Global Bioelectric Medicine Market

Report ID : 1379 | Published : 2022-10-01 | Pages: | Format: PDF/EXCEL

The market size of the Global Bioelectric Medicine Market in the year 2021 is valued at 21.66 billion and is estimated to reach 39.51 billion by 2030 at an 7.12% CAGR during the forecast period.

Bioelectric medicine is a branch of medicine that combines neurobiology, engineering science, and molecular medicine to create nerve stimulation technologies for monitoring biological parameters during treatment. The application of electrical impulses, affects changes in how the body functions. The main reason fueling the growth of the bioelectric medicine industry is the rising prevalence of neurological disorders. The market for bioelectric medicines is also anticipated to increase due to rising government and corporate attention to innovation and R&D projects for more effective cures. Additionally, the market for bioelectric medicine will have plenty of prospects because of technological advancements in the field of bioelectric medicine. New therapeutic options for spinal cord injury have emerged thanks to bioelectronic devices that generate electrical impulses to either promote the repair of damaged spinal pathways or activate intact spinal networks underlying the injury. Throughout the projected period, these crucial factors are predicted to drive market revenue growth.

Government restrictions on the design and production of medical devices, such as cardiac pacemakers, implantable cardioverter defibrillators, and neuromodulation devices, may limit the market's expansion. Before a PMA (premarket approval), the devices must pass stringent clinical trials, significantly raising the producers' expenses. Additionally, product recalls are a significant problem for producers and may negatively impact the industry's expansion.

Market Segmentation:

The bioelectric medicine market is segmented on the basis of product. Based on product, the market is segmented as competitive benchmarking, implantable bioelectric medicine (Cardiac Pacemaker, Implantable Cardioverter Defibrillators (ICD), Spinal Cord Stimulation Device, Cochlear Implants, Deep Brain Stimulation Device, Vagus Nerve Stimulation Device & Others) and non-implantable bioelectric medicine.

Based on product, the implantable bioelectric segment is accounted as a major contributor to the bioelectric medicine market.

The market for implantable bioelectric had the most significant revenue share in 2021. This category is expanding due to factors like the increasing prevalence of neurological and cardiovascular illnesses and an increase in product approvals. With their miniaturized design and conformability, wearable and implantable bioelectric are being adopted in various applications, including muscle activation, heart stimulation, skin rejuvenation, and nerve modulation. Additionally, they can be utilized in combination with a variety of different treatment approaches. They are frequently used to treat cardiac failure and epilepsy because they work by stimulating the vagus nerve to improve breathing and heartbeat. For instance, implantable bioelectric devices like pacemakers and defibrillators are used to treat heart conditions.

In the region, the North America bioelectric medicine market holds a significant revenue share.

North America is predicted to account for a comparably larger revenue share in the bioelectric medicine market over the forecast year due to the region's highly developed healthcare system and easy access to cutting-edge technical devices. Additionally, the expansion of the elderly population and the increasing use of retinal implants for treating eye problems propel the North American bioelectric medicine market. Since numerous R&D projects are being carried out in institutes, there is a high demand for them, which greatly impacts revenue growth. Additionally, favourable R&D outcomes for the inclusion of the bioelectric industry are anticipated to have an impact on this sector and present prospects for growth. In addition, the Asia Pacific market is expected to rise steadily during the forecast period due to the increased prevalence of many health diseases, such as epilepsy, spinal cord injury, and other illnesses, and because bioelectric devices are useful in treating such disorders. Bioelectric medicine is predicted to see profitable growth prospects in the Asia Pacific due to increased investments in research and development activities to create novel therapeutic devices. Every year, the number of people with epilepsy, Parkinson's disease, and Alzheimer's disease rise in countries like China and India, which is projected to accelerate the use of this technology. The market is expanding because of current advantageous reimbursement rules that have been available in emerging countries.

Competitive Landscape

Some of the major key players in the bioelectric medicine market are Abbott Laboratories, Boston Scientific Corporation, BIOTRONIK SE & Co. KG, Cochlear Limited, electroCore, Inc., Inspire Medical Systems, Inc., LivaNova Plc, Medtronic Plc, MED-EL, Nevro Corp., Nuvectra Corporation, NeuroMetrix, Inc, Omron Corporation, Pixium Vision, Second Sight Medical Products, Inc., SetPoint Medical, and Stimwave LLC.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Bioelectric Medicine Market Snapshot

Chapter 4. Global Bioelectric Medicine Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Product Type Estimates & Trend Analysis

5.1. by Product Type & Market Share, 2019 & 2030

5.2. Market Size (Value (US$ Mn) & Volume (no. of units) & Forecasts and Trend Analyses, 2019 to 2030 for the following by Product Type:

5.2.1. Competitive Benchmarking

5.2.2. Implantable Bioelectric Medicine

5.2.2.1. Cardiac Pacemaker

5.2.2.2. Implantable Cardioverter Defibrillators (ICD)

5.2.2.3. Spinal Cord Stimulation Device

5.2.2.4. Cochlear Implants

5.2.2.5. Deep Brain Stimulation Device

5.2.2.6. Vagus Nerve Stimulation Device

5.2.2.7. Others

5.2.3. Non-Implantable Bioelectric Medicine

Chapter 6. Bioelectric Medicine Market Segmentation 2: Regional Estimates & Trend Analysis

6.1. North America

6.1.1. North America Bioelectric Medicine Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2030

6.1.2. North America Bioelectric Medicine Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2030

6.2. Europe

6.2.1. Europe Bioelectric Medicine Market revenue (US$ Million) by Product Type, 2019-2030

6.2.2. Europe Bioelectric Medicine Market revenue (US$ Million) by country, 2019-2030

6.3. Asia Pacific

6.3.1. Asia Pacific Bioelectric Medicine Market revenue (US$ Million) by Product Type, 2019-2030

6.3.2. Asia Pacific Bioelectric Medicine Market revenue (US$ Million) by country, 2019-2030

6.4. Latin America

6.4.1. Latin America Bioelectric Medicine Market revenue (US$ Million) by Product Type, 2019-2030

6.4.2. Latin America Bioelectric Medicine Market revenue (US$ Million) by country, 2019-2030

6.5. Middle East & Africa

6.5.1. Middle East & Africa Bioelectric Medicine Market revenue (US$ Million) by Product Type, 2019-2030

6.5.2. Middle East & Africa Bioelectric Medicine Market revenue (US$ Million) by country, 2019-2030

Chapter 7. Competitive Landscape

7.1. Major Mergers and Acquisitions/Strategic Alliances

7.2. Company Profiles

7.2.1. Abbott Laboratories

7.2.2. Boston Scientific Corporation

7.2.3. BIOTRONIK SE & Co. KG

7.2.4. Cochlear Limited

7.2.5. electroCore, Inc.

7.2.6. Inspire Medical Systems, Inc.

7.2.7. LivaNova Plc

7.2.8. Medtronic Plc

7.2.9. MED-EL

7.2.10. Nevro Corp.

7.2.11. Nuvectra Corporation

7.2.12. NeuroMetrix, Inc

7.2.13. OMRON CORPORATION

7.2.14. PIXIUM VISION

7.2.15. Second Sight Medical Products, Inc.

7.2.16. SetPoint Medical

7.2.17. Stimwave LLC

7.2.18. Other Prominent Players

By Product

  • Competitive Benchmarking
  • Implantable Bioelectric Medicine
    • Cardiac Pacemaker
    • Implantable Cardioverter Defibrillators (ICD)
    • Spinal Cord Stimulation Device
    • Cochlear Implants
    • Deep Brain Stimulation Device
    • Vagus Nerve Stimulation Device
    • Others
  • Non-Implantable Bioelectric Medicine

By Region-

  • North America-
  • US
  • Canada
  • Mexico
  • Europe-
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific-
  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific
  • Latin America-
  • Brazil
  • Argentina
  • Rest of Latin America
  • Middle East & Africa-
  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa
  • Others

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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