Global Bioelectric Medicine Market– Insights
Bioelectric medicine refers to the usage of devices instead of drugs that are safe to block, stimulate, and record neural signals to cure from chronic disorders. Bioelectric medicine can be invasive and non-invasive in nature which are either held against skin or implanted in nerve to restore the healthy condition of patients without the complex side of pharmaceutical agents. Bioelectric medicine develops nerve stimulating and sensors activation technologies to regulate biological functions and treat diseases by combining bioengineering, neuroscience, molecular medicines, electronics, and computing. These technologies may change the future of therapies for wide range of diseases. Bioelectric medicine acts through targeted mechanism of action to treat diseases.
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The global bioelectric medicine market size was valued at US$ 12.3 billion in 2017, and is expected to witness a CAGR of 7.2% over the forecast period (2019–2026).
Global Bioelectric Medicine Market Share (%) Analysis, By Product Type, 2017
Source: Coherent Market Insights Analysis (2019)
Market Dynamics- Drivers
Rising Investment in Research & Development Activities and Regulatory Approvals for Bioelectric Medicine Is Expected to Drive Growth of Global Bioelectric Medicine Market
Growing product approvals for bioelectric medicine with better regulatory management by the regulatory authorities is expected to drive the global bioelectric medicine market growth during the forecast period. In March 2014, Cancer-Code Corporation (C3) announced issuance of patent which entitles: Method and System for Processing Cancer Cell Electrical Signals for Medical Therapy, which covers an innovative approach to eradicate cancer in humans and animals.
Furthermore, increasing products approvals is expected to inhibit the growth of the market. For instance, in 2014, the U.S. Food and Drug Administration (FDA) approved Inspire Medical Systems’ Sleep Apnea Treatment to treat sleep apnea by implanting a device that stimulates air way muscles. Furthermore, in April 2017, U.S.FDA approved a device called GammaCore launched by ElectroCore that transmits a mild electrical simulation to the vagus nerve through the skin for Migraine.
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Furthermore, rising investment in research and development activities for development of advanced bioelectric medicines is expected to propel the global bioelectric medicine market growth over the forecast period. For instance, in 2016, Medtronic Plc, a bioelectric medicine manufacturer, invested around US$ 2,224 million in the overall research and development of advanced products in bioelectric medicine.
Market Dynamics- Restraints
High cost associated with treatment of Parkinson’s disease is expected to restrain growth of the global bioelectric medicine market growth in the near future. For instance, according to Parkinson Foundation 2018, the average cost for medications of Parkinson’s disease is US$ 2,500 and therapeutic surgery cost up to US$100,000 per person in the U.S.
Global Bioelectric Medicine Market- Regional Insights
On the basis of region, the global bioelectric medicine market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among regions, North America is expected to hold a dominant position in the global bioelectric medicine market during the forecast period, owing to high presence of key market players in the region including Electrocore, St. Jude Medical, and Medtronic Plc. Key companies in the market are focused on development of novel bioelectronics products, which in turn, is expected to drive the regional market growth. For instance, Electro Core, a U.S.-based company is working on a device to treat headaches related to migraines by stimulating vagus nerve on the neck with electrical impulses.
Furthermore, Asia pacific is expected to witness a rapid growth in the global bioelectric medicine market during the forecast period. This growth is attributed to increasing prevalence of chronic diseases such as diabetes and hearing loss, due to rapidly increasing geriatric population in the region. For instance, according to International Diabetes Federation, in China, there were over 114,394,800 cases of diabetes in 2017. Moreover, according World Health Organization 2013, around 27.8 million Chinese people suffer from loss of hearing and 11% of people aged 60 years and above have hearing loss in China.
Global Bioelectric Medicine Market Value (US$ Bn) & Y-o-Y Growth (%), 2016-2026
Source: Coherent Market Insights Analysis (2019)
Global Bioelectric Medicine Market- Competitive Landscape
Key players operating in the global bioelectric medicine market include GlaxoSmithKline, Medtronic Plc., Boston Scientific Corporation, Liva Nova Plc, Electrocore, Nevro, and St. Jude Medical.
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