global Bioelectric Medicine market size is expected to be worth around US$ 28.10 billion by 2028, according to a new report by Vision Research Reports.
The global Bioelectric Medicine market size was valued at US$ 16.5 billion in 2020 and is anticipated to grow at a CAGR of 7.10% during forecast period 2021 to 2028.
Rising geriatric population, in need of bioelectric medicine is the major factor expected to propel growth during the forecast period. Aging population is prone to medical disorders such as cardiac arrhythmias, Parkinson's disease, Alzheimer's disease, epilepsy, and depression. Advanced electroceuticals including implantable cardioverter defibrillators, cochlear implants, cardiac pacemakers, and spinal cord stimulators, are used for the treatment of these conditions.
Increasing investment in the development of advanced bioelectric medicine is another major factor supporting the growth of the electroceuticals market. For instance, in FY 2016, Medtronic, invested around USD 2,224.0 million in R&D for the development of advanced products. According to, ElectroCore, almost 325,000 people in the U.S. experience cluster headache every year. The company, in an attempt to capitalize the untapped opportunity came up with a product which received FDA clearance in 2018 namely gammaCore, a noninvasive VNS therapy, helpful in managing painful headaches in adults.
the implantable cardioverter defibrillators segment was the largest revenue grossing segment due to the high application of these products for arrhythmia. In addition, increasing incidence of sudden cardiac arrests, rising geriatric population, and advance product development is expected to boost market growth.
The deep brain stimulators segment is expected to showcase lucrative growth over the forecast period owing to the escalating prevalence of Parkinson's disease and lifestyle-induced disorders such as obesity and depression. According to the European Parkinson's Disease Association (EPDA), around 6.3 million patients are suffering from Parkinson’s worldwide, of which1.2 million patients are located in Europe.
The sacral nerve stimulators segment accounted for the significant revenue share, owing to product advancement and new product launch by companies. In August 2020, Nevro Corp. received an FDA approval for the new Senza II SNS System. This launch is expected to help the company expand its product portfolio in neuromodulation and pain treatment segments.
Based on the type, the bioelectric medicine market has been segmented into implantable and noninvasive electroceutical devices. Implantable electroceutical devices were the highest revenue-generating segment in 2020 owing to the large application of these products for the treatment of arrhythmia, chronic pain, ischemia, depression, tremor, and sensorineural hearing loss.
Manufacturers are focusing on launching advanced products to cater to unmet needs of the customers. For instance, in August 2018, Biotronik advances arrhythmia detection and diagnosis with MoMe cardiac monitor designed to increase early detection and diagnosis of cardiac arrhythmias.
The non-invasive electroceutical devices segment is projected to showcase the highest growth during the study period. This is due to technological advancements and rising investments in R&D by companies for innovative product development. Moreover, increasing healthcare awareness and popularity of electroceuticals in developing countries such as India, China, South Africa, and Argentina are expected to propel the sector growth.
The arrhythmia segment dominated the overall market in terms of revenue in 2020. This is due to the rising prevalence of arrhythmia patient base that involves the use of implantable cardioverter-defibrillators and cardiac pacemakers for the treatment.
The epilepsy application segment is projected to have lucrative CAGR over the forecast period due to advancement in treatment options such as vagus nerve stimulators. The companies and research institutes are focusing on innovative product development. For instance, in January 2017, Hennepin County Medical Center (HCMC) launched clinical trials for the treatment of brain injury by using vagus nerve stimulation.
Sensorineural hearing loss is another major segment, which accounted for a profitable revenue-share in 2020. The high prevalence of patients suffering from hearing loss is the major growth driver of this segment.
The hospital segment held the largest revenue share due to the rising burden of chronic diseases including arrhythmia, epilepsy, Alzheimer’s, retinitis pigmentosa, chronic pain, and depression, needing frequent or seldom hospitalization. Increasing population and developing healthcare infrastructure have spurred the demand for bioelectric medicines. Increasing disposable income and the presence of advanced medical devices for the treatment of different severe diseases are expected to drive the application of electroceuticals in hospitals.
The other end-use segment includes research institutes and homecare. This segment is projected to witness significant CAGR over the forecast period due to the rising investment in R&D for new product development. In addition, rising funding by government for bioelectric medicine supports the market growth.
North America was followed by Europe, which accounted for over 28.0% of the total market in 2020. Growing demand for innovative medical devices for the treatment and presence of big bioelectric medicine manufacturers mainly in Germany, Switzerland, UK, and France coupled with highly developed healthcare infrastructure are expected to remain major driving factors for the market.
Medtronic; Boston Scientific Corporation; St. Jude Medical; Cochlear Ltd.; LivaNova PLC; Sonova; BIOTRONIK; SECOND SIGHT; Nevro Corp.; and electroCore, LLC
Implantable cardioverter defibrillators
Spinal cord stimulators
Deep brain stimulators
Transcutaneous electrical nerve stimulators
Sacral nerve stimulators
Vagus nerve stimulators
Other bioelectric medicines
Implantable electroceutical devices
Noninvasive electroceutical devices
Sensorineural hearing loss
Urinary and fecal incontinence
The Bioelectric Medicine market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Bioelectric Medicine market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Bioelectric Medicine market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Bioelectric Medicine market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Bioelectric Medicine market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Bioelectric Medicine capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Bioelectric Medicine by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Bioelectric Medicine market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Bioelectric Medicine market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Bioelectric Medicine market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Bioelectric Medicine industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Bioelectric Medicine market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Bioelectric Medicine market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Bioelectric Medicine market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Bioelectric Medicine market. These factors have benefited the growth of the global market for Bioelectric Medicine. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Bioelectric Medicine. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Bioelectric Medicine are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Healthcare Testing, Inspection, And Certification Outsourcing Market (By Services: Testing, Inspection, Certification; By Type) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Pupillometer Market (By Mobility: Table-top, Hand-held; By Type: Video, Digital; By End-use: Hospitals, Eye Clinics; By Application: Ophthalmology, Oncology) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
North America And Europe Preclinical Medical Device Testing Services Market (By Service: Biocompatibility Tests, Chemistry Test, Microbiology & Sterility Testing) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Cell Banking Outsourcing Market (By Type: Master Cell Banking, Working Cell Banking, Viral Cell Banking; By Cell Type; By Phase) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Biologics Contract Development Market (By Source: Mammalian, Microbial; By Product Service Type; By Indication: Oncology, Immunological Disorders) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...