Bioelectric Medicine Sales to Continue Surging through 2031 amid Rising Cases of Cardiovascular Disorders: Fact MR
170 Pages Market Research Survey by Fact MR, A Market Research and Competitive Intelligence, Offers Incisive Coverage on Global Bioelectric Medicine Market Growth
The Fact.MR survey on bioelectric medicine market offers detailed analysis on the key growth drivers and trends affecting demand in the market. The survey also provides insights on the competitive landscape of global bioelectric medicine market, identifying the key market players and analyzing the impact of their growth strategies
Fact.MR: Fact.MR’s latest report on global bioelectric medicine market projects robust growth outlook over the forecast period of 2021 and 2031. Demand for bioelectric medicine is set to rise owing to the rising prevalence of neurological disorders & chronic diseases among geriatric population.
Increasing utilization of elctroceuticals for the treatment of different neurological and cardiac disorders such as Alzheimer’s disease arrhythmia, Parkinson’s disease and epilepsy. Also, rising demand of implantable cardioverter defibrillators among the elderly population perceptible to severe cardiovascular disorders will augment sales.
According to Centers for Disease Control and Prevention (CDC), every year 655,000 individual succumb to death in the U.S. from cardiovascular diseases. Around 365,914 people in the U.S. die due to coronary artery disease (CAD) and nearly 18.2 million adults are suffering from CAD.
With the rate of cardiovascular diseases consistently soaring, focus on developing advanced bioelectric medicine is increasing globally. Shift in preference to this devices over the standard drug-based treatment is also aiding the market growth.
In addition to this, preference for non-invasive procedures and low-cost of these medicines have increased the popularity across the low-cost economies such as India, China, and Japan. Fast-track drug approvals and increased funding in the development of advanced bioelectric medicines are also bolstering the demand.
“Rising cardiovascular and neurological disorders across the globe are encouraging investment and funding for advanced bioelectric medicine, which is fueling innovation and new product launches among key players, " said a Fact MR analyst.
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Key Takeaways from Bioelectric Medicine Market Research Report:
- In terms of product type, demand for implantable cardioverter defibrillators will foster sales over the forecast period.
- Implantable devices are expected to account for the largest share however demand for non-implantable devices will be on rise backed by the preference of non-invasive procedures.
- The U.S. is anticipated to be the largest market of electroceuticals, growth across the country is attributed with the rising incidence of cardiovascular disorders.
- Germany and the UK are estimated to emerge as lucrative market on the back of advanced healthcare infrastructure and increasing interest for advanced medical devices.
- Increasing application of bioelectric medicines in arrhythmia, Parkinson’s disease and epilepsy will foster sales.
- Hospitals are expected to be the primary end-users of global bioelectric medicines market.
- Rising prevalence of neurological & cardiovascular disorders among the geriatric population is expected to accelerate the market demand
- Expansion of healthcare infrastructure and growing patient pool in emerging economies such as India, South Korea, and Middle East countries will provide lucrative opportunities for the key players
- Favorable government policies and increased funding governing bodies such as National Health Institute of the U.S. for neurological disorders will propel demand.
- Lack of skilled professionals in the field is likely to hamper market growth
- Short battery life of devices and challenges associated with the device replacement might restrict the growth
- High cost of bioelectric medicines will impede the growth
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Key players operating in the global bioelectric medicine market are relying on collaborations and new product launches to expand their global footprint.
Innovation and increased research & development activities for the development of advanced bioelectric medicines are the key strategies adopted by prominent players to augment their customer base.
For instance, in March 2021, leading player Medtronic PLC announced the clearance of its Intellis Platform with differential Target multiplexed (DTM) programming from the U.S. Food & Drug Administration (FDA) for the treatment of chronic intractable leg and back pain.
Pulse Biosciences, a novel bioelectric medicine company progressing Nano-Pulse Stimulation™ (NPS™) technology, on 9th June 2021, announced the approval of CellFX® System by Health Canada for a medical device license for use in dermatological procedures requiring ablation and resurfacing of the skin for the reduction, removal, and/or clearance of cellular-based benign lesions
Also, in January 2021, Boston Scientific Corporation received the approval form the U.S. FDA for its Vercise Genus Deep Brain Stimulation System.
Key players operating in the bioelectric medicine market are
- Boston Scientific Corporation
- Cochlear Ltd.
- LivaNova PLC
- BIOTRONIK SE & Co. KG
- NEVRO CORP.
- Second Sight
- electroCore, Inc.
- BioElectronics Corporation
- GlaxoSmithKline plc
- Wright Medical Technology, Inc.
More Insights on the Bioelectric Medicine Market:
Fact MR provides an unbiased analysis of the bioelectric medicine market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global bioelectric medicine market with a detailed segmentation on the basis of:
- Implantable cardioverter defibrillators
- Cardiac pacemakers
- Cochlear implants
- Spinal cord stimulators
- Deep brain stimulators
- Transcutaneous electrical nerve stimulators
- Sacral nerve stimulators
- Vagus nerve stimulators
- Other bioelectric medicines
- Implantable devices
- Non-implantable devices
- Pain management
- Sensorineural hearing loss
- Parkinson’s disease
- Treatment-resistant depression
- Urinary and faecal incontinence
- Ambulatory surgical centers
- Speciality clinics
- Home care settings
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
Key Questions Covered in the Bioelectric Medicine Market Report
- The report offers detailed insights into bioelectric medicine demand outlook for 2021-2031
- The market study also highlights projected sales growth for bioelectric medicine market between 2021 and 2031
- Bioelectric medicine market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Bioelectric medicine market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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