This Fact.MR survey places the global electroceuticals / bioelectric medicine market valuation at US$ 24.5 billion at present and projects it to rise at a CAGR of 6.9% through 2026.
High proliferation of technology in the medical industry and growing prevalence of chronic diseases are anticipated to primarily favor electroceuticals / bioelectric medicine market growth over the coming years. Rising investments in the healthcare R&D sector, supportive government initiatives, and high incidence of cardiac & neurological disorders are also expected to complement electroceutical / bioelectric medicine demand over the years to come.
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Electroceutical / bioelectric medicine manufacturing companies are focusing on expanding their business potential through mergers, collaborations, and partnerships that are also allowing them to enhance their research scope as well.
- In September 2021, Nu Eyne, a Korean medical R&D organization focused on the utilization of electroceutical technology, collaborated with STMicroelectronics, a leading semiconductor manufacturer, to develop a wearable therapy device for eye care.
How Investment-worthy is the U.S. Market?
“High Spending on Research Providing Rewarding Business Opportunities”
The United States electroceuticals / bioelectric medicine market is anticipated to emerge as a highly lucrative market for key companies as well as aspiring startups owing to its developed healthcare infrastructure and rapid adoption of novel technologies. High spending on research and development activities in the country is also expected to propel electroceutical and bioelectric medicine sales in the country through 2026. Supportive government initiatives are projected to further bolster electroceutical / bioelectric medicine demand.
Demand for advanced bioelectric medicines for treatments in the United States is expected to be governed by factors such as the growing geriatric population, rising incidence of cardiovascular disorders, and high healthcare expenditure.
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Key Segments Covered in the Electroceuticals / Bioelectric Medicine Industry Survey
- By Product Type :
- Cardiac Pacemakers & ICDs
- Cochlear Implants
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Other Product Types
- By End User :
- Ambulatory Surgical Centers
- Other End Users
- By Region :
- North America
- Latin America
Electroceutical / bioelectric medicine companies are expected to focus on the expansion of their research scope through collaborations and acquisitions. Key market players are expected to increase the frequency of new product launches to gain a competitive edge over others in the market.
All the key strategies adopted by market players have been mentioned in this latest market research report by analysts at Fact.MR, a market research and competitive intelligence provider.
Key players in the Electroceuticals / Bioelectric Medicine Market
- Sonova Holding AG
- LivaNova PLC
- Soterix Medical Inc.
- NeuroPace Inc.
- Stimwave LLC
- Vomaris Innovations Inc.
- Nevro Corporation
- Second Sight Medical Products Inc.
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Key Takeaways from Electroceuticals / Bioelectric Medicine Market Study
- By the end of 2022, the market is projected to achieve a global market size of US$ 10.01 Bn.
- Globally, North America accounted for over 33.5% of revenue in 2022.
- Hardware based digital transaction management systems to dominate the market in 2022, with a revenue share of over 40.5%
- More than 38.4% of market revenue was generated by the electronic signatures segment in 2021
- Over 55.5% of the market revenue in 2022 will be accounted for by large enterprises.
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