Global Electroceuticals Bioelectric Medicine Market

Electroceuticals Bioelectric Medicine Market Size, Share, Growth Analysis, By Product(Implantable Cardioverter Defibrillators, Cardiac Pacemakers, Spinal Cord Stimulators, Cochlear Implants), By Type(Implantable, Non-Invasive Electroceutical Devices), By Region - Industry Forecast 2024-2031


Report ID: SQSG35I2031 | Region: Global | Published Date: July, 2036
Pages: 165 | Tables: 68 | Figures: 75

Electroceuticals Bioelectric Medicine Market Regional Insights

In the global market for electroceuticals bioelectric medicines in 2021, North America outpaced other regional markets. The rising incidence of neurological and chronic diseases, the rising demand for electroceuticals and bioelectric medicines to treat a variety of disorders, the presence of major players, and the region's highly advanced healthcare infrastructure and facilities are the main drivers of market growth in this area.

Due to its large patient pool, growing elderly population, increasing use of bioelectric medications, and rising R&D expenditures, the Asia Pacific market is anticipated to see the largest revenue CAGR between 2022 and 2028. The market is also growing as a result of improved healthcare systems and greater healthcare awareness.

The extensive healthcare infrastructure in Europe, the high demand for cutting-edge medical treatments, and the presence of numerous healthcare giants in Germany, the UK, Switzerland, and France all present promising growth prospects.

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Electroceuticals Bioelectric Medicine Market size was valued at USD 20.1 billion in 2019 and is poised to grow from USD 21.7 billion in 2023 to USD 33.9 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

Due to the sheer number of manufacturers, the market is very fragmented. Major producers offer a wide selection of cutting-edge electroceuticals through their effective global distribution networks. It has sparked fierce competition between manufacturers and put great pressure on vendors' pricing tactics, both of which are projected to have an impact on the profit margin. The leading companies in this industry are also well-known, established, and have a lot of brand loyalty. Newcomers must therefore compete with established competitors and differentiate themselves by creating novel product offerings. For instance, the Platform with Differential Target Multiplexed (DTM) programming from Medtronic plc (IrelandIntellis) was approved by the US FDA in March 2021 to treat chronic, unrelieved back and leg pain. 'Abbott Laboratories, Inc.', 'BioElectronics Corporation', 'Boston Scientific Corporation', 'electroCore LLC', 'GlaxoSmithKline plc', 'LivaNova PLC', 'Medtronic plc', 'Nevro Corp.', 'Nexeon MedSystems, Inc.', 'NeuroMetrix, Inc.', 'Neuromod Devices Limited', 'NeuroPace, Inc.', 'Second Sight Medical Products, Inc.', 'SetPoint Medical Corporation', 'Soterix Medical Inc.', 'SPR Therapeutics, Inc.', 'Stimwave Technologies Incorporated', 'St. Jude Medical, Inc.', 'Synapse Biomedical, Inc.', 'Zynex Medical Inc.'

The risk of neurologic or cardiovascular problems is higher in the senior population. Geriatrics are a significant portion of the entire patient population due to their increased vulnerability to these illnesses. To treat cardiovascular and neurological problems, the rise of this demographic segment will guarantee a sustained and increased need for electroceutical devices including cardiac pacemakers, implantable cardioverter defibrillators, deep brain stimulators, and spinal cord stimulators.

Defibrillators and pacemakers, for example, are broadly accepted by the public, which is helping the industry grow. Segment expansion is also fueled by expanding technology advancements and product approvals. For instance, Abbott Laboratories' Gallant line, which includes an implantable cardioverter-defibrillator and a cardiac resynchronization therapy defibrillator with Bluetooth technology, has gotten approval from the US Food and Drug Administration. Modern pacemaker features including data recording capabilities, safe magnetic resonance imaging (MRI) devices, and remote data tracking devices promote segment growth.

In the global market for electroceuticals bioelectric medicines in 2021, North America outpaced other regional markets. The rising incidence of neurological and chronic diseases, the rising demand for electroceuticals and bioelectric medicines to treat a variety of disorders, the presence of major players, and the region's highly advanced healthcare infrastructure and facilities are the main drivers of market growth in this area.

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Global Electroceuticals Bioelectric Medicine Market

Report ID: SQSG35I2031

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