The global bioelectric medicinemarket size reached US$ 21.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.2 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
Bioelectric medicine or electroceuticals encompasses medical-related devices that utilize electrical impulses and signaling in the nervous system. It combines molecular medicine, neuroscience, and bioengineering to develop nerve-stimulating technologies for biological processes during the treatment of diseases. It consists of cochlear, retinal implants, relief, cardiac pacemakers, spinal cord stimulators, and implantable defibrillators. Bioelectric medicine includes tiny electronic implants that can diagnose and treat various chronic diseases, such as rheumatoid arthritis, inflammatory bowel disease, cancer, obesity, diabetes, asthma, paralysis, and cardiovascular diseases (CVDs). It can treat a wide range of conditions and disorders using both non-invasive and invasive approaches.
Bioelectric Medicine Market Trends:
The growing geriatric population and the increasing incidences of cardiovascular and neurological disorders across the globe are creating a positive outlook for the market. Bioelectric medicine uses the deep brain, vagus sacral, and transcutaneous electric nerve stimulator to treat these conditions. In line with this, the escalating prevalence of arrhythmia that involves the use of implantable cardioverter-defibrillators and cardiac pacemakers to treat the ailment is acting as another growth-inducing factor. Additionally, the increasing demand for deep brain stimulators owing to the rising instances of Parkinson's disease and lifestyle-induced disorders, such as depression and obesity, is favoring the market growth. Apart from this, manufacturers are launching smart products that help in the early detection and diagnosis of cardiac arrhythmias and cater unmet needs of the consumers, which, in turn, is providing an impetus to the market growth. Moreover, increasing approvals for advanced bioelectric medicine and a rise in investment and funding of new therapies and electroceuticals are positively influencing the market growth. Besides this, extensive research and development (R&D) activities, significant growth in the healthcare infrastructure, increasing expenditure capacities of consumers, and the presence of advanced medical devices for treatment purposes are supporting the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global bioelectric medicinemarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, product, application and end use.
Breakup by Type:
Implantable Electroceutical Devices
Non-Invasive Electroceutical Devices
Breakup by Product:
Implantable Cardioverter Defibrillators
Spinal Cord Stimulators
Deep Brain Stimulators
Transcutaneous Electrical Nerve Stimulators
Sacral Nerve Stimulators
Vagus Nerve Stimulators
Breakup by Application:
Sensorineural Hearing Loss
Urinary and Fecal Incontinence
Breakup by End Use:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Abbott Laboratories, Biotronik SE & Co KG, Boston Scientific Corporation, Cochlear Limited, electroCore Inc., LivaNova PLC, MED-EL Medical Electronics, Medtronic plc and Sonova Holding AG.
Base Year of the Analysis
Type, Product, Application, End Use, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Abbott Laboratories, Biotronik SE & Co KG, Boston Scientific Corporation, Cochlear Limited, electroCore Inc., LivaNova PLC, MED-EL Medical Electronics, Medtronic plc and Sonova Holding AG
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Key Questions Answered in This Report
The global bioelectric medicine market was valued at US$ 21.1 Billion in 2022.
We expect the global bioelectric medicine market to exhibit a CAGR of 5.9% during 2023-2028.
The rising incidences of cardiovascular and neurological disorders, along with the advent of smart products that help in the early detection and diagnosis of cardiac arrhythmias, are primarily driving the global bioelectric medicine market.
The sudden outbreak of the COVID-19 pandemic had led to the postponement of elective diabetes, asthma, and cancer treatment procedures to reduce the risk of the coronavirus infection upon hospital visits and interaction with medical equipment, thereby negatively impacting the global market for bioelectric medicine.
Based on the type, the global bioelectric medicine market has been segmented into implantable electroceutical devices and non-invasive electroceutical devices, where implantable electroceutical devices currently hold the largest market share.
Based on the product, the global bioelectric medicine market can be divided into implantable cardioverter defibrillators, cardiac pacemakers, cochlear implants, spinal cord stimulators, deep brain stimulators, transcutaneous electrical nerve stimulators, sacral nerve stimulators, vagus nerve stimulators, and others. Currently, implantable cardioverter defibrillators exhibit a clear dominance in the market.
Based on the application, the global bioelectric medicine market has been categorized into arrhythmia, pain management, sensorineural hearing loss, Parkinson’s disease, tremor, depression, treatment-resistant depression, epilepsy, urinary and fecal incontinence, and others. Among these, arrhythmia currently accounts for the majority of the global market share.
Based on the end use, the global bioelectric medicine market can be bifurcated into hospitals, research institutes, individual users, and others. Currently, hospitals exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global bioelectric medicine market include Abbott Laboratories, Biotronik SE & Co KG, Boston Scientific Corporation, Cochlear Limited, electroCore Inc., LivaNova PLC, MED-EL Medical Electronics, Medtronic plc, and Sonova Holding AG.
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