What Fueled The Previous Growth In The Bioelectric Medicine Market?
The bioelectric medicine market has seen considerable growth due to a variety of factors.
• The bioelectric medicine market has seen strong growth in recent years. It is expected to rise from $24.69 billion in 2024 to $27.01 billion in 2025, at a CAGR of 9.4%.
The growth is attributed to an aging population, rising disposable income, increasing demand for additional therapy options, a higher prevalence of neurological disorders, and growing interest in advanced therapeutics.
How Does the Forecast Look for the Bioelectric Medicine Market?
The bioelectric medicine market is expected to maintain its strong growth trajectory in upcoming years.
• The bioelectric medicine market is projected to grow to $38.16 billion by 2029, with a CAGR of 9.0%.
Growth drivers include the demand for non-invasive treatments, higher healthcare expenditure, rising patient populations, the high prevalence of chronic diseases, and increased awareness of healthcare innovations. Key trends include technological advancements, telemedicine integration, increased investment, implantable device advancements, and miniaturization of devices.
What Are The Leading Drivers Of Growth In The Bioelectric Medicine Market?
Rising healthcare expenditure is expected to boost the bioelectric medicine market. Increased spending on healthcare, driven by an aging population and rising rates of chronic disease, promotes investment in innovative treatments like bioelectric medicine. For example, UK healthcare spending reached $354.88 billion in 2022, reflecting a 0.7% increase from the previous year, supporting the growth of bioelectric medicine.
How Are The Segments Defined Within The Global Bioelectric Medicine Market?
The bioelectric medicine market covered in this report is segmented –
1) By Type: Implantable Electroceutical Devices, Non-Invasive Electroceutical Devices
2) By Product: Implantable Cardioverter-Defibrillators, Cardiac Pacemakers, Cochlear Implants, Spinal Cord Stimulators, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators (TENS), Sacral Nerve Stimulators, Vagus Nerve Stimulators, Other Products
3) By Application: Arrhythmia, Pain Management, Sensorineural Hearing Loss, Parkinson’s Disease, Tremor, Depression, Treatment-Resistant Depression, Epilepsy, Other Applications
4) By End Use: Hospitals, Other End Uses
Subsegments:
1) By Implantable Electroceutical Devices: Cochlear Implants, Deep Brain Stimulation (DBS) Devices, Spinal Cord Stimulation (SCS) Devices, Vagus Nerve Stimulation (VNS) Devices, Retinal Implants, Neuromodulation Devices
2) By Non-Invasive Electroceutical Devices: Transcranial Magnetic Stimulation (TMS) Devices, Transcutaneous Electrical Nerve Stimulation (TENS) Devices, Electrotherapy Devices, Pulsed Electromagnetic Field (PEMF) Therapy Devices, Electroceutical Wearables
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What Trends Are Reshaping The Future Of The Bioelectric Medicine Market?
Leading companies in the bioelectric medicine market are innovating with software-enabled wellness bioelectric medicines to improve therapeutic outcomes. These technologies provide detailed guidance for deep brain stimulation procedures, enhancing surgical planning and therapy customization. For instance, in July 2023, Boston Scientific Corporation launched Vercise Neural Navigator 5 Software, approved by the US FDA. The software integrates imaging data and stimulation parameters, enabling precise targeting, optimized electrode placement, and tailored treatment, thereby enhancing treatment outcomes for neurological disorders.
Who Are the Key Players In The Bioelectric Medicine Market?
Major companies operating in the bioelectric medicine market are:
• Abbott Laboratories
• Medtronic PLC
• Koninklijke Philips N.V.
• Boston Scientific Corporation
• Biotronik SE & Co. KG
• Cochlear Ltd.
• LivaNova PLC
• Bioventus LLC
• Inspire Medical Systems Inc.
• Nevro Corporation
• Axonics Inc.
• Zynex Inc.
• NeuroPace Inc.
• Stimwave LLC
• Setpoint Medical Corporation
• ReShape Lifesciences Inc.
• ElectroCore Inc.
• NeuroMetrix Inc.
• Soterix Medical Inc.
• Galvani Bioelectronics
• MicroTransponder Inc.
• BioElectronics Corporation
• Cerbomed GmbH
What Is The Most Dominant Region In The Bioelectric Medicine Market?
North America was the largest region in the bioelectric medicine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioelectric medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
