Electroceuticals/Bioelectric Medicine Market To Reach USD 44.88 Billion By 2028 – Reports and Data
Rising prevalence of chronic diseases across the globe, increasing investments in research and development activities and efforts taken by public and private sectors to support and fund neurological diseases are key factors boosting global market growth
The global electroceuticals/bioelectric medicine market size is expected to reach USD 44.88 Billion in 2028 and register a CAGR of 8.5%, according to the latest report by Reports and Data. Key factors such as increasing geriatric population, increasing investments by key manufacturers to develop new products, and increasing funding for research on CRM (cardiac rhythm management) devices are driving global market revenue growth.
Electroceuticals are therapeutic agents providing neurostimulation for therapy. It is widely used as an alternative to drug-based remediation. Current treatment for various chronic diseases is based on drug-based medication that has certain side effects. Technological advancements in the medical sector and rising demand for electroceuticals in treatment, developments in the healthcare infrastructure and equipment are essential factors boosting market growth. Rising incidence of chronic disorders such as cardiac arrhythmias, depression, Alzheimer’s, Parkinson’s, and epilepsy, increasing risk of such diseases in the elderly population, and availability of advanced treatment are key factors boosting global market revenue growth. In addition, increasing demand for enhanced bioelectric medicines for treating these chronic diseases and increasing investments to develop more effective electroceuticals are also fueling global market growth.
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Key findings in the report:
- The implantable cardioverter defibrillators segment is projected to register rapid revenue growth over the forecast period. Rapid revenue growth is attributed to increasing geriatric population and increasing risks of cardiac arrest.
- The implantable electroceutical devices accounted for comparatively larger market share in 2020 owing to factors such as increasing incidence of cardiovascular and neurological diseases, introduction of novel products, and rising product approvals.
- Based on application, the epilepsy segment is expected to account for significant revenue growth between 2021 and 2028 owing to rising prevalence of epilepsy, availability of advanced treatment and increasing investments to develop advanced products.
- Among the end-use segments, the hospital segment is expected to account for largest revenue share during the forecast period. Increasing number of chronic disorders such as Alzheimer’s, chronic pain, depression, arrhythmia, rising adoption of bioelectric medicines, rising disposable income, developing healthcare systems, and availability of advanced devices to treat these diseases are boosting segment revenue growth.
- North America dominated other regional markets in the global electroceuticals/bioelectric medicine market in 2020 and is expected to continue its dominating position over the forecast period. Increasing prevalence of chronic and neurological diseases, rising demand for electroceuticals/bioelectric medicines to treat various disorders, presence of key players, and highly developed healthcare infrastructure and facilities are key factors fueling market growth in this region.
- Asia Pacific market is expected to register highest revenue CAGR between 2021 and 2028 owing to high patient pool, expanding geriatric population, growing adoption of bioelectric medicines, and increasing investments in R&D. In addition, rising healthcare awareness and improving healthcare systems are further fueling market growth.
- Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Inc., LivaNova PLC, Cochlear Ltd., MicroPort Scientific Corporation, Sonova Group, Nevro Corp., Axonics Modulation Technologies, Inc., Neuronetics, Inc., Second Sight Medical Products, Inc, NeuroPace, Inc., BIOTRONIK, Medico S.p.A., Nurotron Biotechnology Co. Ltd., MED-EL, Aleva Neurotherapeutics SA, NeuroSigma, Inc., BioWave Corporation, Soterix Medical Inc. (US), Bioinduction Ltd., GiMer Medical, Cefaly, and BioControl Medical are key companies in the global electroceuticals/bioelectric medicine market.
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For this study, Reports and Data has segmented the global electroceuticals/bioelectric medicine market based on product, type, application, end-use, and region:
Product Outlook (Revenue, USD Billion, 2018 - 2028)
- Cardiac Pacemakers
- Implantable Cardioverter Defibrillators
- Spinal Cord Stimulators
- Cochlear Implants
- Deep Brain Stimulators
- Sacral Nerve Stimulators & Gastric Electrical Stimulators
- Transcutaneous Electrical Nerve Stimulators
- Vagus Nerve Stimulators
- Other Electrical Stimulators
Type Outlook (Revenue, USD Billion, 2018 – 2028)
- Implantable Electroceutical Devices
- Noninvasive Electroceutical Devices
Application Outlook (Revenue, USD Billion, 2018 - 2028)
- Chronic Pain
- Failed Back Surgery Syndrome
- Cerebral Ischemia
- Urinary Incontinence
- Fecal Incontinence
- Parkinson’s Disease
- Treatment-resistant Depression
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End Use Outlook (Revenue, USD Billion, 2018 - 2028)
- Ambulatory Surgery Centers
Regional Outlook (Revenue, USD Billion, 2018 - 2028)
- North America
- Rest Of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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