The global bioelectric medicine market size was valued at USD 20.68 billion in 2022 and it is projected to be worth around US$ 40.49 billion by 2032 with a registered CAGR of 7% from 2023 to 2032.
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Bioelectric medicine has emerged recently. This technology is extremely helpful for diagnosing the diseases and treating the disease. Bioelectronic medicine is a recent development which is expected to replace the current drugs. By electronic medicine will also be extremely useful in the treatment of rheumatoid arthritis. It is a new found way to treat many diseases.
Bioelectronic medicine is a combination of science, technology and health care. Bioelectronic medicines are extremely helpful in treating diseases like inflammatory bowel syndrome, asthma, cancer, obesity, blindness, cardiovascular diseases and other neurodegenerative diseases. There is an increase in the use of targeted electrical signals to diagnose and treat many diseases. The use of bodies natural mechanisms and electrical pulses are you able to provide a clear picture regarding any diseases. Spinal cord stimulation and vagus nerve stimulation are helpful in detecting the diseases. Duty investments from many sources technical innovations are taking place in this field in order to provide new devices which are less invasive and tiny as compared to the existing ones. Structure there is many challenges which are hampering the growth of this market. In the coming years the bioelectronic medicine is expected to be a big breakthrough.
The use of this bio electronic medicine will be added with the help of evidence which could be achieved by conducting extensive study and understanding the side effects of this technology. Many major market players and research companies are continuously working in improving the devices required in these procedures. There is a growing rate of collaborations among different companies which will help in the market entry. The growth of this market is hampered due to strict rules and regulations. The growth of the market is hindered due to stringent government policies for approval. One of the most dreadful challenges for the manufacturers which affects the growth of the market is product recalls. Most of the major market players are continuously working on mergers and acquisitions to expand their businesses regionally. Companies are focusing on providing technologies that will help in reducing the pain and increasing the rate of recovery.
Increasing prevalence of chronic disorders in the developed nations as well as the developing nations is one of the most important factors that is leading to the growth of this market. Growing geriatric population across the developed and developing nations or at a great risk of neurological disorders, increasing number of diseases in the geriatric population is driving the growth of the market. The market is expected to grow as it may be efficient for treating Parkinson's disease, Alzheimer's disease, epilepsy etc. the ability of this technology to treat all of these diseases will be a major boon in the medical industry. The use of this technology in order to treat obsessive compulsive disorder and different cardiac disorders are also expected to provide a boost to the market. There's no stimulating technology extremely helpful in treating many diseases.
The ability to treat chronic disorders to a great extent is one of the most important factors which is expected to provide a large consumer base to the market. Increasing awareness regarding the availability of bioelectric medicines is creating a demand and it is expected to drive the market growth. One of the most dreadful disease which leads to large number of deaths in the US is cardiovascular diseases. Increasing investments by the government in order to encourage the manufacturers to increase the research and development activities in this industry will also drive the market growth. Increase in the approvals provided by the regulatory bodies which is also encouraging and helping in the growth of the market.
Report Scope of the Bioelectric Medicine Market
|Market Size by 2032||USD 40.49 Billion
|Growth Rate from 2023 to 2032||
CAGR of 7%
|Largest Market||North America|
|Fastest Growing Region||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||Product, Type, Application, End User, Geography|
|Companies Mentioned||Medtronic plc (Ireland), Abbott Laboratories, Inc. (US), Boston Scientific Corporation (US), Cochlear Ltd. (Australia), LivaNova PLC (UK), Soterix Medical Inc. (US), Bioinduction Ltd. (UK), GiMer Medical (Taiwan), Cefaly (Belgium), BioControl Medical (Israel), TVNS Technologies GmbH (Germany)|
The implantable cardioverter defibrillators segment accounted largest market share in 2022. This product is largely used for our arrhythmia. Increasing geriatric population has led to increase indeed cardiovascular diseases. There is an increase in the chronic diseases geriatric population of developing as well as developed nations. As there is an increase in the amount of cardiac arrests this product is expected to grow during the forecast period.
Due to an increase in the lifestyle induced disorders like depression or even obesity the deep brain stimulator segment is expected to grow in the coming years. Increasing cases of Parkinson's disease is also expected to drive the market for this segment. A large number of patients are suffering with the Parkinson's disease in the European region. Deep brain stimulator segment is expected to grow largely in the European region. The other product segments are expected to have a good growth in terms of revenue. Increased research and development and launching of advanced products by the companies is driving the growth of the market.
On the basis of the type, the implantable electroceutical devices segment accounted largest market share in 2022. These devices are used in the treatment of many diseases. Sensorineural hearing loss, chronic pain, depression and tremor will be treated effectively with the use of these devices. Major market players are focusing on launching advanced products in order to overcome all of these diseases. In order to cater to the growing demand of consumers manufacturers are increasing their investments to provide more and more devices.
The implantable electrical devices the non-invasive electrical devices segment will also grow well during the forecast. As the companies are focusing on offering innovative products due to increasing research and development this segment is expected to grow.
Non-invasive electrical devices well we preferred more by many consumers. There is an increasing popularity of these devices in South Africa, India and China. Eastern is regarding the availability of these devices is driving the market growth.
The arrhythmia segment is expected to have a larger market share in 2022. The segment in terms of application has dominated the market in the recent years. Increasing number of the patience is driving the growth of the market. The use of the devices like pacemaker and defibrillators in the treatment of this disease will increase the patient base for this segment. On the basis of application the epilepsy segment is also expected to see a good growth during the forecast period. Major companies and institutes are focusing on developing innovative products to overcome these diseases. Vagus nerve stimulators are used for the treatment of this disease. Clinical trials were launched for the treatment of brain injury in 2017 with the use of vagus nerve stimulation.
Sensorineural hearing loss segment is also expected to have a good amount of revenue shared during the forecast period. This segment is expected to have a good growth in the coming years. I said that increase in the number of these patients with seek treatment or leading to the growth of the market. Sensorineural hearing loss is extremely common in the geriatric population. Patients above the age of 75 almost always have difficulty in hearing and the use of bioelectric medicines will help in treating the disorder.
End User Insights
By end user, the hospital segment had the largest market share in terms of revenue in 2022. The segment is expected to dominate the market during the forecast period. Increasing geriatric population under increase in the chronic diseases is driving the growth of the market. Frequent visits to hospital for the treatment of chronic pain, depression, Alzheimer's disease, epilepsy and many other such diseases will drive the growth of the hospital segment. About 50 million people are suffering with epilepsy and the number is expected to increase in the future which will lead to the increase in the demand for this technology. Increased number of car accidents which caused traumatic injuries is one of the major factors driving the growth of the hospital segment.
Large number of accidents takes place across many regions every day. Improved healthcare infrastructure and better reimbursement policies are helping in the growth of the market. Improved disposable income and growing awareness regarding the availability of technologically advanced medical devices is driving the growth of the electroceuticals market. Owing to all of these reasons the hospital segment is expected to have the largest market share in terms of revenue during the forecast period. Research institutes and home care segment will also show a significant growth. Increase in the amount of funding received by the manufacturers in order to produce advanced machinery and increase the research in the field is expected to drive the market. Research and development for launching new products is expected to drive the market growth.
North American region dominates in case of much different technological advancement. Same is the case in the bioelectric medicine market. North American region dominates the bioelectric medicines market in terms of revenue. Most of the major companies are located in this region which continuously offer highly developed health care facilities and equipments. These reasons are extremely important for the growth of the market in this region. As there is a growing demand for increasing the research and development activities in the medical field to provide devices which would be helpful in treating many incurable diseases is driving the growth in the European region. In the countries like France Switzerland and Germany developed healthcare infrastructure is playing a major role in the growth of this market.
Increasing geriatric population in the Asia Pacific region and the presence of chronic diseases is driving the market. The number of patients suffering with epilepsy, Parkinson's disease and Alzheimer's disease in the nations like India and China is increasing every year and this is expected to drive the adoption of this technology. The availability of favorable reimbursement policies in the developing nations in the recent times is driving the growth of the market.
Key market players
Segments covered in the report
By End User
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