The global electroceuticals/bioelectric medicine market size is expected to reach USD 26.29 Billion in 2030 and register a revenue CAGR of 5.1% over the forecast period, according to latest report. The rising prevalence of chronic diseases is a key driver for the market growth.
The market is driven by the rising prevalence of chronic diseases, such as cardiovascular diseases, diabetes, and Alzheimer’s disease. According to the World Health Organization (WHO), in 2017, around 17.9 million people died from cardiovascular diseases, which accounted for 31% of all global deaths. Additionally, the WHO estimates that the number of people with diabetes will rise to 640 million by 2040.
Electroceutical devices or bioelectric medicine are electrical therapies used to treat a wide variety of medical conditions. These devices use electrical stimulation to modulate the body's nervous system in order to relieve pain, improve healing, and restore function. Electroceuticals are an emerging field of medicine with a wide range of potential applications. They offer a non-invasive alternative to traditional drugs and surgery, and can be used to treat a wide variety of conditions.
Technological advancement in the field of medical science has given a new ray of hope to the patients suffering from various chronic and acute diseases. Electroceuticals or bioelectric medicine is one such technology which is based on using electrical signals for treating various diseases. This type of therapy uses electrical current to stimulate the nervous system for treating various neurological disorders. The global electroceuticals/bioelectric medicine market is expected to grow at a rapid pace in the coming years.
The rising incidence of various chronic diseases such as Alzheimer's disease, Parkinson's disease, and epilepsy is one of the major factors driving the growth of the electroceuticals/bioelectric medicine market. In addition, the increasing geriatric population is also one of the key contributing factors for the growth of this market. The favorable reimbursement policies and the rising awareness about the benefits of this therapy are projected to fuel the growth of the market in the coming years. However, stringent regulations regarding the approval of electroceuticals/bioelectric devices are expected to restraint the growth of this market to some extent.
The market is driven by the rising prevalence of chronic diseases, such as cardiovascular diseases, diabetes, and Alzheimer’s disease. According to the World Health Organization (WHO), in 2017, around 17.9 million people died from cardiovascular diseases, which accounted for 31% of all global deaths. Additionally, the WHO estimates that the number of people with diabetes will rise to 640 million by 2040.
Electroceutical devices or bioelectric medicine are electrical therapies used to treat a wide variety of medical conditions. These devices use electrical stimulation to modulate the body's nervous system in order to relieve pain, improve healing, and restore function. Electroceuticals are an emerging field of medicine with a wide range of potential applications. They offer a non-invasive alternative to traditional drugs and surgery, and can be used to treat a wide variety of conditions.
Technological advancement in the field of medical science has given a new ray of hope to the patients suffering from various chronic and acute diseases. Electroceuticals or bioelectric medicine is one such technology which is based on using electrical signals for treating various diseases. This type of therapy uses electrical current to stimulate the nervous system for treating various neurological disorders. The global electroceuticals/bioelectric medicine market is expected to grow at a rapid pace in the coming years.
The rising incidence of various chronic diseases such as Alzheimer's disease, Parkinson's disease, and epilepsy is one of the major factors driving the growth of the electroceuticals/bioelectric medicine market. In addition, the increasing geriatric population is also one of the key contributing factors for the growth of this market. The favorable reimbursement policies and the rising awareness about the benefits of this therapy are projected to fuel the growth of the market in the coming years. However, stringent regulations regarding the approval of electroceuticals/bioelectric devices are expected to restraint the growth of this market to some extent.
Some Key Highlights from the Report
- In January 2021, Boston Scientific Corporation, a U.S.-based manufacturer of medical devices, received authorization from the U.S. Food and Drug Administration (FDA) to market its Vercise deep brain stimulation (DBS) system for the treatment of Parkinson’s disease (PD). This system is a battery-operated device that consists of a pulse generator, which is implanted in the chest, and leads that are placed in specific areas of the brain. The Vercise DBS system is the first and only DBS system that can be individually programmed to target four separate areas of the brain associated with PD.
- The global electroceuticals/bioelectric medicine market has been segmented based on device type, application, and geography. Based on device type, the market has been classified into brain computer interface (BCI), deep brain stimulation (DBS), transcutaneous electrical nerve stimulation (TENS), vagus nerve stimulation (VNS), spinal cord stimulation (SCS), and others. The brain computer interface devices are expected to witness the highest growth in the coming years owing to the rising demand for these devices for treating various neurological disorders.
- In terms of product type, the market is classified into implantable devices, non-invasive devices, and others. Of these, the implantable devices segment led the market in 2019 with a share of 38.0%. This is attributed to the rising demand for implantable devices, such as pacemakers and defibrillators, owing to their efficacy in treating various chronic diseases.
- In terms of application, the market is bifurcated into pain management, cardiac rhythm management, brain stimulation, and others. The cardiac rhythm management segment held the largest share of 37.4% in 2019. This is attributed to the increasing prevalence of cardiovascular diseases and the growing demand for implantable cardioverter defibrillators (ICDs) and pacemakers.
- In terms of end-use, the market is classified into hospitals, clinics, and homecare settings. The hospitals segment led the market in 2019 with a share of 40.0%. This is attributed to the increasing number of hospitals and the rising demand for electroceuticals/bioelectric medicine products in these facilities.
- In terms of region, the market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of the market in 2019. This is attributed to the rising prevalence of chronic diseases, such as cardiovascular diseases and diabetes, in the region.
For this report, the publisher has segmented the global electroceuticals/bioelectric medicine market based on product type, device type, application, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2030)
- Cardiac Pacemakers
- Implantable Cardioverter Defibrillators
- Stimulators
- Spinal Cord
- Deep Brain
- Vagus Nerve
- Sacral Nerve
- Implants
- Retinal
- Cochlear
- Transcutaneous Electrical Nerve Stimulation
- Others
Device Type Outlook (Revenue, USD Billion; 2018-2030)
- Implantable Electroceutical
- Non-invasive Electroceutical
Application Outlook (Revenue, USD Billion; 2018-2030)
- Depression
- Chronic Pain
- Tremor
- Epilepsy
- Menstrual Migraine
- Arrhythmia
- Parkinson’s Disease
- Spinal Cord Injury
- Sensorineural Hearing Loss
- Retinitis Pigmentosa
- Urinary and Fecal Incontinence
- Others
End-Use Outlook (Revenue, USD Billion; 2018-2030)
- Hospitals
- Individual Users
- Homecare Centers
- Ambulatory Surgical Centers
- Specialty Clinics
- Others
Regional Outlook (Revenue, USD Billion; 2018-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
Table of Contents
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 4. Electroceuticals/Bioelectric Medicine Market Segmentation & Impact Analysis
Chapter 5. Electroceuticals/Bioelectric Medicine Market By Product Type Insights & Trends
Chapter 6. Electroceuticals/Bioelectric Medicine Market By Device Type Insights & Trends
Chapter 7. Electroceuticals / Bioelectric Medicine Market By Application Insights & Trends
Chapter 8. Electroceuticals / Bioelectric Medicine Market By End-use Insights & Trends
Chapter 9. Electroceuticals / Bioelectric Medicine Market Regional Outlook
Chapter 10. Competitive Landscape
Chapter 11. Company Profiles
Companies Mentioned
- Boston Scientific Corporation
- Abbott
- Cochlear
- Biotronik
- LivaNova Plc
- electroCore Inc.
- Sonova
- Neuronetics
- MicroPort Scientific Corporation
- NeuroPace Inc