As per our analysis report, the global Electroceuticals/Bioelectric Medicine Market is expected to reach USD 32.19 billion by 2029 from USD 23.53 billion in 2024, growing at a compound annual growth rate (CAGR) of 5.8% during the forecast timeline.
Electroceuticals/Bioelectric is a method by which diseases are treated with the help of electric pulses instead of drugs; this new type of treatment uses a small implanted device, which on insertion, produces pulses periodically that stimulate the nerve bundles, creating a disease-fighting mechanism. Electroceuticals/Bioelectric have already been used in diseases such as Parkinson’s. Epilepsy and bladder control. Successful treatment of these conditions by electroceutical/Bioelectric medicine opened opportunities for treatment for other diseases, such as improving eyesight and memory. The human body works on electrical signals to control and monitor bodily functions such as heart rate, digestion, and immune responses. Electroceuticals/Bioelectric medicine uses this feature by creating implants that give out electrical impulses at specific nerves and tissues. These implants consist of electrodes that which is placed near the target area for generating electrical pulses.
Treatment of these diseases requires a long period of drug treatment with minimal success rate; the use of electroceuticals/bioelectric medicine in the form of implants successfully helped patients to recover with zero side effects. Its effectiveness helped the individual to recover at a faster rate.
With the advancement in technologies, researchers and biophysicists developed small implants that act like electroceutical/bioelectric medicine by generating electric pulses that recover the patient from diseases and disorders. These biocompatible devices have minimized the symptoms of the disease by providing stimulus to the target area. Such innovation and technological advancement fuelled the electroceuticals/bioelectric medicine market by increasing its market size. Due to lifestyle changes and habits, there is a rising incidence of chronic illnesses, such as cardiovascular, diabetes, and autoimmune disorders. Most of these diseases and disorders include a long treatment with side effects. With the use of electroceuticals/bioelectric medicines, patients can overcome the diseases and the debilitating symptoms associated with them. This caused the market growth of the electroceuticals/bioelectric medicine market, leading to an increase in market share and demand,
Development and installation of electroceutical/bioelectric medicines in the form of implants is expensive and requires high investment in research and development, which restricts the electroceuticals/bioelectric medicine market from expanding its market. The extensive research, preclinical studies, and clinical studies with regulatory compliance with authority created a constraint for the electroceuticals/bioelectric market, negatively affecting its market size. The field of electroceuticals/bioelectric medicine is new in the field of medicine and has limited awareness among individuals, which has significantly impacted market demand negatively. Restricting its expansion in hospitals and healthcare organizations, the market growth rate has declined.
The outbreak of COVID-19 led to the adoption and demand for the non-invasive, remote treatment option; because of the implementation of the lockdown and restrictions, wearable and non-invasive devices gained attention from the researcher, as they offered remote monitoring of the health of the patient. And this led to the expansion of the electroceuticals/bioelectric medicine market. Whereas it also negatively impacted the market growth due to disruption in the supply chain, the distribution of medical devices, including electroceuticals/bioelectric devices, was affected, causing a decline in sales. Hence, the impact of COVID-19 had both positive and negative impacts on the electroceuticals/bioelectric medicine market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
5.8% |
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Segments Covered |
By Device Type, Product Type, Application, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
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Market Leaders Profiled |
Medtronic, Boston Scientific Corporation, Cochlear Ltd., Sonova, LivaNova PLC, Biotronik, Nevro Corp, Abbott Laboratories, Microport Scientific Corp, ElectroCore LLC |
At the same time, non-invasive electroceutical devices are gaining momentum in the electroceutical/bioelectric medicine market due to extensive research and technological advancement. Moreover, non-invasive treatment involves no surgical intervention, which makes it easier for the patient to accept it. This development in the electroceuticals/bioelectric medicine market will expand its market share and also demand.
This dominance of the segment was due to the high number of geriatric patients suffering from cardiac problems, which motivated the use of defibrillators for fast recovery and to reduce the pain associated with it. The deep brain stimulators segment has the fastest market share and CAGR, in the forecasted period, because of growing cases of Parkinson’s and Alzheimer’s disorders within the population; such disorders have minimal treatment options with very few chances of getting cure, and brain stimulators aid with chronic pain associated with it and also increases the success rate of getting cured. This caused exponential growth in the electroceuticals/bioelectric medicine market. Leading to an increase in market size.
Also, because of the rising heart conditions among individuals, the demand for such medical devices has increased over the years. Parkinson’s segment has the fastest growth in market share and CAGR in the electroceuticals/bioelectric medicine market due to rising cases of brain disorders among the geriatric population. Pain management in the electroceuticals/bioelectric medicine market has accounted for the exponential growth, as the occurrence of chronic pain associated with illness and various other disorders has increased; this led to the use of electroceuticals/bioelectric devices as implants for managing chronic pain. Depression is another segment that has been forecasted to have significant growth over the years; as stress is increasing, the occurrence and rate of depression are high among children as well as adults. The use of implants stimulates the nerves provides relaxation from pain, and elevates the pain.
Based on the region, the North American segment has the highest market share and generated the maximum revenue for the electroceuticals/bioelectric medicine market; this dominance of North American countries was due to technological advancement and government funding in research and development, also there is the maximum occurrence of brain disorders, heart disorders, and depression in America, owing to this, the demand and sales for bioelectric devices have increased in these years and also forecasted to have a huge impact on the electroceuticals/bioelectric medicine market. Europe segment has the fastest growing market because of the growing awareness for electroceuticals/bioelectric devices in research institutions and hospitals. Also, technological advancement and innovation and the presence of major key players are other major factors that have boosted the electroceuticals/bioelectric medicine market share. Most of the countries in the Asia Pacific, such as India, Japan, and China, have significant growth due to the rising geriatric population and increasing chronic illnesses. Latin America showed steady growth in the electroceuticals/bioelectric medicine market due to growing awareness from the government. The Middle East and Africa have slow growth as compared to other regions.
The key players in the Electroceutical/Bioelectric Medicine Market are Medtronic, Boston Scientific Corporation, Cochlear Ltd., Sonova, LivaNova PLC, Biotronik, Nevro Corp, Abbott Laboratories, Microport Scientific Corp, ElectroCore LLC
On 8th July 2021, Merck KGaA, Darmstadt, Germany, made a partnership with Innervia.
Bioelectronics to develop a graphene-based bioelectric vagus nerve treatment for major chronic diseases. This alliance of both companies with their expertise led to research in therapies for diseases and disorders with unmet medical needs.
By Device Type
By Product Type
By Application
By Region
Frequently Asked Questions
Increasing technological advancement and rising cases of chronic illnesses are the driving factors for the market.
The market is estimated to register a CAGR of 5.8% during the forecast period.
High Costs in the development and installation of implants are the major challenging factor for the market growth rate.
North America region is leading with the highest shares of the market.
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