The global bioelectric medicine market was estimated at USD 20.2 billion in 2021 and it is expected to surpass around USD 33.98 billion by 2030, poised to grow at a CAGR of 5.95 % from 2022 to 2030.
The key factors driving the market include the rising geriatric population, strategic initiatives by key companies, and increasing investment in R&D for advanced electroceuticals/ bioelectric medicines. In April 2022, Cochlear agreed to acquire Demant's hearing implants business - Oticon Medical. This would enable the company to increase its R&D investments and market growth activities and provide it with greater scale.
In 2021, around 20.8% or more than one-fifth of the population in the EU was aged 65 and over, according to Eurostat. The aging population is prone to medical disorders such as Alzheimer's disease, epilepsy, cardiac arrhythmias, Parkinson's disease, and depression. Hence, this is a key factor contributing to the market growth. Advanced bioelectronic devices including cochlear implants, implantable cardioverter defibrillators, cardiac pacemakers, and spinal cord stimulators are used for the treatment of these conditions.
Growing investments in the R&D of advanced electroceuticals is another major factor supporting the growth of the market. For example, in 2021, Medtronic invested around USD 2.5 billion 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 capitalized on the opportunity by developing a product called gammaCore, which received FDA clearance in 2018. The product is indicated for non-invasive VNS therapy helpful in managing painful headaches in adults.
Scope of The Report
|Market Size in 2021||USD 20.2 billion|
|Revenue Forecast by 2030||USD 33.98 billion|
|Growth rate from 2022 to 2030||CAGR of 5.95%|
|Forecast Period||2022 to 2030|
|Segmentation||Product, type, application, end-use, region|
Medtronic; Abbott; Boston Scientific Corporation; Cochlear Ltd.; LivaNova PLC; Biotronik SE & Co KG; electroCore, Inc.; Sonova; Nevro Corp.; Stimwave LLC
In 2021, the implantable cardioverter defibrillators segment held the largest revenue share of over 35.0% due to the high application of these products for arrhythmia. In addition, the increasing incidence of sudden cardiac arrests, a rising geriatric population, and advanced product development are expected to boost the market growth. The deep brain stimulators segment is expected to witness 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 which 1.2 million patients are located in Europe. The sacral nerve stimulators segment accounted for a significant revenue share in 2021 owing to product advancement and new product launches by companies. In August 2018, Nevro Corp. received an FDA approval for the new Senza II SNS System. This launch helped the company expand its product portfolio in the neuromodulation and pain treatment segments.
Implantable electroceutical devices held the largest revenue share of over 85.0% in 2021 owing to the large application of these products for the treatment of arrhythmia, chronic pain, ischemia, depression, tremor, and sensorineural hearing loss. Based on type, the market for bioelectric medicine has been segmented into implantable and non-invasive electroceutical devices. Manufacturers are focusing on launching advanced products to cater unmet needs of the customers. For instance, in August 2018, Biotronik advanced 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 witness 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 market growth.
The arrhythmia segment dominated the overall market with a revenue share of over 65.0% in 2021. This is due to the rising prevalence of arrhythmia that involves the use of implantable cardioverter-defibrillators and cardiac pacemakers for the treatment. The epilepsy application segment is projected to register a lucrative CAGR over the forecast period due to the 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 considerable revenue share in 2021. The rising number of patients suffering from hearing loss is the major growth driver of this segment. According to the NIH, in 2018, almost one in every three people in the age group of 65 to 74 has hearing loss, while nearly half of the population older than 75 had hearing difficulty.
The hospital segment held the largest revenue share of over 90.0% due to the rising burden of chronic diseases including arrhythmia, epilepsy, Alzheimer’s, retinitis pigmentosa, chronic pain, and depression, needing frequent or seldom hospitalization. For instance, as stated by the WHO, approximately 50 million people in the world are suffering from epilepsy and this number is expected to increase in the near future owing to a growing number of car accidents and other traumatic injuries. The 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 segment includes research institutes and homecare. This segment is projected to exhibit a significant CAGR over the forecast period due to the rising investment in R&D for new product development. In addition, rising funding by the government for bioelectric medicine supports the market growth. For instance, in October 2016, the National Institutes of Health declared the funding of around USD 20 million for electroceuticals research.
North America dominated the market with a revenue share of over 35.0% in 2021 due to the presence of medical device manufacturers such as Abbott and Boston Scientific Corporation. Moreover, the highly developed healthcare system and the availability of advanced products in this region have fueled the growth of the regional market. North America was followed by Europe owing to the growing demand for innovative medical devices for the treatment. The presence of big bioelectric medicine manufacturers and highly developed healthcare infrastructure are expected to remain major driving factors for the market.
The Asia Pacific region is projected to exhibit the highest CAGR during the forecast period due to the rising geriatric population in Asian countries such as China and India. In addition, the prevalence of chronic diseases including cardiac arrhythmias, Alzheimer's disease, Parkinson's disease, and epilepsy is rising in this region, which is expected to drive the adoption of electroceuticals.
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