The market for electroceuticals and bioelectric medicines is currently estimated to be worth US$ 24.5 billion, but by the end of 2026, it is expected to generate US$ 32.1 billion in revenue. According to this Fact.MR survey, the market for electroceuticals and bioelectric medications will rise sharply over the next four years, with a CAGR of 6.9%.
The medical sector has advanced rapidly in recent years, revolutionising therapies and medicine in the process. As a result, the market for electroceuticals and bioelectric medicine has expanded.
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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.
Competitive Landscape:
Suppliers of bioelectric medicines and electroceuticals are expected to adopt various strategies to strengthen their R&D capabilities to fast-track the launch of novel products and increase their market presence.
- In May 2021, Micron Medical, a private medical device company specializing in the development and manufacturing of minimally-invasive electroceutical devices, announced the sale of its pain nerve stimulator franchise to Pain Specialists Group Ltd. Moventis PNS is an implantable and drug-free pain nerve stimulator approved by the FDA in 2020.
Collaborations, partnerships, mergers, and acquisitions are expected to be popular among bioelectric medicine manufacturers and electroceutical companies over the coming years.
- In June 2021, NeuroSigma, a company focused on the development and commercialization of trigeminal nerve stimulation (TNS), partnered with KT, a leading telecom giant in South Korea. This partnership was aimed at promoting the commercialization and development of a new electroceutical based on eTNS.
- In January 2020, Medtronic, a leading medical device manufacturer, announced the acquisition of Stimgenics, an organization that pioneered a novel spinal cord stimulation. The acquisition was aimed at expanding Medtronic’s pain therapies business division.
Electroceuticals / Bioelectric Medicine Industry Research Segmentations:
· By Product Type :
- Cardiac Pacemakers & ICDs
- Cochlear Implants
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Other Product Types
· By End User :
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Other End Users
· By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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Winning Strategy
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.
Questionnaire answered in the Market outlook Report of Electroceuticals / Bioelectric Medicine include:
- What is the key strategy deployed by large players to maximize Electroceuticals / Bioelectric Medicine growth?
- What are the main challenges faced by players in the Electroceuticals / Bioelectric Medicine Demand?
- With the advent of technological advancement, how will the Electroceuticals / Bioelectric Medicine landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Electroceuticals / Bioelectric Medicine size?
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