Increasing prevalence of chronic diseases, rising geriatric population, and rapid advancements in electroceutical devices are some key factors expected to drive global Bioelectric Medicine market growth.
Increasing prevalence of chronic diseases, rising geriatric population, and rapid advancements in electroceutical devices are some key factors expected to drive global Bioelectric Medicine market growth.
According to Emergen Research, the global bioelectric medicine market size was USD 17.42 billion in 2019 and is expected to reach USD 31.06 billion in 2027 and register a steady revenue CAGR of 7.5% during the forecast period, 2020-2027.
Market Dynamics:
Bioelectric medicine is a convergence of advancements in neuroscience, molecular medicine, biomedical engineering, electronics, and material sciences, along with biomedical engineering. It focuses on developing nerve stimulating technology for various biological parameters during the treatment. Bioelectric medicine is an alternative therapy for drug-based treatment and is rapidly gaining traction owing to increasing incidence of various chronic diseases across the globe. Factors such as rising investments in research and development activities, high focus on developing and manufacturing new products, and increasing need for developing advanced therapeutics for various rare diseases are expected to drive global market revenue growth during the forecast period.
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However, lack of skilled professionals, high cost of electroceutical devices, and frequent recalls of certain products are some key factors that can hamper market growth to a certain extent during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Arrhythmia Segment To Register Significant Revenue CAGR:
The Arrhythmia segment is expected to register significant revenue CAGR during the forecast period. Factors such as rising prevalence of arrhythmia across the globe, rising availability of advanced cardioverter defibrillators and cardiac pacemakers, and increasing investments in developing advanced devices are expected to drive revenue growth of the segment during the forecast period.
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Hospitals Segment to Account for Largest Revenue Share:
The hospitals segment is expected to account for largest revenue share over the forecast period owing to factors such as large patient pool, increasing healthcare spending, rapid adoption of advanced technology, and growing demand for advanced electroceutical devices.
North America to Lead In Terms of Revenue Share:
North America is expected to dominate other regional markets in terms of revenue share during the forecast period owing to increasing prevalence of chronic diseases, presence of well-established healthcare infrastructure and research facilities, rapid advancements in bioelectric medicine, and rising geriatric population.
Major Companies in the Market Include:
- Medtronic
- Boston Scientific Corporation
- St. Jude Medical
- Cochlear Ltd.
- LivaNova PLC
- Sonova
- BIOTRONIK
- SECOND SIGHT
- Nevro Corp
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For the purpose of this report, Emergen Research has segmented into the global Bioelectric Medicine Market on the product type, application, end user and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Cardioverter Defibrillators
- Cardiac Pacemakers
- Cochlear Implants
- Spinal Cord Stimulators
- Brain Stimulators
- Sacral And Vagus Nerve Stimulators
Application Outlook (Revenue, USD Billion; 2017-2027)
- Arrhythmia
- Pain Management
- Sensorineural Hearing Loss
- Parkinson’s Disease
- Tremor
- Depression
End User Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals
- Ambulatory Surgery Centers
- Diagnostic Centers
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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