Global Bioelectric Medicine Market value was US$ 24.6 billion in 2022 and is estimated to generate revenue of US$ 39.2 billion by 2031, growing at a CAGR of 6.41%, during the forecast period from 2023 to 2031.
The bioelectronic medicine market is being transformed by ongoing technological advancements, creating a hub where healthcare, technology, and science intersect. This convergence of molecular medicine, engineering, neuroscience, and computing is driving the development of innovative devices for diagnosing and treating diseases, potentially revolutionizing disease management. Bioelectric medicine is predominantly employed in the treatment of cardiovascular ailments.
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In accordance with this information, the World Health Organization (WHO) states that cardiovascular diseases (CVDs) are the primary cause of death worldwide, claiming approximately 17.9 million lives annually. The majority of CVD deaths are attributed to heart attacks and strokes, with a significant portion occurring prematurely in individuals under the age of 70. Hypertension is a prevalent issue that contributes to heart strokes. Given the significant prevalence of these conditions, there is a strong need for effective treatment approaches, highlighting the growing interest in bioelectric medicine.
New Opportunities for the Key Players in Clinical Trials
Bioelectronic medicine is experiencing a growing presence in clinical trials. Individuals with rheumatoid arthritis who received a vagus nerve stimulator to activate the inflammatory reflex demonstrated notable enhancements in clinical indicators and symptoms, even among patients who had previously not responded to treatment.
Similarly, in a separate clinical study involving Crohn’s inflammatory bowel disease, electrical stimulation of the vagus nerve resulted in improved clinical and endoscopic manifestations of the disease. These findings suggest that implanted devices designed for electrical stimulation, such as bioelectric medicine for the inflammatory reflex could be a viable and advantageous treatment option for specific diseases.
Rising R&D Investment: Offering New Path for Market Growth
R&D investment in the biotechnology field nearly doubled over five years, rising from US$ 45.7 billion in 2016 to US$ 88.6 billion in 2021. This substantial growth in R&D spending highlights the increasing emphasis and financial commitment to research and development endeavors in the biotech sector. As a result, numerous countries, healthcare organizations, and governments are making significant investments in bioelectric medicine, aligning with this trend.
In September 2022, New York state allocated US$ 10 million from a US$ 350 million economic development fund for Long Island towards advancing medical research and the life sciences. The grant will be given to the Feinstein Institutes for Medical Research, part of Northwell Health, to construct 10 new laboratories, renovate existing lab space, and facilitate the commercialization of research in areas such as cancer, neurosciences, autoimmune diseases, and bioelectric medicine. This exemplifies the commitment of various countries, healthcare organizations, and governments to invest in the field of bioelectric medicine.
As a result of these significant R&D in the market the prominent players have immense room to expand in the market. In addition, the players can increase their revenue through these investments and technological advancement.
Implantable Bioelectric Medicine Generated Impressive 95% of Market Revenue Share
According to the latest market analysis conducted by Astute Analytica, the healthcare industry is experiencing a significant shift towards the adoption of implantable bioelectric medicine, which accounts for more than 95% of the total revenue generated.
Sophisticated medical interventions that rely heavily on electrical signals to manage and treat diseases are driving a significant transformation in the global healthcare landscape. With applications ranging from pain management to cardiac arrhythmia, bioelectric medicine is at the forefront of innovation, ushering in a new era in medical science.
According to the American Heart Association, cardiac arrest remains a critical public health emergency. The majority of out-of-hospital cardiac arrests (OHCA) in the United States, accounting for nearly 90% of cases, result in fatalities. This growing number has led to an increased demand for advanced devices, driving the growth of the market.
North America to Control 44% of Revenue Share of the Bioelectric Medicine Market
North America is projected to account for 44% of the global market’s revenue share during the forecast period. The region is expected to experience a substantial compound annual growth rate (CAGR) of 5.96% throughout the predicted time.
The healthcare system in North America, specifically the United States, is highly developed. As per the Centers for Medicare & Medicaid Services, healthcare expenditure in the United States reached nearly US$ 4 trillion in 2020, accounting for approximately 18% of the country’s GDP. This substantial investment in hospital infrastructure enables the extensive integration of state-of-the-art technologies, including bioelectric therapy.
The extensive use of bioelectric medicine in the United States can be attributed to the advantageous reimbursement policies. The country has a robust insurance system that frequently includes coverage for innovative treatments like bioelectric medicine. In 2021, private health insurance coverage remained more prevalent than public coverage, with rates of 66.0 percent and 35.7 percent, respectively. This creates a favorable environment for healthcare providers and patients to embrace these cutting-edge therapeutic solutions.
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North America’s leading position in the bioelectric medicine market is also a result of the significant occurrence of chronic diseases across the continent. As per the Centers for Disease Control and Prevention (CDC), six out of ten individuals in the United States have at least one chronic disease, while four out of ten adults have two or more chronic disorders. Given the wide range of chronic conditions effectively treated by bioelectric therapy, there is a substantial market demand for these products.
List of Key Players
- 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.
- Other Prominent Players
Segmentation Outline
The global bioelectric medicine market segmentation focuses on Type, Application, End-Users, and Region.
By Type
- Implantable Bioelectric Medicine
- Cardiac Pacemaker
- Implantable Cardioverter Defibrillator (ICD)
- Spinal Cord Stimulation Device
- Deep Brain Stimulation Device
- Cochlear Implant
- Vagus Nerve Stimulation Device
- Retinal Implant
- Others
- Non-Implantable Bioelectric Medicine
By Application
- Chronic Pain Management
- Cardiovascular Disorder
- Hearing Disorder
- Others
By End Users
- Hospitals
- Ambulatory Surgical centers
- Research Institutes
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
-
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
-
- Eastern Europe
-
- Poland
- Russia
- Rest of Eastern Europe
-
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
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