Bioelectric Medicine Market
The Bioelectric Medicine Market Size can anticipate reaching USD 32.3 billion by 2032 while attaining a 4.7% CAGR from 2023 to 2032, reveals Market Research Future (MRFR).
Primary Boosters and Restraints
By combining bioengineering, molecular medicine, and neurology, bioelectric medicine creates nerve-stimulating devices for the control of biological processes during disease treatment. The main factor projected to drive the market is the increased prevalence of chronic diseases like cardiac and neurological problems. According to the CDC, over 610 thousand Americans per year pass away from cardiac problems. About 370 of them pass away from coronary heart disease (CHDs). Due to the high demand for advanced bioelectric medicine to treat these chronic diseases, the market is anticipated to grow quickly.
The increased incidence of chronic and acute illnesses, the rapidly aging population, product advancements, and initiatives by significant businesses and organizations are some of the key growth drivers for the worldwide market. For instance, the first Bioelectronic Medicine Day, which featured a public health campaign, was instituted by the Alliance for Advancing Bioelectronic Medicine in January 2022. The campaign helped to encourage efforts and advancements in the field of bioelectronic medicine.
Cardiovascular Diseases (CVDs) are a significant cause of death in the U.S., says the CDC study from 2017. It's probable that CVDs are to blame for one-fourth of all fatalities. More than 80% of all CVD-related deaths are caused by stroke and IHD. In addition, by 2030, the economic cost of CVDs is projected to be over USD 1,044 billion. Other significant drivers of the market's expansion are manufacturers' increasing R&D expenditures and the rate at which new electroceuticals and bioelectric medications are approved by regulatory agencies.
Bioelectric Medicine Market Insights and Analysis by Type (Implantable Electroceutical Devices and Non-invasive Electroceutical Devices), by Product (Implantable Cardioverter Defibrillators, Cardiac Pacemakers, Cochlear Implants, Spinal Cord Stimulators, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, And Others), By Application (Arrhythmia, Pain Management, Sensorineural Hearing Loss, Epilepsy, And Others), By End User (Hospitals & Clinics, ASCs, and Others
Major Key Players:
Abbott, Cochlear Ltd, LivaNova PLC, ElectroCore, Inc., Medtronic Plc, Sonova, Nevro Corp., Boston Scientific Corporation, Stimwave LLC, Biotronik SE & Co KG are a Key Bioelectric Medicine Market Players.
Segment Analysis
By Type
Implantable Electroceutical Devices as well as Non-invasive Electroceutical Devices are the major types of bioelectric medicines.
By Product
Cardiac Pacemakers, Implantable Cardioverter Defibrillators, Spinal Cord Stimulators, Cochlear Implants, Transcutaneous Electrical Nerve Stimulators, Deep Brain Stimulators, Vagus Nerve Stimulators, Sacral Nerve Stimulators, and others are the key products specified in the report.
By Application
Sensorineural Hearing Loss, Epilepsy, Pain Management, and Arrhythmia are some of the main applications of bioelectric medicines.
By End User
ASCs, Hospitals & Clinics, and others are the market end-users listed in the study.
Regional Analysis
Out of all the regions, the bioelectric medicine market will perform tremendously well in North America, given the increased prevalence of chronic diseases like cardiovascular and neurological disorders. The CDC estimates that heart disease causes about 610 thousand deaths in the US each year. The cause of death for about 370 of them is coronary heart disease. Because of the increased need for improved bioelectric therapy to treat these persistent illnesses, the market is anticipated to develop. Additionally, North America dominated the market in 2021 due to the presence of medical device producers like Abbott (US) and Boston Scientific Corporation (US).
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