Increasing prevalence of chronic diseases, advancements in technology, and rising demand for non-invasive therapies drive the growth of the global electroceuticals/bioelectric market.
PORTLAND, Ore., April 23, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Electroceuticals/Bioelectric Medicine Market by Product (Cardiac Pacemakers and Implantable Cardioverter Defibrillators, Cochlear Implants, Spinal Cord Stimulators, Deep Brain Stimulators, Vagus Nerve Stimulators, Sacral Nerve Stimulators, Others), by Device Type (Implantable Devices, Non-invasive Devices), by Application (Arrhythmia, Sensorineural Hearing Loss, Epilepsy, Parkinson’s Disease, Others), by End User (Hospitals, Ambulatory Surgical Centers, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global electroceuticals/bioelectric medicine market was valued at $ 19.8 billion in 2022 and is estimated to reach $40.5 billion by 2032, exhibiting a CAGR of 7.4% from 2023 to 2032.
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Prime determinants of growth
Growing adoption of electroceuticals, advancements in technologies and presence of key players are the factors that drive the growth of the global electroceuticals/bioelectric medicine market. However, high cost of the electroceutical therapy is anticipated to hinder market growth. On the contrary, a rise in healthcare expansion is expected to offer remunerative opportunities for the electroceuticals/bioelectric medicine market during the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$19.8 billion |
|
Market Size in 2032 |
$40.5 billion |
|
CAGR |
7.4 % |
|
No. of Pages in Report |
275 |
|
Segments covered |
Product, Device Type, Application, End User and Region |
|
Regional scope |
North America, Europe, Asia Pacific, LA and MEA |
|
Country scope |
U.S., Canada; Mexico; Germany; UK; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Colombia; Argentina; GCC; South Africa; North Africa. |
|
Drivers |
Increasing prevalence of chronic diseases Advancements in technology Rising demand for non-invasive therapies |
|
Opportunities |
Growth opportunity in emerging markets |
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Restraints |
High cost associated with electroceuticals therapy |
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The cardiac pacemakers & implantable cardioverter defibrillators segment to maintain its lead position during the forecast period.
Based on product, the cardiac pacemakers & implantable cardioverter defibrillators segment accounted for the largest share in 2022, accounting for almost two-thirds of the global electroceuticals/bioelectric medicine market revenue. This is primarily attributed to the increasing incidence of cardiovascular diseases like arrhythmias and heart failure, continuous innovations in cardiac device technology, expanding aging demographic, and heightened awareness regarding cardiovascular health and advanced treatment alternatives. These factors collectively contribute to the segment’s continued dominance in revenue generation.
However, the deep brain stimulators segment is projected to register highest CAGR of 11.0% during the forecast period owing to increasing R&D activities in neurostimulation therapies for conditions such as essential tremor, dystonia and parkinson’s disease. Innovations in technology and expanded indications are driving adoption. Moreover, the growing prevalence of neurological disorders and the demand for non-pharmacological treatment options further fuel the segment’s accelerated growth.
The implantable devices segment to maintain its lead position during the forecast period.
Based on device type, the implantable devices segment accounted for the largest share in 2022, accounting for more than four- fifths of the global electroceuticals/bioelectric medicine market revenue. This is primarily attributed to factors such as prolonged service life of implantable device, which reduce the need for frequent replacements and boost cost-effectiveness. Moreover, continuous technological advancements enhance device durability and performance, thus driving the segment growth.
However, the non-invasive devices segment is projected to register highest CAGR of 9.2% during the forecast period owing to growing adoption of minimally invasive treatments, coupled with advancements in technology, making non-invasive devices more effective. In addition, rising demand for home healthcare solutions and expanding applications across various medical specialties contribute to the segment’s accelerated growth.
The arrhythmia segment to maintain its lead position during the forecast period.
Based on application, the arrhythmia segment accounted for the largest share in 2022, accounting for almost two-thirds of the global electroceuticals/bioelectric medicine market revenue. This is primarily attributed to increasing prevalence of arrhythmias globally. Factors such as aging population, lifestyle changes, and advancements in arrhythmia management technologies contribute to sustained demand for diagnostic and treatment solutions in this segment.
However, the epilepsy segment is projected to register highest CAGR of 12.1% during the forecast period owing to the rising prevalence of epilepsy worldwide and increasing adoption of deep brain stimulation as an effective treatment option for drug-resistant epilepsy, contributing to the segment’s accelerated growth trajectory.
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The hospitals segment to maintain its lead position during the forecast period.
Based on end user, the hospitals segment accounted for the largest share in 2022, accounting for more than three-fifths of the global electroceuticals/bioelectric medicine market revenue. This is primarily attributed to the fact that hospitals play a central role in providing comprehensive healthcare services, thus increasing patient admissions. Moreover, advancements in medical technology requiring hospital infrastructure and government policies incentivizing hospital-based care significantly contribute toward the growth of the market.
However, the ambulatory surgical centers segment is projected to register highest CAGR of 8.0% during the forecast period owing to the increasing demand for outpatient procedures, advancements in minimally invasive surgery techniques, and cost-effectiveness compared to traditional hospital settings. Moreover, favorable reimbursement policies and convenience for patients drive the segment’s accelerated growth trajectory.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global electroceuticals/bioelectric medicine market revenue owing to presence of well-established healthcare infrastructure, robust R&D activities, high adoption rates of advanced medical devices, and favorable reimbursement policies. Moreover, increasing incidence of chronic diseases drive the demand for minimally invasive therapeutic solutions in the region, ensuring sustained market growth.
However, the Asia-Pacific segment is projected to register highest CAGR of 9.8% during the forecast period. This is attributed to the increasing prevalence of chronic diseases, rising healthcare expenditure, expanding access to healthcare services, growing awareness about early disease detection, and ongoing advancements in therapeutic technologies.
Leading Market Players: –
- Medtronic
- Abbott Laboratorie
- Boston Scientific Corporation
- Cochlear Ltd.
- LivaNova PLC
- Biotronik SE & Co. KG
- ElectroCore, Inc.
- Sonova
- Nevro Corp.
- Stimwave LLC.
The report provides a detailed analysis of these key players of the global electroceuticals /bioelectric medicine market. These players have adopted different strategy such product launch, product development, and product approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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