New York, 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.
The global electroceuticals/bioelectric medicine market report from Global Insight Services is the single authoritative source of intelligence on Electroceuticals/Bioelectric Medicine Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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.
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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.
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Global Electroceutical/Bioelectronic Medicine Market Segmental Overview
The report analyses the electroceutical/bioelectronic medicine market based on product, type, end user, and regions.
Global Electroceutical/Bioelectronic Medicine Market by Product
Based on product, it is segmented into cardiac pacemakers & implantable cardioverter defibrillators, spinal cord stimulators, cochlear implants, deep brain stimulators, transcutaneous electrical nerve stimulators, vagus nerve stimulators, sacral nerve stimulators & gastric electrical stimulators, and others. The cardiac pacemakers & implantable cardioverter defibrillators accounted for the largest share of the market. The key factors boosting the growth of the market are the rising incidence of arrhythmias coupled with the rising prevalence of CVD, and rising technological advancements.
Global Electroceutical/Bioelectronic Medicine Market by Type
By type, it is segmented into implantable electroceutical devices and noninvasive electroceutical devices. The implantable electroceutical devices segment accounted for the largest share of the market. The key factors such as increasing incidences of neurological & cardiovascular disorders and an increase in the number of product approvals are boosting the growth of the market.
Global Electroceutical/Bioelectronic Medicine Market by End User
By end user, it is segmented into hospitals, clinics, ambulatory surgical centers, and others. The hospitals, clinics, and ambulatory surgical centers segment is likely to dominate the market during the forecast period. The factors boosting the growth of the market are the increasing adoption of electroceutical devices to serve a large patient pool.
Geographical Analysis of Global Electroceutical/Bioelectronic Medicine Market
Based on region, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America is the largest regional market for the electroceutical/bioelectronic medicine market. The key factors such as the highly developed healthcare system in the US and Canada, increasing healthcare spending, and the increasing prevalence of cardiovascular & neurological disorders are boosting the growth of the market.
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)
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