulation. The therapy of these diseases involves the use of advanced bioelectric such as implanted cardioverter defibrillators and spinal cord stimulators. Microelectronic implants, also known as electroceuticals or bioelectronics, treat a wide range of chronic conditions, including diabetes, asthma, chronic obstructive pulmonary disease, arthritis, hypertension, and various cardiac and gastrointestinal problems.
MARKET DRIVERS:
The rise in the number of patients suffering from chronic diseases and the increasing need to have an effective treatment procedure are leveling up the growth of the global bioelectric medicine market growth.
The rising prevalence of severe illnesses globally is a major driver of the market's expansion. Bioelectric have been more popular among consumers to treat a variety of cardiac and neurological diseases, including dystonia, essential tremor, obsessive-compulsive disorder (OCD), and arrhythmia, in recent years. The major driving factors fueling the market's growth are manufacturer investments in R&D and the increasing frequency of regulatory approvals for new bioelectric. Furthermore, the market expansion will be fueled by an expanding elderly population and a growing preference for bioelectric over drug-based treatments due to rising price increases and inefficiency in drug-based medications. The elderly utilizes advanced bioelectric such as implanted cardioverter defibrillators, cochlear implants, cardiac pacemakers, and spinal cord stimulators to treat various diseases. As a result, the market for electroceutical/bioelectric medications is projected to grow in line with the growing elderly population.
Increasing government initiatives and increased focus of key market participants on innovation for more efficient treatments and bioelectric and technical advancements in the field of bioelectric are major factors driving market expansion. These medications are used as a supplement to drug-based therapy. Bioelectric Medicine is based on neurostimulation, which is the manipulation of electrical impulses in the neurological system. It has the ability to treat a variety of illnesses using both invasive and non-invasive approaches. In the future years, it is projected to offer a viable alternative to drug-based treatment. The market for advanced bioelectric medicine is expected to grow as new approvals for advanced bioelectric medicine increase, making investment and financing for the development of novel treatments and bioelectric.
MARKET RESTRAINTS:
During the forecast period, factors such as rigorous government rules and regulations for developing and producing new devices, product recalls, and a scarcity of qualified experts are likely to hinder the market's growth. In addition, medical device production and marketing regulations imposed by different regulatory agencies, such as cardiac pacemakers, neuromodulation devices, and implanted cardioverter defibrillators, are anticipated to limit the market growth.
High setup costs and a scarcity of trained experts are limiting issues for the industry, while a lack of awareness will be a challenge. The global shortage of skilled neuro-physicians and neurosurgeons is projected to have a detrimental influence on the number of neurosurgical procedures performed each year and, therefore, the market need for bioelectric devices like neurostimulators.
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, etc. 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 |
2020 to 2026 |
|
Base Year |
2020 |
|
Forecast Period |
2021 to 2026 |
|
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. In addition, 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. In addition, 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.
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 medical device manufacturers such as Medtronic, Biotronik, and many. The U.S. and Canada are significant contributors to 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, the UK, and France integrated with improved healthcare infrastructure. However, 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 market's demand. 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.).
RECENT MARKET DEVELOPMENTS:
Related Reports
Apr 2021
Apr 2021
