Rising Preference of Electrical Pulse as opposed to Drug-based Intervention will Boost Growth of Bioelectric Medicine Market: Fact.MR
Increasing prevalence of cardiac diseases and neurological disorders is encouraging pharmaceutical players to discover bioelectric medicines
The global bioelectric medicine market is expected to exhibit a steady growth owing to the increasing demand for advanced electroceuticals. As per a study by Fact. MR, the bioelectric market is estimated to surpass a valuation of more than US$ 28.5 Bn through 2031.
A rising number of geriatric population is in need of bioelectric medicine. Aging population are often vulnerable to medical disorders such as depression, epilepsy, Alzheimer’s disease, Parkinson’s disease, and cardiac arrhythmias. These disorders usually demand advanced electroceutical treatment such as spinal cord stimulator, cardiac pacemakers, cochlear implants, and implantable cardioverter defibrillators.
According to Centers for Disease Control and Prevention (CDC), around 610,000 people die of heart attack and around 370 people die of coronary heart disease (CHD) in the United States.
This has resulted in increased demand for improved bioelectric medicine for treating chronic illnesses. Major players such as GlaxoSmithKline plc have invested in the bioelectric medicine industry whereas, organizations such as the National Institutes of Health (NIH) in the United States have shown strong interest in the industry.
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Increasing investment in the development of advanced bioelectric medicine is bolstering the growth of electroceutical market. For instance, Medtronic in 2016, invested approximately US$ 2.224 mn in research and development activities to develop advanced products.
The company tapped in to capitalize the opportunity of people witnessing cluster headache and came up with FDA cleared product namely, gammaCore, and a non-invasive VNS therapy that helps in managing painful adult headaches.
“There is high focus on research and development among key players. This will result in product launches, which is expected to aid the overall expansion of the market,” said a Fact.MR analyst.
- Asia Pacific is expected to grow at a higher rate owing to expanding healthcare infrastructure and increasing healthcare awareness in developing countries such as China and India.
- North America will likely lead the global market as it exhibits the presence of numerous key players.
- Hospital segment will emerge as the leading end user backed by increasing number of patients visiting with chronic conditions, which often require advanced treatment procedures.
- The implantable cardioverter defibrillators segment is expected to register high growth due to increasing application of these products for treating of arrhythmia.
- The implantable electroceuticals segment will account for contribute significantly towards the growth of the market due to technological advancements introduced in the last few years.
- Rising prevalence of neurological disorders and chronic diseases is boosting the demand for bioelectric medicines.
- The rising trend toward using electronic approach to treat diseases such as cancer, depression, rheumatoid arthritis, and dementia has bolstered the demand for market.
- Technological advancement has allowed molecular medicines, electronics, bioengineering, and neuroscience to regulate biological process hence, creating lucrative opportunities for the bioelectric medicine industry.
- Increasing investment in research and development activities in the bioelectric medicine field is expected to stimulate market growth during the forecast period.
- COVID-19 pandemic has resulted in disruption of the supply chain and production capabilities, hence hampering the market growth.
- Many of these applications are still under pre-clinical, theoretical, and experimental stage therefore, it requires time to achieve widespread, real world impact.
The key players operating in the global bioelectric medicine market are Medtronic, Abbott, Boston Scientific Corporation, Cochlear Ltd., LivaNova PLC, Sonova, BIOTRONIK SE & Co. KG, NEVRO CORP., Second Sight, electroCore, Inc., BioElectronics Corporation, GlaxoSmithKline plc, Wright Medical Technology, Inc., and others. The key players in the market are adopting numerous strategies such as regional expansion, collaboration, new product development, and mergers & acquisition to acquire more income share in the sector.
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More Insights into Bioelectric Medicine Market
Fact.MR offers unbiased analysis of the bioelectric medicine market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (Implantable cardioverter defibrillators, cardiac pacemakers, cochlear implants, spinal cord stimulators, deep brain stimulators, transcutaneous electrical nerve stimulators, sacral nerve stimulators, vagus nerve stimulators, and other bioelectric medicines), device type (implantable devices and non-implantable devices), application (arrhythmia, pain management, sensorineural hearing loss, Parkinson’s disease, tremor, depression, treatment-resistant depression, epilepsy, urinary and faecal incontinence, and others), end user (hospitals, ambulatory surgical centres, speciality clinics, home care settings, and other), and region (North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa).
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