A new report featured by Transparency Market Research presents a definitive analysis of factors that are governing an exponential growth of the global bioelectronics market. The report analyzes current market dynamics and current growth trends based on which projections are made for the global bioelectronics market. The report is titled “Bioelectronics Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.” Using established analytical tools such as Porter’s five forces, the report presents an analysis of strengths, weaknesses, opportunities, and threats of this market for the 2016-2024 period. In addition, a review of macro and micro parameters that are valuable for established as well as new market entrants is also included herein.
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Bioelectronics involves combining the principles of biology with electrical engineering. It is emerging as an important field in medical science and has been instrumental in the development of vital devices such as artificial pacemaker and a plethora of imaging devices that are used today.
The exponential growth of the healthcare industry worldwide is the primary factor driving the global bioelectronics market. Over the past few decades, the rising prevalence of a number of neural and cardiac diseases has led to an increased demand for bioelectronics devices. This is because bioelectronics devices offer higher precision in comparison with conventional tools for diagnostic purposes.
At present, the increasing demand for personalized medicine and home care is also augmenting the growth of this market. Bioelectronics is compatible with telehealth and telemonitoring technologies and forms an integral part of networks that offer healthcare in home settings.
The ever-increasing demand for implantable medical devices such as ear implants, pacemakers, and gastric implants is also a major factor bolstering the growth of the bioelectronics market. This is because many of these implants have significance for the day-to-day functioning of individuals, which is indirectly benefitting the bioelectronics market.
On the flip side, limited availability of high-resolution imaging technologies in remote areas and the high-cost factor of advanced bioelectronics products are inhibiting the growth of the bioelectronics market. Nevertheless, continuous advancements in medical imaging devices are expected to level out the shortcomings and price considerations of bioelectronics products that are currently available.
Europe is currently the dominant bioelectronics market and is followed by Asia Pacific and North America. Europe has been a long-established region for bioelectronics and other medical research, which accounts for the high demand for bioelectronics products in this region. Europe is expected to retain its dominant position until the end of the forecast period in 2024, whereas North America, particularly the U.S., is expected to display expeditious progress in the development of bioelectronics products.
Key players that have a dominance in the global bioelectronics market are Bioelectronics Corporation, Medtronics, Siemens AG, Danaher Corporation, Roche, and Beckman Coulters.