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Electroceuticals / Bioelectric Medicine - Global Market Trajectory & Analytics

  • ID: 4804321
  • Report
  • February 2022
  • Region: Global
  • 277 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Abbott Laboratories
  • BIOTRONIK SE & Co. KG
  • Cochlear Limited
  • LivaNova, PLC
  • NeuroPace, Inc.
  • Set Point Medical

Global Electroceuticals / Bioelectric Medicine Market to Reach US$20.8 Billion by the Year 2026


Electroceuticals have a lot of potential to become the principal method of medical treatment. The relatively new area of Bioelectric medicine/Electroceutical devices has provided a new approach to treatment of chronic illnesses. As the treatment is through electrical impulses rather than drugs, there is less chance of major side effects and further, the therapy also results in the body producing endorphins which gives relief from pain. This new form of treatment through devices can address resynchronization, defibrillation and pacemaker application normally used in the field of cardiology. The technology also has its use in treating heart failure, atrial fibrillation, diseases related to the coronary artery, myocarditis, resistant hypertension, ventricular as well as atrial tachyarrhythmias, pulseless electrical activity and refractory angina. The heightened pace of research in the area of bioelectric medicine is also likely to boost future business. Companies are exploring on non-surgical methods of implantation and improved features of electrode technologies for making the embedding process of the biomedicines possible through the skin. Such non-invasive electroceutical devices also show promising future due to the comfort factor attached to them for patients who do not have to incur surgical costs and inconvenience of post-surgery recovery.

Amid the COVID-19 crisis, the global market for Electroceuticals / Bioelectric Medicine estimated at US$15 Billion in the year 2020, is projected to reach a revised size of US$20.8 Billion by 2026, growing at a CAGR of 5.6% over the analysis period. Cardiac Pacemakers & ICDs, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$13.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cochlear Implants segment is readjusted to a revised 4.6% CAGR for the next 7-year period. This segment currently accounts for a 14.8% share of the global Electroceuticals / Bioelectric Medicine market. Cardiac diseases have increased globally, fueling the market growth of the cardiac pacemaker. A cardiac pacemaker when placed in the chest uses electrical pulses to control arrhythmia or abnormal heart rhythm of patients. Cochlear implant is one of the most common electroceutical for substituting damaged ear part and providing hearing ability.



The U.S. Market is Estimated at $6.9 Billion in 2021, While China is Forecast to Reach $1.7 Billion by 2026


The Electroceuticals / Bioelectric Medicine market in the U.S. is estimated at US$6.9 Billion in the year 2021. The country currently accounts for a 44.6% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$1.7 Billion in the year 2026 trailing a CAGR of 6.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.9% and 5.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR while Rest of European market (as defined in the study) will reach US$1.8 Billion by the end of the analysis period. North America, with its well-developed healthcare infrastructure, is widespread adopter of new technologies, thus providing favorable growth outlook for electroceuticals/ bioelectric medicine technology. The growing number of people suffering from a range of chronic medical conditions like cardiovascular disease, neurological ailments, cancer, arrhythmia, and hearing loss are propelling growth in the region. The presence of leading medical device makers including Boston Scientific Corporation, Medtronic and BIOTRONIK in the region augurs well for the market. In Europe, the substantial infrastructure for healthcare, high demand for innovative medical solutions and the presence of several healthcare majors in Germany, the UK, Switzerland, and France, are presenting robust growth opportunities.

Spinal Cord Stimulators Segment to Reach $2.9 Billion by 2026


A spinal cord stimulator is an implanted device that sends low levels of electricity directly into the spinal cord. Spinal cord stimulators consist of electrodes, or leads, placed in the epidural space around the spinal cord. The electrodes are connected to and powered by a pulse generator or batteries. In the global Spinal Cord Stimulators segment, USA, Canada, Japan, China and Europe will drive the 4.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.9 Billion in the year 2020 will reach a projected size of US$2.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$205.4 Million by the year 2026.

Select Competitors (Total 50 Featured) -

  • Abbott Laboratories
  • Aleva Neurotherapeutics SA
  • Axonics, Inc.
  • BioElectronics Corporation
  • Bioinduction Ltd.
  • BIOTRONIK SE & Co. KG
  • BioWave Corporation
  • Boston Scientific Corporation
  • Cefaly
  • Cochlear Limited
  • electroCore, Inc.
  • GiMer Medical
  • LivaNova, PLC
  • MED-EL Medical Electronics
  • Medtronic plc
  • MicroPort Scientific Corporation
  • Neuronetics, Inc.
  • NeuroPace, Inc.
  • NeuroSigma, Inc.
  • Nevro Corporation
  • Second Sight Medical Products
  • Set Point Medical
  • Sonova Group
  • Soterix Medical Inc.
  • tVNS Technologies GmbH
Frequently Asked Questions about the Global Market for Electroceuticals / Bioelectric Medicine

What is the estimated value of the Global Market for Electroceuticals / Bioelectric Medicine?

The Global Market for Electroceuticals / Bioelectric Medicine was estimated to be valued at $15.0 Billion in 2020.

What is the growth rate of the Global Market for Electroceuticals / Bioelectric Medicine?

The growth rate of the Global Market for Electroceuticals / Bioelectric Medicine is 5.6%, with an estimated value of $20.8 Billion by 2026.

What is the forecasted size of the Global Market for Electroceuticals / Bioelectric Medicine?

The Global Market for Electroceuticals / Bioelectric Medicine is estimated to be worth $20.8 Billion by 2026.

Who are the key companies in the Global Market for Electroceuticals / Bioelectric Medicine?

Key companies in the Global Market for Electroceuticals / Bioelectric Medicine include Abbott Laboratories, Aleva Neurotherapeutics SA, Axonics, Inc., BioElectronics Corporation, Bioinduction Ltd., BIOTRONIK SE & Co. KG, BioWave Corporation, Boston Scientific Corporation and Cochlear Limited.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Abbott Laboratories
  • BIOTRONIK SE & Co. KG
  • Cochlear Limited
  • LivaNova, PLC
  • NeuroPace, Inc.
  • Set Point Medical

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Electroceuticals / Bioelectric Medicine – Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • Impact of COVID-19 Pandemic and Looming Global Recession
  • 2020: A Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • COVID-19 Impact on the Electroceuticals/Bioelectric Medicine Market
  • Researchers Demonstrate Role of Electroceutical Fabric in Eradicating Coronaviruses
  • An Introduction to Electroceuticals/Bioelectric Medicine
  • Using Electrical Stimulation in Nerves: Historical Perspective
  • Types of Electroceutical Devices
  • Major Applications of Electroceuticals/Bioelectric Medicine
  • Global Market Prospects & Outlook
  • Implantable Electroceutical Devices: The Leading Category
  • Cardiac Pacemakers & Implantable Cardioverter Defibrillators Segment Lead the Global Market
  • Developed Regions Lead, Developing Economies to Spearhead Growth
  • Competition
  • Global DBS Market Share Breakdown of Revenues by Leading Players: 2020E
  • Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Electroceutical/Biomedical Medicine Emerges to Overcome Drawbacks of Traditional Treatments
  • Faster Healing: A Key Benefit Fueling Growth in Electroceuticals Market
  • Ineffectiveness of Drug Therapy and Issues with Side Effects Present Opportunities for Electroceuticals Market
  • Disease-specific Electroceuticals to Drive Future Gains
  • Aging Global Population Raises Risk of Neurological & Cardiovascular Diseases, Fueling Market Outlook
  • Global Aging Population Statistics for the 65+ Age Group in Million by Geographic Region for the Years 2019, 2025, 2035 and 2050
  • Elderly Population (65+ Years) as a % of Total Population by Developed, Less Developed and Least Developed Regions: 2019 & 2030
  • Growing Prevalence of Cardiovascular Diseases and Need for Effective Treatments Supports Market Growth
  • Global Annual Medical Cost of CVD in US$ Billion: 2010, 2015, 2020, 2025 and 2030
  • Fatalities by Heart Conditions: Estimated Percentage Breakdown for Cardiovascular Disease, Ischemic Heart Disease, Stroke, and Others
  • Leading Causes of Death Worldwide: 2019
  • Cardiac Pacemaker: A Solution for Cardiac Arrythmias
  • Transcatheter Cardiac Pacemakers: Benefits Fuel Market Growth
  • Technological Advancements to Transform Cardiac Pacemaker Devices Marketplace
  • Rising Incidence of Neurological Disorders and Need for Novel Therapies to Spur Market Growth
  • Annual Incidence of Adult-Onset Neurologic Disorders in the US
  • Bioelectronic Medicine Emerges as a Vital Therapy for Targeted Neuromodulation
  • Deep Brain Stimulators: Useful in Treatment of Neurodegenerative Diseases
  • Global Alzheimer's Prevalence by Age Group
  • Diagnosed Prevalence Cases of Parkinson’s Disease in Select Countries
  • Select Available Deep Brain Stimulation Devices Available in the Market
  • Increasing Cases of Epilepsy Drives the Demand for Vagus Nerve Stimulation Devices
  • Epilepsy Incidence Worldwide by Type: Percentage Breakdown for Idiopathic and Symptomatic Epilepsy by Type (2020)
  • Symptomatic Epilepsy Incidence: Percentage of Incidence by Type for 2020
  • Developments in Vagal Nerve Stimulation (VNS) Devices
  • Spinal Cord Injuries Propel the Demand for Spinal Cord Stimulation Devices
  • TENS (Transcutaneous electrical nerve stimulation devices) Market Witnesses Rapid Growth
  • Biodegradable Devices For Nerve Recovery
  • Bioelectric Medicine: A Potential Treatment Approach for Crohn’s Disease
  • Growing Prevalence of Hearing Loss Boosts Opportunities in the Cochlear Implants Market
  • Global Prevalence (%) by Severity of Hearing Loss
  • Vendors Focus on Innovations in Cochlear Implants
  • Developing Economies to Boost Long-term Prospects
  • Electroceutical Acupuncture: Emerging Pain Therapy
  • Neuropuncture – The Electroceutical Technology to Treat Pain & Injury
  • Bioelectronics Technology Fuels Advances in Next-Generation of Device Therapeutics
  • Market Benefits from the Significant Advantages of Bioelectronics
  • Overcoming the Challenges
  • Increasing Research Activity in Bioelectric Medicine Drives Market Opportunities
  • Market Poised to Benefit from the Development of New Bioelectronic Devices
  • Technological Advancements to Boost Growth Prospects
  • Rise in Healthcare Expenditure to Drive Growth
  • World Healthcare Expenditure (In US$ Trillion) for the Years for 2017, 2019, 2021 & 2023
  • Elderly Healthcare Expenditure as a % of GDP in the US, Europe and Japan for 1970, 2010 and 2050

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Electroceuticals / Bioelectric Medicine Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)

CANADA

JAPAN

  • Electroceuticals / Bioelectric Medicine Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)

CHINA

  • Electroceuticals / Bioelectric Medicine Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)

EUROPE

  • Electroceuticals / Bioelectric Medicine Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)

FRANCE

  • Electroceuticals / Bioelectric Medicine Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)

GERMANY

  • Electroceuticals / Bioelectric Medicine Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)

ITALY

UNITED KINGDOM

  • Electroceuticals / Bioelectric Medicine Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

REST OF EUROPE

ASIA-PACIFIC

  • Electroceuticals / Bioelectric Medicine Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)

REST OF WORLD

IV. COMPETITION

  • Total Companies Profiled: 50
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Abbott Laboratories
  • Aleva Neurotherapeutics SA
  • Axonics, Inc.
  • BioElectronics Corporation
  • Bioinduction Ltd.
  • BIOTRONIK SE & Co. KG
  • BioWave Corporation
  • Boston Scientific Corporation
  • Cefaly
  • Cochlear Limited
  • electroCore, Inc.
  • GiMer Medical
  • LivaNova, PLC
  • MED-EL Medical Electronics
  • Medtronic plc
  • MicroPort Scientific Corporation
  • Neuronetics, Inc.
  • NeuroPace, Inc.
  • NeuroSigma, Inc.
  • Nevro Corporation
  • Second Sight Medical Products
  • Set Point Medical
  • Sonova Group
  • Soterix Medical Inc.
  • tVNS Technologies GmbH
Note: Product cover images may vary from those shown