USD 20.01 Billion
Bioelectric Medicine Market Size, Share, Growth Analysis, By Type(Implantable electroceutical devices and non-invasive electroceutical devices), By End use(Hospitals and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2243 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
59
|Figures:
75
Bioelectric Medicine Market Insights
Global Bioelectric Medicine Market size was valued at USD 20.01 Billion in 2022 and is poised to grow from USD 21.27 Billion in 2023 to USD 33.39 Billion by 2031, at a CAGR of 5.8% during the forecast period (2024-2031).
The global Bioelectric Medicine market has been experiencing significant growth in recent years, driven by advancements in medical technology and increasing research activities in the field of neuromodulation. Bioelectric medicine, also known as electroceuticals, involves the use of electrical impulses to modulate the activity of the nervous system for therapeutic purposes. This innovative approach offers promising alternatives to traditional pharmaceutical interventions, as it directly targets specific neural pathways to treat a wide range of diseases and conditions. One of the key drivers behind the growth of the bioelectric medicine market is the rising prevalence of chronic diseases, such as neurological disorders, cardiovascular conditions, and chronic pain. These conditions often do not respond adequately to conventional treatments, creating a significant unmet medical need. Bioelectric medicine provides a non-invasive or minimally invasive option for patients who have exhausted other treatment options, offering the potential for improved outcomes and quality of life. Moreover, technological advancements in bioelectric devices and implantable technologies have expanded the possibilities for targeted therapies.
Miniaturisation of devices, improved battery life, and wireless connectivity have made it easier to develop and deliver personalised treatment solutions. Additionally, the growing understanding of the intricate neural circuits and the development of sophisticated algorithms have enhanced the precision and effectiveness of bioelectric medicine interventions. However, despite the positive growth prospects, the bioelectric medicine market faces several challenges. One significant hurdle is the complex regulatory landscape. As bioelectric medicine technologies involve the use of implanted devices and electrical stimulation, regulatory bodies require robust evidence of safety and efficacy. Obtaining regulatory approvals can be a lengthy and expensive process, potentially delaying market entry for new products. Another challenge is the high cost associated with bioelectric medicine therapies. The development, manufacturing, and implantation of bioelectric devices require substantial investments. Moreover, the lack of reimbursement policies or limited coverage by healthcare payers can hinder patient access to these therapies, particularly in lower-income regions.
Furthermore, the limited understanding of the underlying mechanisms of bioelectric interventions remains a challenge. While the clinical benefits of bioelectric medicine have been observed in certain conditions, the precise mechanisms by which electrical stimulation influences neural pathways are not fully elucidated. Continued research and clinical trials are necessary to establish the long-term safety, efficacy, and optimal treatment protocols for various diseases and conditions.
US Bioelectric Medicine Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Hospital
Growth Rate
5.8% CAGR
Global Bioelectric Medicine Market ($ Bn)
Country Share for North America Region (%)
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Bioelectric Medicine Market Segmental Analysis
The global bioelectric medicine market is segmented on the basis of type, end use, and region. By type, the market is segmented into implantable electroceutical devices and non-invasive electroceutical devices. By end use, the market is segmented into hospitals and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Bioelectric Medicine Market Analysis By Type
The global bioelectric medicine market can be segmented by type into two categories: implantable electroceutical devices and non-invasive electroceutical devices. Each segment offers distinct advantages and caters to different patient needs. Implantable electroceutical devices represent a dominant segment in the bioelectric medicine market. These devices are surgically implanted into the body and deliver electrical stimulation directly to the targeted nerves or tissues. Implantable electroceutical devices, such as deep brain stimulators, spinal cord stimulators, and implantable cardiac pacemakers, have been widely used in the management of various chronic conditions, including Parkinson's disease, chronic pain, and cardiac arrhythmias. These devices provide long-term therapeutic benefits and can be adjusted or programmed according to individual patient requirements. They offer precise and localised stimulation, allowing for targeted treatment and minimising unwanted side effects.
On the other hand, the non-invasive electroceutical devices segment is the fastest-growing segment in the bioelectric medicine market. These devices do not require surgical implantation and are applied externally to the body. Non-invasive electroceutical devices, such as transcutaneous electrical nerve stimulation (TENS) devices and transcranial magnetic stimulation (TMS) devices, deliver electrical or magnetic pulses through the skin to stimulate nerves or brain regions. They offer a non-surgical, user-friendly approach and are typically used for pain management, neurorehabilitation, and psychiatric disorders. The growing demand for non-invasive treatments, coupled with advancements in technology, has fueled the rapid growth of this segment.
Bioelectric Medicine Market Analysis By End use
The global bioelectric medicine market can be segmented by end use into two categories: hospitals and others. These segments represent the different settings where bioelectric medicine technologies are utilised. Hospitals constitute the dominant segment in the bioelectric medicine market. Hospitals serve as primary healthcare providers and offer a wide range of medical services, including advanced diagnostic and therapeutic interventions. In the context of bioelectric medicine, hospitals play a crucial role in the adoption and implementation of these technologies. They have the infrastructure, expertise, and resources to perform complex surgical procedures for the implantation of bioelectric devices and provide specialised care to patients. Hospitals are equipped with operating rooms, intensive care units, and specialised clinics where bioelectric medicine interventions, such as deep brain stimulation surgeries or spinal cord stimulation procedures, are conducted. Additionally, hospitals serve as centres for medical research and clinical trials, contributing to the advancement and validation of bioelectric medicine therapies.
The fastest-growing segment in the bioelectric medicine market is the "others" category. This segment encompasses various healthcare settings beyond traditional hospitals, including outpatient clinics, ambulatory surgical centres, and specialised treatment centres. These settings cater to specific patient needs and provide focused care in areas such as pain management, neurorehabilitation, and chronic disease management. The growth of the "others" segment can be attributed to several factors. Firstly, the increasing demand for non-invasive electroceutical devices, such as transcutaneous electrical nerve stimulation (TENS) units, has led to their adoption in outpatient clinics and specialised centres. These facilities offer convenience, accessibility, and personalised treatment options to patients. Secondly, the emergence of telemedicine and remote monitoring technologies has expanded the reach of bioelectric medicine beyond traditional hospital settings. Patients can now receive consultations, remote programming of implantable devices, and ongoing monitoring of their condition from the comfort of their homes, facilitated by specialised centres and digital healthcare platforms.
Global Bioelectric Medicine Market By End use
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Bioelectric Medicine Market Regional Insights
One dominant region in the bioelectric medicine market is North America. North America has a well-established healthcare infrastructure, advanced medical research facilities, and a high prevalence of chronic diseases. These factors contribute to the dominance of the region in the adoption and utilisation of bioelectric medicine technologies. The presence of major players in the market, coupled with robust regulatory frameworks and reimbursement policies, further supports the growth of the bioelectric medicine market in North America. The region has witnessed significant advancements in implantable devices, neurostimulation techniques, and non-invasive electroceutical technologies. Additionally, strong research and development activities, along with collaborations between academic institutions, healthcare providers, and industry stakeholders, have contributed to the dominance of North America in the bioelectric medicine market.
The fastest-growing region in the bioelectric medicine market is Asia Pacific. The Asia Pacific region comprises countries with rapidly expanding healthcare sectors, increasing healthcare expenditure, and a growing patient population. Countries such as China, Japan, and India are witnessing a rise in chronic diseases, including neurological disorders, cardiovascular conditions, and chronic pain, driving the demand for innovative treatment options like bioelectric medicine. The region also benefits from a large pool of skilled healthcare professionals and a growing emphasis on technological advancements. Moreover, the rising disposable income and increasing awareness about healthcare innovations among the population are factors that contribute to the rapid growth of the bioelectric medicine market in Asia Pacific. Government initiatives to enhance healthcare infrastructure and encourage research and development activities further fuel the adoption and growth of bioelectric medicine technologies in the region.
Global Bioelectric Medicine Market By Region
- Largest
- Fastest
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Bioelectric Medicine Market Dynamics
Bioelectric Medicine Market Drivers
Technological Advancements
- Advances in medical technology, such as miniaturisation of devices, improved battery life, wireless connectivity, and the development of sophisticated algorithms, have expanded the possibilities for bioelectric medicine. These technological advancements enhance the precision, effectiveness, and usability of bioelectric devices and therapies, driving market growth.
Growing Demand for Non-Invasive Treatments
- There is a growing demand for non-invasive treatment options due to their reduced invasiveness, fewer side effects, and potential for home-based or outpatient care. Non-invasive electroceutical devices, such as transcutaneous electrical nerve stimulation (TENS) units and transcranial magnetic stimulation (TMS) devices, are gaining popularity and contributing to the expansion of the bioelectric medicine market.
Bioelectric Medicine Market Restraints
Stringent Regulatory Environment
- The regulatory approval process for bioelectric medicine technologies can be complex and time-consuming. Regulatory bodies require robust evidence of safety, efficacy, and quality before granting approvals. Meeting these regulatory requirements can pose challenges, resulting in delayed market entry for new products.
High Development and Manufacturing Costs
- The development, manufacturing, and implantation of bioelectric devices involve significant investments. The high costs associated with research and development, clinical trials, and manufacturing processes can act as a barrier for smaller companies and startups, limiting their entry into the market.
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Bioelectric Medicine Market Competitive Landscape
The competitive landscape of the global bioelectric medicine market is characterised by the presence of several established players as well as emerging companies. Key players such as Medtronic PLC, Abbott Laboratories, and Boston Scientific Corporation hold prominent market positions with their diverse portfolios of bioelectric medicine products. These companies focus on continuous innovation, research and development, and strategic partnerships to stay competitive. Additionally, there are several niche players and startups in the market that are bringing forth innovative technologies and solutions. The market is witnessing collaborations between medical device manufacturers, research institutions, and healthcare providers to leverage combined expertise and resources for accelerated development and commercialization. The integration of artificial intelligence, machine learning, and digital health technologies is a key trend in the competitive landscape, enabling companies to offer advanced and personalised bioelectric medicine solutions. With increasing investment and funding in the field, the competitive landscape is expected to further evolve, fostering innovation and driving market growth.
Bioelectric Medicine Market Top Player’s Company Profile
- Medtronic PLC - Ireland
- Abbott Laboratories - US
- Boston Scientific Corporation - US
- Nevro Corp - US
- electroCore LLC - US
- LivaNova PLC - UK
- Inspire Medical Systems - US
- Second Sight Medical Products - US
- Soterix Medical - US
- NeuroMetrix - US
- BioControl Medical - Israel
- EnteroMedics Inc. - US
- MicroTransponder - US
- NDI Medical - US
- NeuroPace Inc. - US
- SetPoint Medical - US
- Galvani Bioelectronics - United Kingdom
- Neuronetics Inc. - US
- Zynex Medical - US
- Cerbomed GmbH - Germany
Bioelectric Medicine Market Recent Developments
- In January 2023, The Alliance for Advancing Bioelectronic Medicine launched the first Bioelectronic Medicine Day, a health awareness campaign to raise awareness of the potential of bioelectric medicine to treat chronic and acute conditions.
- In February 2023, Medtronic received FDA approval for its Tin Tinnitus Therapy device, which uses electrical stimulation to treat chronic tinnitus.
Bioelectric Medicine Key Market Trends
- Integration of Telemedicine and Digital Health: The integration of bioelectric medicine with telemedicine and digital health technologies is expanding access to care and improving patient monitoring and follow-up. Remote programming of implantable devices, teleconsultations, and digital platforms for patient education and support are becoming more prevalent in the bioelectric medicine landscape.
- Increasing Investment and Funding: The bioelectric medicine field is attracting significant investment and funding from venture capital firms, government agencies, and strategic investors. The increasing recognition of the potential benefits of bioelectric medicine therapies is driving investment in research and development, clinical trials, and commercialization efforts.
Bioelectric Medicine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global bioelectric medicine market analysis, North America has a well-established healthcare infrastructure, advanced medical research facilities, and a high prevalence of chronic diseases and is therefore at the dominant position. Asia Pacific comprises countries with rapidly expanding healthcare sectors, increasing healthcare expenditure, and a growing patient population. The rising prevalence of chronic diseases, such as neurological disorders and cardiovascular conditions, coupled with the need for effective and personalised treatments, is fueling the adoption of bioelectric medicine technologies. The market is witnessing a shift towards non-invasive devices, offering convenience and accessibility to a wider patient population. Advancements in implantable devices, including miniaturisation, improved programming capabilities, and connectivity, are enhancing the precision and effectiveness of bioelectric therapies. Integration of artificial intelligence and machine learning algorithms is enabling real-time data analysis and personalised treatment optimization. Neurological disorders and cardiology are key focus areas for bioelectric medicine applications, with neuromodulation techniques providing new treatment options. The emergence of bioelectronic medicines and the emphasis on patient-centric care are shaping the future of the market. Collaborations, partnerships, and investments are driving research, development, and commercialization efforts. The integration of telemedicine and digital health technologies is expanding access to care and patient monitoring. Overall, the global bioelectric medicine market presents significant opportunities for improving patient outcomes and revolutionising healthcare through personalised and targeted therapies.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 20.01 Billion |
| Market size value in 2031 | USD 33.39 Billion |
| Growth Rate | 5.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Bioelectric Medicine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Bioelectric Medicine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Bioelectric Medicine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Bioelectric Medicine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Bioelectric Medicine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Bioelectric Medicine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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