Rapid advancements in the healthcare industry and increasing proliferation of technology in medical applications are expected to fuel electroceuticals / bioelectric medicine market growth across the forecast period.
Rapid advancements in the healthcare industry and increasing proliferation of technology in medical applications are expected to fuel electroceuticals / bioelectric medicine market growth across the forecast period.
Fact.MR – A Market Research and Competitive Intelligence Provider: Advancements in the medical industry have picked up pace over the last few years and have revolutionized drug and treatments, which has driven the growth of electroceuticals/bioelectric medicines market.
Bioelectric medicine/electroceutical is a new technique that is used to treat and diagnose a disease. It uses device technology to read and modulate the electrical activity within the body’s nervous system, offering lucrative opportunities to real-time diagnostics and treatment options for patients. Other important aspect of electroceuticals is its potential to supplement and even replace drug treatment.
Rapid investments in the R&D sector, growing geriatric population, rapid advancements in medical technology, and growing mindfulness and acceptance of indispensable drug are high factors that are expected to impact market growth in coming years.
Rising preference towards minimally-invasive procedures is anticipated to boost demand for non-invasive electroceutical devices over implantable electroceutical devices.
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Governments across the globe are focusing on healthcare due to emergence of infectious and chronic diseases across the globe. This has subsequently led to an high demand for new treatments. Moreover, this is driving the demand for more research and development activities in the healthcare industry. Also, government in various developed economies are also launching supportive initiatives to advance research and development.
Electroceuticals / Bioelectric Medicine Market: Drivers, Current Prospects, and Growth Avenues
The cardiac pacemakers and ICDs segment is expected to witness high demand due to rising incidence of cardiovascular disorders across the globe. Moreover, surge in number of accidents and rising trauma cases are projected to boost demand for spinal cord stimulators. Moreover, the higher prevalence of neurological disorders and advancements in neurological therapies are anticipated to positively impact the growth of the market.
Increasing investments in Research & Development have led to an increase in demand for new treatments and is driving the demand for R&D in the healthcare industry.
Key suppliers are expected to adopt various strategies to strengthen their R&D capabilities to fast track the launch of novel products.
“Start-ups focusing on Technology to Develop Novel Products”
Key entrants in the market are expected to focus on the innovation and integration of advanced technologies.
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For instance: Theranica, a company that offers advanced digital therapeutics, developed a novel therapeutic electroceutical device that helps address migraine pain.
Another example is a digital health start-up based in Israel, Healables, is putting emphasis on development of the home-based electroceutical treatment. The company is currently developing two models, of which, one is for athletes and the other would be a medical model available through prescription.
Key Electroceutical suppliers are adopting key strategies to establish their market foothold
Key suppliers in the market are adopting various strategies such as collaborations, partnerships, and acquisitions to establish their foothold among medicine manufacturers and electroceutical companies.
For instance, In June 2021, NeuroSigma partnered with KT, leading telecom giant to promote the commercialization of a new electroceutical based on eTNS.
Moreover, in 2020, Medtronic, medical device manufacturers, announced the acquisition of Stimgenics, an organization that achieved accolades in novel spinal cord stimulation. This initiative was aimed at expanding companies’ pain therapies business division.
North America and Europe to be the most lucrative regional markets
Market growth is expected to be high due to presence of key market players such as Medtronic, Abbott, and Boston Scientific, along with high investments in the research and development sector.
Europe is expected to exhibit lucrative opportunities due to rise in geriatric population and surge in investments in healthcare infrastructure development. Moreover, surge in adoption of novel medical technologies are anticipated to attract key medicine manufacturers towards this region in coming years.
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More Insights Available
Fact.MR offers a unique perspective and actionable insights on the Electroceuticals / Bioelectric Medicine Market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2022 – 2031.
The research study is based on the basis of Product Type (Cardiac Pacemakers & ICDs, Cochlear Implants, Spinal Cord Stimulators, Deep Brain Stimulators & Others) By End-User and By Region – Global Market Insights 2022 to 2026
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