According to Emergen Research, the global bioelectric medicine market size was USD 18.72 billion in 2020 and is expected to reach USD 33.38 billion in 2028 and register a revenue CAGR of 7.5% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Bioelectric Medicine Market, By Product (Implantable cardioverter defibrillators, Cardiac pacemakers, Cochlear implants, Spinal cord stimulators, Deep brain stimulators, Sacral nerve and vagus nerve stimulators, Transcutaneous electrical nerve stimulators, Others), By Application (Arrhythmia, Pain Management, Sensorineural hearing loss, Parkinson’s disease, Tremors, Depression, Epilepsy, Urinary and fecal incontinence, Others), By End-use (Hospitals & clinics, Ambulatory surgery centers, Diagnostic centers), and By Region Forecast to 2028”
According to Emergen Research, the global bioelectric medicine market size was USD 18.72 billion in 2020 and is expected to reach USD 33.38 billion in 2028 and register a revenue CAGR of 7.5% during the forecast period, 2021-2028.
Market Dynamics:
Major factors providing impetus to the global bioelectric medicine market revenue growth are rise in global geriatric population, growing prevalence of cardiovascular and neurological disorders, including arrhythmia, heart failure, Alzheimer’s disease, Parkinson’s disease, epilepsy, tremors, and sensorineural hearing loss. Increasing cases of fatal accidents and traumatic brain injuries, rising volumes of major surgical procedures, and growing preference for minimally invasive surgeries drive the global market revenue growth to a significant extent.
Bioelectric medicine, also referred to as electroceuticals, is rapidly transforming the pharmaceutical industry in unprecedented ways. Bioelectric therapeutics are based on electrical pulses that lead to nerve stimulation and regulate various biological processes, thereby aiding in the treatment of specific conditions such as stroke, cardiac arrest, Parkinson’s disease, and epilepsy. Commonly used bioelectric medical devices include brain stimulators, cochlear implants, vagus nerve stimulators, cardiac pacemakers, and cardioverter defibrillators.
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Increasing research & development projects in the pharmaceutical and biotechnology sectors, rapid adoption of bioelectric medicine/electroceuticals, increasing regulatory approvals for breakthrough bioelectric medicine, and increasing strategic collaborations between pharmaceutical and biotechnology companies and research institutions are some of the other important factors creating key growth opportunities for the global bioelectric medicine market over 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
Implantable Cardioverter Defibrillators Segment Accounted for Largest Revenue Share in 2020:
Based on product type, the global bioelectric medicine market is segmented into implantable cardioverter defibrillators, cardiac pacemakers, spinal cord stimulators, cochlear implants, deep brain stimulators, transcutaneous electrical nerve stimulators, vagus nerve stimulators, sacral nerve stimulators and others. The implantable cardioverter defibrillators segment accounted for the largest revenue share in the global market in 2020, owing to factors such as rising occurrences of cardiovascular disorders including heart failure, stroke, and arrhythmia, and increasing demand for advanced cardioverter defibrillators.
Hospitals & Clinics Segment to Account for Fastest Revenue CAGR:
Based on end-use, the global bioelectric medicine market is segmented into hospitals & clinics, ambulatory surgery centers, and diagnostic centers. The hospitals & clinics segment is expected to register the fastest revenue CAGR in the global market over the forecast period. Rising prevalence of cardiovascular and neurological disorders, rapid adoption of bioelectric medicine or electroceuticals in healthcare settings, and increasing volumes of cardiovascular and neurological surgeries are among the major factors expected to drive this segment’s revenue growth.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America bioelectric medicine market accounted for the largest revenue share in the global market in 2020. Regional market revenue growth is supported by factors such as increasing incidences of cardiovascular and neurological disorders, rising preference for minimally invasive surgeries, increasing approvals for novel bioelectric medicine by regulatory bodies including the US FDA, and presence of highly advanced healthcare infrastructure and leading market players in the region, including Boston Scientific Corporation, Nevro Corp., and Neuronetics, Inc.
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Major Companies in the Global Bioelectric Medicine Market Include:
- Medtronic plc
- Boston Scientific Corporation
- Abbott Laboratories, Inc.
- LivaNova Plc
- Cochlear Ltd.
- MicroPort Scientific Corporation
- Sonova Group
- Nevro Corp.
- Axonics Modulation Technologies, Inc.
- Neuronetics, Inc.
- Second Sight Medical Products, Inc.
- NeuroPace, Inc.
- Medico S.p.A.
- Nurotron Biotechnology Co. Ltd.
- Aleva Neurotherapeutics SA
- NeuroSigma, Inc.
- BioWave Corporation
- Soterix Medical Inc.
- GiMer Medical
- BioControl Medical
For the purpose of this report, Emergen Research has segmented the global bioelectric medicine market based on product, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2018-2028)
- Implantable cardioverter defibrillators
- Cardiac pacemakers
- Cochlear implants
- Spinal cord stimulators
- Deep brain stimulators
- Sacral nerve and vagus nerve stimulators
- Transcutaneous electrical nerve stimulators
- Others
Application Outlook (Revenue, USD Billion; 2018-2028)
- Arrhythmia
- Pain Management
- Sensorineural hearing loss
- Parkinson’s disease
- Tremors
- Depression
- Epilepsy
- Urinary and fecal incontinence
- Others
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals
- Ambulatory Surgery Centers
- Diagnostic Centers
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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