02-Jun-2021 | Facts and Factors
According to research released by Facts and Factors, the global bioelectric medicine market was valued at about USD 23.31 billion in 2020, and is predicted to create revenue of about USD 36.79 billion by the end of 2026, rising at a CAGR of around 7.9%.
Bioelectric medicine refers to medical devices that use electrical pulses to modulate the neural circuits of the body as an alternative to drug-based intervention. Bioelectric medicine, are also popular as electroceuticals, is a branch of medicine that integrates bioengineering, molecular medicine, and neuroscience to discover and create nerve stimulation and sensing technologies to control biological processes and treat diseases. Bioelectric medicine is a field that integrates bioengineering, molecular medicine, and neuroscience to create nerve-stimulating devices for the control of biological processes during illness therapy. With the development of more complicated devices and innovative materials that have been developed down to the nanoscale, the bioelectric sector has been able to advance recently.
Top Market Players
Major players in the bioelectric medicine market are Boston Scientific Corporation, Medtronic plc, Cochlear Limited, Sonova Holding AG, Biotronik, ElectroCore LLC, St. Jude Medical, Inc., LivaNova plc, Second Sight Medical Products, Inc., Nevro Corporation, MED-EL, Cefaly Technology, BioElectronics Corporation, Vomaris Innovations, Inc., EnteroMedics Inc., Stimwave LLC, Oticon Medical, and NeuroSigma, Inc. among others.
Rising Prevalence of Chronic Diseases
Rising cost pressures on drug-based medicines and growing interest from major pharmaceutical players in the bioelectric medicine, and rising incidence and prevalence of neurological disorders and cardiac diseases around the world are some of the factors that are expected to drive the global bioelectric medicine market growth during the forecast period. According to the CDC, over 610 thousand individuals die in the United States each year as a result of heart disease. Around 370 persons die as a result of coronary heart disease among them (CHD). As a result, improved bioelectric medicine is in great demand for the treatment of various chronic illnesses, which is projected to drive market expansion. Major corporations like as GlaxoSmithKline plc have made considerable investments in the bioelectric medicine industry, while other institutions such as the National Institutes of Health (NIH) in the United States have expressed strong interest in the subject.
Bioelectric medicine is a field that integrates bioengineering, molecular medicine, and neuroscience to create nerve-stimulating devices for the control of biological processes during illness therapy. Cardiovascular Diseases (CVDs) are a leading cause of death in the United States, according to the Centers for Disease Control and Prevention (CDC). CVDs are likely to be the cause of one-fourth of all deaths. Stroke and IHD are the leading causes of CVD-related death, accounting for more than 80% of all deaths. Furthermore, by 2030, the economic cost of CVDs is expected to reach over USD 1,044 billion.
Manufacturers' increasing R&D investments and the increasing rate of regulatory approvals for novel electroceuticals are two other important drivers driving the sector's growth. For example, the InterStim Smart Programmer was used with the InterStim System for sacral neuromodulation therapy in December 2018. Medtronic was the first to develop sacral neuromodulation, and this new device was intended to help the business expand its market share.
Government laws governing the development and manufacture of medical equipment such as cardiac pacemakers, implantable cardioverter defibrillators, and neuromodulation devices could stifle the bioelectric medicine market's growth. Prior to receiving a PMA, the devices must undergo extensive clinical testing, which increases the producers' expenses significantly. Furthermore, product recalls are a significant burden for manufacturers, and they may have a negative impact on the sector's growth.
COVID-19 Impact on the Global Bioelectric Medicine Market
Drug and biotech organizations, as a team with governments all through the world, are attempting to battle the COVID-19 flare-up, from immunization examination to anticipating obstructions in the drug inventory network.
Furthermore, commonly used medications like Hydroxychloroquine have shown a significant increase in popularity for the treatment of COVID-19. The increased interest in COVID-19 administration prescriptions has provided a huge opportunity for architects of COVID-19 administration prescriptions, as many affluent countries are short on these pharmaceuticals. Because of the need for COVID-19 vaccines and treatment prescriptions, the pharmaceutical and biotechnology industries are expected to grow significantly in the future. Because of these considerations, Coronavirus - 19 is expected to have a significant impact on the electroceuticals/bioelectric medicines business.
Asia Pacific Region Dominates the Global Bioelectric Medicine Market
In 2020, North America represented the largest share of the global bioelectric pharmaceutical market, accounting for roughly 41% of the total. In the same year, Europe accounted for around 28.0 percent of the total market, second only to North America. Growing demand for novel clinical devices for treatment, as well as the existence of large bioelectric drug manufacturers, primarily in Germany, Switzerland, the United Kingdom, and France, as well as a well-developed medical care framework, are expected to be major market drivers. Because of the aging population in Asian countries such as China and India, the Asia Pacific region is expected to have the highest CAGR of 8.5 percent over the projection period.
Report Scope
Report Attribute |
Details |
Market Size in 2020 |
USD 23.31 billion |
Projected Market Size in 2026 |
USD 36.79 billion |
Growth Rate |
CAGR 7.9% |
Base Year |
2020 |
Forecast Years |
2021–2026 |
Key Market Players |
Boston Scientific Corporation, Medtronic plc, Cochlear Limited, Sonova Holding AG, Biotronik, ElectroCore LLC, St. Jude Medical, Inc., LivaNova plc, Second Sight Medical Products, Inc., Nevro Corporation, MED-EL, Cefaly Technology, BioElectronics Corporation, Vomaris Innovations, Inc., EnteroMedics Inc., Stimwave LLC, Oticon Medical, and NeuroSigma, Inc. among others. |
Key Segment |
By Type, By Application, By Product, By End User, and By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Browse the full report “Bioelectric Medicine Market By Product (Implantable Cardioverter Defibrillators, Cardiac Pacemakers, Cochlear Implants, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators, Vagus Nerve Stimulators, Sacral Nerve Stimulators, Retinal Implants, and Other Bioelectric Medicines), By Type (Implantable Electroceutical devices, Non-invasive Electroceutical Devices), By Application (Arrhythmia, Pain Management, Sensorineural Hearing Loss, Parkinson’s Disease, Tremor, Depression, Epilepsy, Urinary and Fecal Incontinence, and Others), By End User (Hospitals, and Diagnostic Centres), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa): Global & Regional Industry Perspective, Comprehensive Analysis and Forecasts, 2021 – 2026” report at https://www.fnfresearch.com/bioelectric-medicine-market.
The global bioelectric medicine market is segmented as follows:
By Product:
- Implantable Cardioverter Defibrillators
- Cardiac Pacemakers
- Cochlear Implants
- Deep Brain Stimulators
- Transcutaneous Electrical Nerve Stimulators
- Vagus Nerve Stimulators
- Sacral Nerve Stimulators
- Retinal Implants
- Other Bioelectric Medicines
By Type:
- Implantable Electroceutical Devices
- Non-invasive Electroceutical Devices
By Application:
- Arrhythmia
- Pain Management
- Sensorineural Hearing Loss
- Parkinson’s Disease
- Tremor
- Depression
- Epilepsy
- Urinary and Fecal Incontinence
- Others
By End-user:
- Hospitals
- Diagnostic Centres
By Region:
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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