Increasing adoption of electroceuticals for treatment of various neurological disorders is driving electroceuticals/bioelectric medicine market revenue growth.
Increasing adoption of electroceuticals for treatment of various neurological disorders is driving electroceuticals/bioelectric medicine market revenue growth
The global electroceuticals/bioelectric medicine market size is expected to reach USD 26.29 Billion in 2030 and register a revenue CAGR of 5.1% over the forecast period, according to latest report by Reports and Data. Increasing prevalence of chronic diseases and technological advancements in the electroceutical field are driving electroceuticals/bioelectric medicine market revenue growth.
Electroceutical devices or bioelectric medicine are being widely used in the treatment of several neurological disorders, such as Parkinson’s disease, Obsessive Compulsive Disorder (OCD), epilepsy, Alzheimer’s disease, dystonia, and essential tremor. It is effective in diagnosis and treatment of all disorders related to central and peripheral nervous systems, along with their subdivisions that include autonomic and somatic nervous systems.
Technological advancement has resulted in development of miniaturized electroceutical devices that can fit into nerve bundles within the human body. Electroceutical therapy can minimize the symptoms of a disease by targeting the neural circuitry and providing neural stimulation to specific targets, and these neural stimulations or impulses can be monitored by implantable devices. For instance, electroconvulsive therapy is widely used in the treatment of major depressive disorder, and in this procedure, electroceutical devices provide controlled electrical stimulation to trigger a brief seizure, which affects chemicals and neurons in the brain.
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Some Key Highlights from the Report
- In January 2021, Boston Scientific Corporation, a U.S.-based manufacturer of medical devices, received authorization from the U.S. Food and Drug Administration (FDA) for its fourth-generation Vercise Genus Deep Brain Stimulation (DBS) System. These devices are Bluetooth-enabled and are rechargeable or non-rechargeable based on doctor and patient preference. These would help to treat Parkinson’s disease by providing electrical impulses through surgically implanted leads in the brain, which are connected to Implantable Pulse Generator (IPG).
- Cardiac pacemakers segment revenue is expected to grow at a steady rate during the forecast period. Cardiac pacemakers have the ability to regulate heartbeats in conditions where natural system of the heart cannot do it, and it also improves heart’s efficiency by ensuring the atria and ventricle work together. In addition, it helps in detection and rectification of the causes of atrial fibrillation or irregular heartbeat. Cardiac pacemakers can also help in preventing heart failure by ensuring proper functioning of the heart’s electrical system.
- Implantable electroceutical segment accounted for largest revenue share in 2020, owing to their increasing adoption due to several benefits, such as compact & small design of devices, biodegradability, functionality of devices, and conformability. Wearable and Implantable Electroceuticals (WIEs) are widely being used in several applications, including muscle activation, heart stimulation, skin rejuvenation, and nerve modulation, and these devices accommodate several other therapeutic modalities as well. WIEs are mainly designed to activate the vagus nerve to improve heartbeat and breathing, and they are widely being used in the treatment of cardiac failure and epilepsy. For instance, NeuroPace Responsive Neural Stimulation (RNS) system is used to treat intractable epilepsy, while artificial pacemaker is the most widely used implantable electroceutical device for treating heart failure.
- Parkinson’s disease segment accounted for a significantly large revenue share in 2020, which can be attributed to increasing use of Deep Brain Stimulation (DBS) for treating Parkinson’s disease. In treating Parkinson’s disease, DBS supplies electrical impulses to the particular area of the brain, which is accountable for motor symptoms generated by the disease. Electrical impulses interrupt abnormal activity in the brain circuitry and thus, minimizes symptoms of the condition.
- Hospital segment accounted for a significantly large revenue share in 2020, which can be attributed to increasing pressure on these facilities due to growing incidence of several chronic diseases, such as epilepsy, retinitis pigmentosa, and arrhythmia. Electroceuticals/bioelectric devices are effective in minimizing severity of these diseases, which is increasing demand for these devices in hospitals.
- Market in North America accounted for largest revenue share in 2020. Increase in geriatric population, coupled with rising use of retinal implants, are accelerating electroceuticals/bioelectric medicine market growth in the region. Additionally, presence of a highly developed healthcare sector and easy accessibility to advanced products are facilitating market revenue growth in the region. Presence of leading medical device manufacturers, such as Biotronic and Boston Scientific Corporation, is also contributing to market revenue growth.
- Companies profiled in the global market report include Boston Scientific Corporation, Abbott, Cochlear, Biotronik, LivaNova, PLC, electroCore, Inc., Sonova, Neuronetics, MicroPort Scientific Corporation, and NeuroPace, Inc.
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For this report, Reports and Data has segmented the global electroceuticals/bioelectric medicine market based on product type, device type, application, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018–2030)
- Cardiac Pacemakers
- Implantable Cardioverter Defibrillators
- Stimulators
- Spinal Cord
- Deep Brain
- Vagus Nerve
- Sacral Nerve
- Implants
- Retinal
- Cochlear
- Transcutaneous Electrical Nerve Stimulation
- Others
Device Type Outlook (Revenue, USD Billion; 2018–2030)
- Implantable Electroceutical
- Non-invasive Electroceutical
Application Outlook (Revenue, USD Billion; 2018–2030)
- Depression
- Chronic Pain
- Tremor
- Epilepsy
- Menstrual Migraine
- Arrhythmia
- Parkinson’s Disease
- Spinal Cord Injury
- Sensorineural Hearing Loss
- Retinitis Pigmentosa
- Urinary and Fecal Incontinence
- Others
End-Use Outlook (Revenue, USD Billion; 2018–2030)
- Hospitals
- Individual Users
- Homecare Centers
- Ambulatory Surgical Centers
- Specialty Clinics
- Others
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Regional Outlook (Revenue, USD Billion; 2018–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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