Author: Himanshu Patni
13 July 2023
Bioelectric medicine is novel technology that combines bioengineering, molecular medicine, and neuroscience to design nerve-stimulating technologies. These medicines are indicated for the management of several diseases, such as cancer, obesity, asthma, cardiovascular diseases, neurodegenerative diseases, and others. The bioelectric medicine market is growing at a tremendous rate due to an increase in the number of chronic diseases, the rising geriatric population, rapid product approvals, and increasing initiatives by pharmaceutical companies. For instance, in January 2022, the Alliance for Advancing Bioelectronic Medicine launched the first Bioelectronic Medicine Day consisting a health awareness campaign. The campaign supported the efforts and advancements within the field of bioelectronic medicine.
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The Bioelectric Medicine Market is expected to grow at a steady rate of around 5% during the forecast period (2022-2028) owing to surge in the prevalence of chronic disorders. The increase in the incidences of chronic as well as neurological diseases is the key factor driving the market’s growth during the forecast period. Cardiovascular Diseases (CVDs) are a significant cause of death in the U.S., according to a CDC study from 2017. As stated by the CDC, annually, around 610 thousand people died due to heart diseases in the U.S. Amongst them, about 370 people died because of coronary heart disease (CHDs). Thus, there is a high demand for advanced bioelectric medicine for the treatment of these chronic disorders, which is expected to boost the market growth.
Based on 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 implantable cardioverter defibrillators held the dominant share in the market in 2020 owing to their widespread use in the management of arrhythmia. Apart from this, the surge in the incidences of cardiac arrests, the rise in the geriatric population, and the rapid launch of advanced products are also driving segmental growth. For instance, in July 2020, Abbott Laboratories received approval from the U.S. Food and Drug Administration for its Gallant line, which includes an implanted cardioverter-defibrillator and a cardiac resynchronization therapy defibrillator with Bluetooth technology.
Based on type outlook, the market is bifurcated into implantable and non-invasive. The non-invasive category is expected to grow at a high CAGR during the forecast period due to its increasing adoption for the treatment of acute pain. Apart from this, technological advancements and rising investments in research and development among key players is also driving the growth of the segment during the forecast period. For instance, in June 2022, Spark Biomedical collaborated with The Feinstein Institutes for Medical Research at Northwell Health to commercialize a wearable neurostimulation solution focused on lessening excessive blood loss.
On the basis of application, the market is segmented into arrhythmia, pain management, sensorineural hearing loss, Parkinson’s disease, tremor, depression, treatment-resistant depression, epilepsy, urinary and fecal incontinence, and others. The arrhythmia segment dominated the market in 2020 due to a rise in the number of patients. According to a February 2021 article titled “Global Epidemiology of Atrial Fibrillation: An Increasing Epidemic and Public Health Challenge,” atrial fibrillation is the most commonly occurring cardiac arrhythmia. By 2050, it is predicted that 6–12 million individuals globally will be affected by this illness and 17.9 million people in Europe by 2060. Thus, the above-mentioned factors are propelling segmental growth.
Based on end-use, the market is segmented into hospitals, specialty clinics, and others. The others segment, including research centres and home care, is to exhibit a significant CAGR during the forecast period due to increase investment in research and development for novel product launches. For example, in September 2022, New York State announced that it will invest USD 10 million for economic development on Long Island to advance medical research and the life sciences. The grant will be awarded to the Feinstein Institutes for Medical Research, of Northwell Health, to build 10 new laboratories, renovate existing lab space and commercialize research in cancer, neurosciences, autoimmune diseases, and bioelectric medicine.
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For a better understanding of the market adoption of the bioelectric medicine industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period due to a surge in the geriatric population in countries such as China, India, and Japan. Apart from this, the prevalence of chronic diseases such as cardiac arrhythmias, Alzheimer’s disease, Parkinson’s disease, and epilepsy are rising in this region, which is expected to drive the adoption of bioelectric medicine during the forthcoming years. Furthermore, rising investments in research and development of innovative therapeutic devices are expected to create lucrative opportunities for the bioelectric medicine market in Asia-Pacific.
Some of the major players operating in the market include Medtronic; Boston Scientific Corporation; LivaNova PLC; Soterix Medical Inc.; Stimwave LLC; Cochlear Ltd.; Abbott; electroCore, Inc.; tVNS International GmbH; and NEVRO CORP.
Global Bioelectric Medicine Market Segmentation
Market Insight, by Product
· Implantable Cardioverter Defibrillators
· Cardiac Pacemakers
· Cochlear Implants
· Spinal Cord Stimulators
· Deep Brain Stimulators
· Transcutaneous Electrical Nerve Stimulators
· Sacral Nerve Stimulators
· Vagus Nerve Stimulators
· Other Bioelectric Medicines
Market Insight, by Type Outlook
· Implantable
· Non-Invasive
Market Insight, by Application
· Arrhythmia
· Pain Management
· Sensorineural Hearing Loss
· Parkinson’s Disease
· Tremor
· Depression
· Treatment-resistant Depression
· Epilepsy
· Urinary and Fecal Incontinence
· Others
Market Insight, by End-Use
· Hospitals
· Speciality Clinics
· Others
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· Medtronic
· Boston Scientific Corporation
· LivaNova PLC
· Soterix Medical Inc.
· Stimwave LLC
· Cochlear Ltd.
· Abbott
· electroCore, Inc.
· tVNS International GmbH
· NEVRO CORP.
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