The bioelectric medicine market size has grown strongly in recent years. It will grow from $22.68 billion in 2023 to $24.69 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The historic period's growth can be attributed to several factors, including the rising geriatric population, increasing disposable income, growing demand for add-on therapy, higher prevalence of neurological disorders, and an increased demand for advanced therapeutics.
The bioelectric medicine market size is expected to see strong growth in the next few years. It will grow to $35.0 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. In the forecast period, growth can be attributed to factors such as the increasing demand for non-invasive treatments, rising healthcare expenditure, growing patient population, high prevalence of chronic diseases, and a growing awareness of healthcare innovations. Major trends during this period include technological advancements, the integration of telemedicine and digital health, increased investment and funding, advancements in implantable devices, and the miniaturization of devices.
The growth in healthcare spending is expected to drive the expansion of the bioelectric medicine market in the foreseeable future. Healthcare expenditure refers to the total amount of money allocated to healthcare services and resources during a specific period. This increase in healthcare spending is driven by factors such as an aging population, advancements in medical technology, and the rising prevalence of chronic diseases. The rising healthcare expenditure positively impacts bioelectric medicine by encouraging increased investment in research, development, and adoption of innovative bioelectric therapies. For example, in 2022, the UK's Office for National Statistics reported that UK healthcare spending reached approximately $354.88 billion (£283 billion) in 2022, marking a 0.7% increase compared to 2021 spending. Therefore, the rising healthcare expenditure is set to propel the bioelectric medicine market forward.
Key players in the bioelectric medicine market are concentrating on technological advancements, including software-enabled general wellness bioelectric medicines, to gain a competitive edge. Software-enabled general wellness medicine provides users with precise guidance for procedures such as deep brain stimulation therapy and supports surgical planning, intra-operative electrode placement, and customized programming for deep brain stimulation therapy. For instance, in July 2023, Boston Scientific Corporation, a US-based bioelectric medicine and wellness company, announced FDA approval for Vercise Neural Navigator 5 Software. This software offers advanced features for precise targeting and programming of deep brain stimulation (DBS) therapy. By integrating imaging data with stimulation parameters, it enables tailored treatment for neurological disorders, ensuring accurate electrode placement, precise surgical planning guidance, and customized programming for improved treatment outcomes and patient satisfaction.
In April 2021, ZOLL Medical Corporation, a US-based medical device manufacturer, acquired Respicardia Inc. to enhance its medical device portfolio, particularly in addressing sleep-disordered breathing. This strategic acquisition aims to strengthen ZOLL Medical Corporation's market position and enhance patient outcomes in critical care through bioelectric medicine solutions. Respicardia Inc. is a US-based company specializing in bioelectric medicine.
Major companies operating in the bioelectric medicine market are Abbott Laboratories, Medtronic PLC, Koninklijke Philips N.V., Boston Scientific Corporation, Biotronik SE & Co. KG, Cochlear Ltd., LivaNova PLC, Bioventus LLC, Inspire Medical Systems Inc., Nevro Corporation, Axonics Inc., Zynex Inc., NeuroPace Inc., Stimwave LLC, Setpoint Medical Corporation, ReShape Lifesciences Inc., ElectroCore Inc., NeuroMetrix Inc., Soterix Medical Inc., Galvani Bioelectronics, MicroTransponder Inc., BioElectronics Corporation, Cerbomed GmbH.
North America was the largest region in the bioelectric medicine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioelectric medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bioelectric medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Bioelectric medicine, also known as electroceuticals or bioelectronic medicine, is a branch of medical science that focuses on utilizing electrical signals to modulate the nervous system of the body for treating various diseases and conditions. This approach involves employing devices that produce precise electrical impulses to influence nerve activity, restore normal bodily functions, and facilitate healing in specific areas of the body.
The primary types of bioelectric medicine are implantable electroceutical devices and non-invasive electroceutical devices. Implantable electroceutical devices are devices that are surgically placed inside the body to deliver therapeutic electrical stimulation for medical purposes. These devices include implantable cardioverter-defibrillators, cardiac pacemakers, cochlear implants, spinal cord stimulators, deep brain stimulators, transcutaneous electrical nerve stimulators (TENS), sacral nerve stimulators, vagus nerve stimulators, among others. They are utilized for applications such as treating arrhythmia, managing pain, addressing sensorineural hearing loss, managing Parkinson's disease and tremors, treating depression and treatment-resistant depression, among others. End users of these devices include hospitals and other medical facilities.
The bioelectric medicine research report is one of a series of new reports that provides bioelectric medicine market statistics, including the bioelectric medicine industry's global market size, regional shares, competitors with a bioelectric medicine market share, detailed bioelectric medicine market segments, market trends and opportunities, and any further data you may need to thrive in the bioelectric medicine industry. This bioelectric medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The bioelectric medicine market consists of sales of peripheral nerve stimulation (PNS) devices, neuroprosthetics, functional electrical stimulation (FES) Devices, electroretinography (ERG) devices. This market includes electroceutical devices for wound healing, non-invasive brain stimulation devices, and wearable bioelectric monitoring devices. Values in this market represent the factory gate values, including the goods sold by manufacturers or creators to downstream entities or directly to end customers. It encapsulates the value of goods and related services offered by the creators of these medicinal devices.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The bioelectric medicine market size is expected to see strong growth in the next few years. It will grow to $35.0 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. In the forecast period, growth can be attributed to factors such as the increasing demand for non-invasive treatments, rising healthcare expenditure, growing patient population, high prevalence of chronic diseases, and a growing awareness of healthcare innovations. Major trends during this period include technological advancements, the integration of telemedicine and digital health, increased investment and funding, advancements in implantable devices, and the miniaturization of devices.
The growth in healthcare spending is expected to drive the expansion of the bioelectric medicine market in the foreseeable future. Healthcare expenditure refers to the total amount of money allocated to healthcare services and resources during a specific period. This increase in healthcare spending is driven by factors such as an aging population, advancements in medical technology, and the rising prevalence of chronic diseases. The rising healthcare expenditure positively impacts bioelectric medicine by encouraging increased investment in research, development, and adoption of innovative bioelectric therapies. For example, in 2022, the UK's Office for National Statistics reported that UK healthcare spending reached approximately $354.88 billion (£283 billion) in 2022, marking a 0.7% increase compared to 2021 spending. Therefore, the rising healthcare expenditure is set to propel the bioelectric medicine market forward.
Key players in the bioelectric medicine market are concentrating on technological advancements, including software-enabled general wellness bioelectric medicines, to gain a competitive edge. Software-enabled general wellness medicine provides users with precise guidance for procedures such as deep brain stimulation therapy and supports surgical planning, intra-operative electrode placement, and customized programming for deep brain stimulation therapy. For instance, in July 2023, Boston Scientific Corporation, a US-based bioelectric medicine and wellness company, announced FDA approval for Vercise Neural Navigator 5 Software. This software offers advanced features for precise targeting and programming of deep brain stimulation (DBS) therapy. By integrating imaging data with stimulation parameters, it enables tailored treatment for neurological disorders, ensuring accurate electrode placement, precise surgical planning guidance, and customized programming for improved treatment outcomes and patient satisfaction.
In April 2021, ZOLL Medical Corporation, a US-based medical device manufacturer, acquired Respicardia Inc. to enhance its medical device portfolio, particularly in addressing sleep-disordered breathing. This strategic acquisition aims to strengthen ZOLL Medical Corporation's market position and enhance patient outcomes in critical care through bioelectric medicine solutions. Respicardia Inc. is a US-based company specializing in bioelectric medicine.
Major companies operating in the bioelectric medicine market are Abbott Laboratories, Medtronic PLC, Koninklijke Philips N.V., Boston Scientific Corporation, Biotronik SE & Co. KG, Cochlear Ltd., LivaNova PLC, Bioventus LLC, Inspire Medical Systems Inc., Nevro Corporation, Axonics Inc., Zynex Inc., NeuroPace Inc., Stimwave LLC, Setpoint Medical Corporation, ReShape Lifesciences Inc., ElectroCore Inc., NeuroMetrix Inc., Soterix Medical Inc., Galvani Bioelectronics, MicroTransponder Inc., BioElectronics Corporation, Cerbomed GmbH.
North America was the largest region in the bioelectric medicine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioelectric medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bioelectric medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Bioelectric medicine, also known as electroceuticals or bioelectronic medicine, is a branch of medical science that focuses on utilizing electrical signals to modulate the nervous system of the body for treating various diseases and conditions. This approach involves employing devices that produce precise electrical impulses to influence nerve activity, restore normal bodily functions, and facilitate healing in specific areas of the body.
The primary types of bioelectric medicine are implantable electroceutical devices and non-invasive electroceutical devices. Implantable electroceutical devices are devices that are surgically placed inside the body to deliver therapeutic electrical stimulation for medical purposes. These devices include implantable cardioverter-defibrillators, cardiac pacemakers, cochlear implants, spinal cord stimulators, deep brain stimulators, transcutaneous electrical nerve stimulators (TENS), sacral nerve stimulators, vagus nerve stimulators, among others. They are utilized for applications such as treating arrhythmia, managing pain, addressing sensorineural hearing loss, managing Parkinson's disease and tremors, treating depression and treatment-resistant depression, among others. End users of these devices include hospitals and other medical facilities.
The bioelectric medicine research report is one of a series of new reports that provides bioelectric medicine market statistics, including the bioelectric medicine industry's global market size, regional shares, competitors with a bioelectric medicine market share, detailed bioelectric medicine market segments, market trends and opportunities, and any further data you may need to thrive in the bioelectric medicine industry. This bioelectric medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The bioelectric medicine market consists of sales of peripheral nerve stimulation (PNS) devices, neuroprosthetics, functional electrical stimulation (FES) Devices, electroretinography (ERG) devices. This market includes electroceutical devices for wound healing, non-invasive brain stimulation devices, and wearable bioelectric monitoring devices. Values in this market represent the factory gate values, including the goods sold by manufacturers or creators to downstream entities or directly to end customers. It encapsulates the value of goods and related services offered by the creators of these medicinal devices.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Bioelectric Medicine Market Characteristics3. Bioelectric Medicine Market Trends and Strategies32. Global Bioelectric Medicine Market Competitive Benchmarking33. Global Bioelectric Medicine Market Competitive Dashboard34. Key Mergers and Acquisitions in the Bioelectric Medicine Market
4. Bioelectric Medicine Market - Macro Economic Scenario
5. Global Bioelectric Medicine Market Size and Growth
6. Bioelectric Medicine Market Segmentation
7. Bioelectric Medicine Market Regional and Country Analysis
8. Asia-Pacific Bioelectric Medicine Market
9. China Bioelectric Medicine Market
10. India Bioelectric Medicine Market
11. Japan Bioelectric Medicine Market
12. Australia Bioelectric Medicine Market
13. Indonesia Bioelectric Medicine Market
14. South Korea Bioelectric Medicine Market
15. Western Europe Bioelectric Medicine Market
16. UK Bioelectric Medicine Market
17. Germany Bioelectric Medicine Market
18. France Bioelectric Medicine Market
19. Italy Bioelectric Medicine Market
20. Spain Bioelectric Medicine Market
21. Eastern Europe Bioelectric Medicine Market
22. Russia Bioelectric Medicine Market
23. North America Bioelectric Medicine Market
24. USA Bioelectric Medicine Market
25. Canada Bioelectric Medicine Market
26. South America Bioelectric Medicine Market
27. Brazil Bioelectric Medicine Market
28. Middle East Bioelectric Medicine Market
29. Africa Bioelectric Medicine Market
30. Bioelectric Medicine Market Competitive Landscape and Company Profiles
31. Bioelectric Medicine Market Other Major and Innovative Companies
35. Bioelectric Medicine Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Bioelectric Medicine Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on bioelectric medicine market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase:
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- Assess the Russia - Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
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- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for bioelectric medicine? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The bioelectric medicine market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Implantable Electroceutical Devices; Non-Invasive Electroceutical Devices2) By Product: Implantable Cardioverter-Defibrillators; Cardiac Pacemakers; Cochlear Implants; Spinal Cord Stimulators; Deep Brain Stimulators; Transcutaneous Electrical Nerve Stimulators (TENS); Sacral Nerve Stimulators; Vagus Nerve Stimulators; Other Products
3) By Application: Arrhythmia; Pain Management; Sensorineural Hearing Loss; Parkinson’s Disease; Tremor; Depression; Treatment-Resistant Depression; Epilepsy; Other Applications
4) By End Use: Hospitals; Other End Uses
Key Companies Mentioned: Abbott Laboratories; Medtronic PLC; Koninklijke Philips N.V.; Boston Scientific Corporation; Biotronik SE & Co. KG
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Abbott Laboratories
- Medtronic PLC
- Koninklijke Philips N.V.
- Boston Scientific Corporation
- Biotronik SE & Co. KG
- Cochlear Ltd.
- LivaNova PLC
- Bioventus LLC
- Inspire Medical Systems Inc.
- Nevro Corporation
- Axonics Inc.
- Zynex Inc.
- NeuroPace Inc.
- Stimwave LLC
- Setpoint Medical Corporation
- ReShape Lifesciences Inc.
- ElectroCore Inc.
- NeuroMetrix Inc.
- Soterix Medical Inc.
- Galvani Bioelectronics
- MicroTransponder Inc.
- BioElectronics Corporation
- Cerbomed GmbH
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | July 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 24.69 Billion |
Forecasted Market Value ( USD | $ 35 Billion |
Compound Annual Growth Rate | 9.1% |
Regions Covered | Global |