The Bioelectric Medicine Market Size is valued at 24.08 Billion in 2023 and is predicted to reach 43.03 Billion by the year 2031 at a 7.72 % CAGR during the forecast period for 2024-2031.
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.he 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 major key players in the Bioelectric Medicine Market:
- 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,
- Stimwave LLC.
Bioelectric Medicine Market Report Scope:
|
Report Attribute |
Specifications |
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Market size value in 2023 |
USD 24.08 Billion |
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Revenue forecast in 2031 |
USD 43.04 Billion |
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Growth rate CAGR |
CAGR of 7.72 % from 2024 to 2031 |
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Quantitative units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments covered |
Product Type |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Competitive Landscape |
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. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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