This has resulted in increased demand for 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.
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.
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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.
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.
By 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
- Other bioelectric medicines
By Device Type
- Implantable devices
- Non-implantable devices
- Pain management
- Sensorineural hearing loss
- Parkinson’s disease
- Treatment-resistant depression
- Urinary and faecal incontinence
By Product Type
- Ambulatory surgical centres
- Speciality clinics
- Home care settings
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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.
The US and Canada Bioelectric Medicine Market Outlook
US is one of the largest markets for Bioelectric Medicine globally with the highest share because of the availability of medical device manufacturers like BIOTRONIK, Boston Scientific Corporation, and Medtronic. In addition, the exceptionally evolved medical care and presence of advanced products in this country have boosted the development.
Also, the development in this country is driven by the growing awareness about bioelectric medicine, the increasing prevalence of cardiovascular diseases, chronic diseases, the shift in preference to these devices, increasing regulatory approvals of bioelectric devices, and the conventional techniques like drug therapy and surgeries will likewise add to this current market’s development around there.
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