The global electroceuticals/bioelectric medicine market was valued at USD 17.2 billion in 2021 and it is expected to reach up to USD 27.9 billion by 2031, at a CAGR of 5.0% during the forecast period.
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Numerous neurological illnesses, including Parkinson’s illness, obsessive compulsive disorder (OCD), epilepsy, Alzheimer’s illness, dystonia, and essential tremor, are currently being treated with electro pharmaceutical devices or bioelectric therapy. It is useful in the diagnosis and treatment of all neurological illnesses involving the autonomic, somatic, and central nervous systems as well as their subsystems.
Market Trends and Drivers
Neurologic or cardiovascular problems are more likely to affect the elderly population. Geriatrics make up a significant portion of the patient population due to their higher risk of developing these ailments. Therefore, as this demographic segment expands, there will be an increased need for electroceutical devices such spinal cord stimulators, implantable cardioverter defibrillators, deep brain stimulators, and cardiac pacemakers to treat neurological and cardiovascular conditions.
Likewise, Major market participants have significant prospects for growth in emerging economies such those in India, South Korea, Malaysia, Vietnam, Africa, and the Middle East including Israel, Saudi Arabia, and the United Arab Emirates. This can be ascribed to their lax regulatory requirements, advancements in the healthcare system, increasing patient populations, and rising healthcare costs. Additionally, compared to wealthy nations, the Asia-Pacific area has more flexible and business-friendly regulatory frameworks. Key participants in the electroceuticals/bioelectric medicine market are now concentrating on emerging nations as a result of this as well as the escalating rivalry in mature markets.
Market Restraints and Challenges
Especially in price-sensitive regions like the Asia Pacific, Latin America, and Africa, the high cost of electroceutical devices like cochlear implants and neurostimulators is a major problem impeding market expansion. Healthcare providers, particularly in developing nations like Brazil and Mexico, lack the financial resources to make complex technological investments. Additionally, the crew needs intensive training in order to maintain and handle electroceutical devices effectively. To develop technologically cutting-edge electroceutical products like cochlear implants, considerable R&D operations are necessary. The cost of production consequently rises significantly as a result. As a result, only established or significant market participants can afford the enormous financial investments needed to carry out such activities.
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Major Players in the Global Electroceutical/Bioelectronic Medicine Market
The key players studied in the global electroceutical/bioelectronic medicine market are Medtronic plc (Ireland), Boston Scientific Corporation (US), Abbott Laboratories, Inc. (US), LivaNova PLC (UK), Cochlear Ltd. (Australia), MicroPort Scientific Corporation (China), Sonova Group (Switzerland), Nevro Corp. (US), Axonics Modulation Technologies, Inc. (US), Neuronetics, Inc. (US), Second Sight Medical Products, Inc. (US), NeuroPace, Inc. (US), BIOTRONIK (Germany), Medico S.p.A. (Italy), Nurotron Biotechnology Co. Ltd. (US), MED-EL (Austria), Aleva Neurotherapeutics SA (Switzerland), NeuroSigma, Inc. (US), BioWave Corporation (US), Soterix Medical Inc. (US), Bioinduction Ltd. (UK), GiMer Medical (Taiwan), Cefaly (Belgium), BioControl Medical (Israel), and tVNS Technologies GmbH (Germany).
COVID-19 Impact
The global delivery of healthcare has changed as a result of the COVID-19 epidemic. Numerous hospitals and departments have been re-profiled for caring for patients with COVID-19 as a result of the increasing demand brought on by the rising prevalence of COVID-19 hospitalizations. Due to the restricted capacity and resources (such as hospital beds and patient care specialists) available, many elective surgeries were either postponed or cancelled throughout the world. Additionally, there is a greater inclination for remote monitoring as a result of the COVID-19 outbreak. Tech businesses, healthcare organisations, and individuals are more intrigued by remote medical technologies like wireless pacemakers and non-invasive electroceuticals that let doctors consult with patients from a distance. These tools could be helpful during the pandemic for a number of reasons, including their capacity to identify unrecognised heart conditions in individuals skipping routine check-ups and their utility in examining COVID-19 patients’ reactions to heart-related experimental drugs. The epidemic has also affected how remote monitoring devices are approved. In response to this epidemic, the FDA updated its approval guidelines. Current non-invasive patient monitoring technology has been used in this public health emergency to limit the need for unnecessary patient contact and the strain on healthcare institutions. It is anticipated that these discoveries will encourage the use of non-invasive or minimally invasive electroceutical devices.
Market Segments
By Product
- Cardiac Pacemakers & Implantable Cardioverter Defibrillators
- Spinal Cord Stimulators
- Cochlear Implants
- Deep Brain Stimulators
- Sacral Nerve Stimulators & Gastric Electrical Stimulators
- Transcutaneous Electric Nerve Stimulators
- Vagus Nerve Stimulators
- Others
By Type
- Implantable Electroceutical Devices
- Noninvasive Electroceutical Devices
By End User
- Hospitals, Clinics, and ASCs
- Others
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