Global Bioelectric Medicine Market– Insights
Bioelectric medicine has different treatment therapy that is based on electrical pulse instead of drug trigger therapy. Bioelectric medicine develops nerve stimulating and sensors activation technologies to regulate biological functions and treat diseases by combining bioengineering, neuroscience, molecular medicines, electronics, and computing. These technologies may change the future of therapies for wide range of diseases. Bioelectric medicine acts through targeted mechanism of action to treat diseases.
The global bioelectric medicine market size was valued at US$ 12.3 billion in 2017, and is expected to witness a CAGR of 7.2% over the forecast period (2019–2026).
Global Bioelectric Medicine Market Share (%) Analysis, By Product Type, 2017
Source: Coherent Market Insights Analysis (2019)
Increasing Investment in Research & Development and Regulatory Approvals for Bioelectric Medicine Is Expected to Drive Growth of Global Bioelectric Medicine Market
Increasing approvals for bioelectric medicine products with better regulatory management by the regulatory authorities is expected to drive the global bioelectric medicine market growth during the forecast period. In March 2014, Cancer-Code Corporation (C3) announced issuance of patent which entitles: Method and System for Processing Cancer Cell Electrical Signals for Medical Therapy, which covers an innovative approach to eradicate cancer in humans and animals.
Furthermore, increasing products approvals is expected to inhibit the growth of the market. For instance, in 2014, the U.S. FDA approved Inspire Medical Systems’ Sleep Apnea Treatment to treat sleep apnea by implanting a device that stimulates air way muscles. Furthermore, in April 2017, U.S.FDA approved a device called GammaCore launched by ElectroCore that transmits a mild electrical simulation to the vagus nerve through the skin for Migraine.
Increasing investment in development of advanced bioelectric medicines is a major factor driving growth of global bioelectric medicine market. For instance, in 2016, Medtronic Plc, a bioelectric medicine manufacturer, invested around US$ 2,224 million in the overall research and development of advanced products in bioelectric medicine
Global Bioelectric Medicine Market- Restraints
High cost attached to treatment of Parkinson’s disease may hamper growth of the global bioelectric medicine market. For instance, according to Parkinson Foundation 2018, the average cost for medications of Parkinson’s disease is US$ 2,500 and therapeutic surgery cost up to US$100,000 per person in the U.S.
Global Bioelectric Medicine Market- Regional Insights
On the basis of region, the global bioelectric medicine market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold a dominant position in the global bioelectric medicine market during the forecast period, owing to high presence of key industry players in the region including Electrocore, St. Jude Medical, and Medtronic Plc. These players are increasingly focusing on development of bioelectric medicine product. For instance, Electro Core, a U.S.-based company is working on a device to treat headaches related to migraines by stimulating vagus nerve on the neck with electrical impulses.
Asia pacific is expected to witness a rapid growth in the global bioelectric medicine market. The market in Asia Pacific is expected to gain momentum during the forecast period, owing to increasing prevalence of chronic diseases such as diabetes and hearing loss, due to rapidly increasing geriatric population in the region. For instance, according to International Diabetes Federation, in China, there were over 114,394,800 cases of diabetes in 2017. Moreover, according World Health Organization 2013, around 27.8 million Chinese people suffer from loss of hearing and 11% of people aged 60 years and above have hearing loss in China.
Global Bioelectric Medicine Market Value (US$ Bn) & Y-o-Y Growth (%), 2016-2026
Source: Coherent Market Insights Analysis (2019)
Global Bioelectric Medicine Market- Competitive Landscape
Key players operating in the global bioelectric medicine market include GlaxoSmithKline, Medtronic Plc., Boston Scientific Corporation, Liva Nova Plc, Electrocore, Nevro, and St. Jude Medical.
Bioelectric medicine is new and innovative way of treating and diagnosing diseases and injuries. All major organs in the body are connected to nerves, which allow the brain to monitor and regulate functions of all organs. Bioelectric medicine refers to the usage of a device to modulate and read the electrical activity within the body’s nervous systems. Nerve blocking devices or nerve stimulating devices that are held against the skin or implanted on a nerve have the potential to regulate specific nerve activity, make specific changes in organ function, and also restore health, without much complicated side effects of pharmaceutical agents.
Increasing prevalence of Parkinson’s disease is expected to boost the global bioelectric medicine market growth during the forecast period. For instance, according to European Brain Council, in 2019, around 6.3 million people worldwide suffer from Parkinson’s disease and the age of onset is usually over 60 years. and it estimated that one in ten are diagnosed before the age of 50 years, and it can affect people in their 40’s and younger. Moreover, according to Parkinson’s Foundation 2018 report, around one million people will be living with Parkinson's disease (PD) in the U.S. by 2020 and around 60,000 Americans are diagnosed with Parkinson’s disease every year.
However, high cost of devices and lack of skilled technicians to use these devices are expected to hamper growth of the global bioelectric medicine market. For instance, according to Canadian Agency for Drugs and Technologies in Health 2018, the total operative and device costs of deep brain stimulators (per patient) is US$ 20,154 to US$ 26,043 in Canada.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.