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

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).

Major market drivers include the rising prevalence of chronic and acute illnesses, rising geriatric population, product improvements, and activities by important firms and organisations. The Alliance for Advancing Bioelectronic Medicine introduced the first Bioelectronic Medicine Day in January 2022, which included a public health campaign. The effort and developments in the area of bioelectronic medicine were supported by the campaign.

By combining bioengineering, molecular medicine, and neurology, electroceutical bioelectric medicine creates nerve-stimulating devices for the control of biological processes during disease treatment. The main factor projected to drive the market is the increased prevalence of chronic diseases like cardiac and neurological problems. According to the CDC, over 610 thousand Americans per year pass away from cardiac problems. About 370 of them pass away from coronary heart disease (CHDs). Due to the increased need for sophisticated bioelectric medicine to treat various chronic diseases, the market is anticipated to rise quickly.

Cardiovascular Diseases (CVDs) are a significant cause of death in the U.S., according to the CDC study from 2017. It's probable that CVDs are to blame for one-fourth of all fatalities. More than 80% of all CVD-related deaths are caused by stroke and IHD. In addition, by 2031, the economic cost of CVDs is projected to be over USD 1,044 billion. Other significant drivers of market expansion are manufacturers' rising R&D expenditures and the rate at which novel electroceuticals and bioelectric medications are receiving regulatory approvals. For instance, the InterStim System and InterStim Smart Programmer were employed in December 2018 to administer sacral neuromodulation therapy. Sacral neuromodulation was invented by Medtronic, and this product improvement was meant to help the business increase its market share.

Government restrictions on the design and production of medical devices, such as cardiac pacemakers, implantable cardioverter defibrillators, and neuromodulation devices, may limit the market's expansion. Prior to a PMA (premarket approval), the devices must pass stringent clinical trials, which significantly raises the producers' expenses. Additionally, product recalls are a significant problem for producers and may have a negative impact on the expansion of the industry.

US Electroceuticals Bioelectric Medicine Market  is poised to grow at a sustainable CAGR for the next forecast year.