PUBLISHER: IMARC | PRODUCT CODE: 1540785
PUBLISHER: IMARC | PRODUCT CODE: 1540785
The global bioelectric medicine market size reached US$ 22.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 35.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.15% during 2024-2032.
Bioelectric medicine or electroceuticals encompasses medical-related devices that utilize electrical impulses and signaling in the nervous system. It combines molecular medicine, neuroscience, and bioengineering to develop nerve-stimulating technologies for biological processes during the treatment of diseases. It consists of cochlear, retinal implants, relief, cardiac pacemakers, spinal cord stimulators, and implantable defibrillators. Bioelectric medicine includes tiny electronic implants that can diagnose and treat various chronic diseases, such as rheumatoid arthritis, inflammatory bowel disease, cancer, obesity, diabetes, asthma, paralysis, and cardiovascular diseases (CVDs). It can treat a wide range of conditions and disorders using both non-invasive and invasive approaches.
The growing geriatric population and the increasing incidences of cardiovascular and neurological disorders across the globe are creating a positive outlook for the market. Bioelectric medicine uses the deep brain, vagus sacral, and transcutaneous electric nerve stimulator to treat these conditions. In line with this, the escalating prevalence of arrhythmia that involves the use of implantable cardioverter-defibrillators and cardiac pacemakers to treat the ailment is acting as another growth-inducing factor. Additionally, the increasing demand for deep brain stimulators owing to the rising instances of Parkinson's disease and lifestyle-induced disorders, such as depression and obesity, is favoring the market growth. Apart from this, manufacturers are launching smart products that help in the early detection and diagnosis of cardiac arrhythmias and cater unmet needs of the consumers, which, in turn, is providing an impetus to the market growth. Moreover, increasing approvals for advanced bioelectric medicine and a rise in investment and funding of new therapies and electroceuticals are positively influencing the market growth. Besides this, extensive research and development (R&D) activities, significant growth in the healthcare infrastructure, increasing expenditure capacities of consumers, and the presence of advanced medical devices for treatment purposes are supporting the market growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global bioelectric medicine market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, product, application and end use.
Implantable Electroceutical Devices
Non-Invasive Electroceutical Devices
Implantable Cardioverter Defibrillators
Cardiac Pacemakers
Cochlear Implants
Spinal Cord Stimulators
Deep Brain Stimulators
Transcutaneous Electrical Nerve Stimulators
Sacral Nerve Stimulators
Vagus Nerve Stimulators
Others
Arrhythmia
Pain Management
Sensorineural Hearing Loss
Parkinson's Disease
Tremor
Depression
Treatment-Resistant Depression
Epilepsy
Urinary and Fecal Incontinence
Others
Hospitals
Research Institutes
Individual Users
Others
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Abbott Laboratories, Biotronik SE & Co KG, Boston Scientific Corporation, Cochlear Limited, electroCore Inc., LivaNova PLC, MED-EL Medical Electronics, Medtronic plc and Sonova Holding AG.