Emphasis on Product (Implantable Cardioverter Defibrillators, Cardiac Pacemakers, Cochlear Implants, Spinal Cord Stimulators, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, and Other Bioelectric Medicines); Type Outlook (Implantable and Non-Invasive); Application (Arrhythmia, Pain Management, Sensorineural Hearing Loss, Parkinson’s Disease, Tremor, Depression, Treatment-Resistant Depression, Epilepsy, Urinary and Fecal Incontinence, and Others); End-Use (Hospitals, Specialty Clinics, and Others); and Region/Country.
Global Bioelectric Medicine Market is expected to grow at a significant rate of around 5% during the forecast period. Bioelectric medicine is a recently emerged technique that is used in the diagnosis and management of diseases, including cardiovascular diseases, obesity, cancer, and others. Several factors, such as rising demand in the management of neurological diseases, technological advancement in bioelectric medicine, and surge in investments and funding for research on cardiac rhythm management devices. For instance, in January 2021, Boston Scientific Corporation, 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 rechargeable or non-rechargeable based on doctor and patient preference. These would help in treating Parkinson’s disease by providing electrical impulses through surgically implanted leads in the brain, which are connected to the Implantable Pulse Generator (IPG). Thus, the above-mentioned factors are expected to drive the market during the forecast period.
Medtronic; Boston Scientific Corporation; LivaNova PLC; Soterix Medical Inc.; Stimwave LLC; Cochlear Ltd.; Abbott; electroCore, Inc.; tVNS International GmbH; and NEVRO CORP. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type outlook, implantable category to hold a dominant share in the market in 2020”
Based on the type outlook, the market is bifurcated into implantable and non-invasive. The implantable category held a significant share of the market in 2020 due to its widespread application in the treatment of arrhythmia, chronic pain, ischemia, depression, tremor, and sensorineural hearing loss. Moreover, pharmaceutical giants are launching advanced products to cope with the demand of consumers. For instance, in January 2022, Galvani Biosciences, announced successful implantation and treatment underway in the world’s first patient receiving experimental therapy for rheumatoid arthritis (RA) using splenic nerve stimulation.
“Amongst product, the transcutaneous electrical nerve stimulators category to witness higher CAGR during the forecast period”
On the basis of product, the market is segmented into implantable cardioverter defibrillators, cardiac pacemakers, cochlear implants, spinal cord stimulators, deep brain stimulators, transcutaneous electrical nerve stimulators, sacral nerve stimulators, vagus nerve stimulators, and other bioelectric medicines. The transcutaneous electrical nerve stimulators (TENS) is expected to grow with high CAGR during the forecast period. The use of low voltage electrical current makes it a viable option for the management of chronic pain. Some individuals who utilize TENS therapy could be able to reduce their prescription dosage. As it has a compact size, TENS therapy may be used anywhere, whether at home or on the go, to alleviate pain. These factors are driving the growth of the segment during the forecast period.
“Amongst end-use, hospitals category to hold a dominant share in the market in 2020”
On the basis of end-use, the market is segmented into hospitals, specialty clinics, and others. The hospitals category held a significant share of the market in 2020. The rising pressure on hospitals due to the rising incidences of several chronic disorders, including epilepsy, retinitis pigmentosa, and arrhythmia is major factor driving the growth. For instance, as stated by the World Health Organization (WHO), nearly 50 million people in the world are suffering from epilepsy and this number is expected to rise in the near future owing to a growing number of car accidents and other traumatic injuries.
“North America to hold a significant share in the market”
In 2020, North America held a significant share of the global bioelectric medicine market, which is due to several factors, including the presence of major key players in the region, the surge in the geriatric population and the subsequent increase in the prevalence of chronic diseases, highly developed healthcare system, and the higher adoption of technically advanced products. For instance, according to the U.S. Census Bureau’s 2021 senior report, more than 54 million adults ages 65 and older live in the U.S. Iin 2021, accounting for about 16.5% of the nation’s population. By 2050, the total number of adults ages 65 and older is projected to rise to 85.7 million, roughly 20% of the overall population. Besides this, favorable government support and regional product approvals also drive market growth. For example, in October 2020, SetPoint Medical, Inc. received breakthrough device designation from the U.S. FDA for the use of its novel bioelectronic device for patients with RA who have an incomplete response to or are intolerant to multiple biologic drugs.
Reasons to buy this report:
Customization Options:
The global bioelectric medicine market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Bioelectric Medicine Market
6. Bioelectric Medicine Market Revenue (usd Bn), 2020-2028f
7. Market Insights By Product
8. Market Insights By Type Outlook
9. Market Insights By Application
10. Market Insights By End-use
11. Market Insights By Region
12. Bioelectric Medicine Market Dynamics
13. Bioelectric Medicine Market Opportunities
14. Bioelectric Medicine Market Trends
15. Demand And Supply-side Analysis
16. Value Chain Analysis
17. Competitive Scenario
18. Company Profiled
19. Disclaimer
Research Methodology for the Bioelectric Medicine Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global bioelectric medicine market were the three major steps undertaken to create and analyze the adoption of bioelectric medicine in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global bioelectric medicine market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the bioelectric medicine market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the bioelectric medicine market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, type outlook, application, and end-use. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the bioelectric medicine market. Further, we conducted factor analysis using dependent and independent variables such as various product, type outlook, application, and end-use of bioelectric medicine. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the bioelectric medicine market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global bioelectric medicine market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions`
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global bioelectric medicine market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, type outlook, application, and end-use in the global bioelectric medicine market.
The main objective of the Global Bioelectric Medicine Market Study
The current & future market trends of the global bioelectric medicine market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Customers who bought this item also bought
Antibiotic Resistance Market: Current Analysis and Forecast (2024-2032)
Emphasis on Disease Type (Urinary Tract Infections, Intra-Abdominal Infections, Blood Stream Infections, Clostridium Difficile Infections, And Others); Pathogen Type (Acinetobacter baumannii, Pseudomonas aeruginosa, Staphylococcus aureus, Streptococcus pneumoniae, and Others); Drug Class (Oxazolidinones, Lipoglycopeptides, Tetracyclines, and Others); and Region/Country
October 8, 2024
