BIOELECTRIC MEDICINE MARKET ANALYSIS

Global bioelectric medicine market was valued US$ 23.23 Bn in 2023 and is expected to reach US$ 42.55 Bn by 2031 exhibiting a compound annual growth rate (CAGR) of 9% from 2024 to 2031.

The market is expected to witness high growth over the forecast period. There is an increasing prevalence of neurological disorders such as chronic pain, parkinson's disease and epilepsy worldwide. This has led to the demand for effective treatment options for such conditions. Bioelectric medicine which involves modulating electrical impulses in the body is emerging as a viable treatment alternative. With rising investment in research and clinical trials, the efficacy and safety profile of bioelectric medicine devices and therapeutics is improving. Many new players are entering the market with innovative products. If successfully commercialized, these products will drive higher adoption and growth in the near future. Overall, the growing burden of neurological conditions and technological advancements in bioelectric medicine are expected to propel the market forward.

Global Bioelectric Medicine market - Regional Insights

• North America is expected to be the largest market for bioelectric medicine during the forecast period, accounting for over 43.7% of the market share in 2024. Within the global bioelectric medicine market, North America has dominated the global bioelectric medicine market for many years and remains the largest regional market. This is due to several factors within the region that support the growth of this innovative therapeutic area. U.S. is home to many of the major pharmaceutical and medical device companies that are driving advancements in bioelectric technologies. Strong investment in medical research and development (R&D) has enabled innovative new products to progress through clinical trials to commercial approval more quickly as compared to other regions. The large patient population and favorable regulatory pathways under the Food and Drug Administration (U.S.FDA) have allowed these new bioelectric therapies to gain clinical validation and market uptake. With many leading companies headquartered in the U.S., North America also benefits from established manufacturing and distribution networks to serve this market.
• Asia Pacific is expected to be the second-largest market for bioelectric medicine market, accounting for over 25.2% of the market share in 2024. An emerging region primed for rapid growth in bioelectric medicine is Asia Pacific. Several factors are contributing to the rising potential of the Asia Pacific (APAC) market. Most notably, the enormous patient population across densely populated countries such as China and India represent substantial commercial opportunities. As these economies continue to develop and life sciences witness increased investment, more patients will gain access to new innovative therapies. Several countries in the region such as Japan, South Korea, and Australia also maintain high quality standards for approving new medical innovations. Growing skilled labor force and ability to conduct clinical trials at lower costs as compared to Western nations are attracting more R&D investment from global medical technology companies. With contract manufacturers increasingly able to meet standards for quality and compliance, Asia Pacific offers an attractive production base to serve both regional and export markets. If regulatory pathways and reimbursement can continue to progress across emerging nations, the Asia Pacific region shows strong signs and it will witness the fastest gains in bioelectric medicine usage and revenue in the years ahead.

Figure 1. Global Bioelectric Medicine Market Share (%), By Region, 2024

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Analyst’s Views:

Global bioelectric medicine market has significant growth potential over the next decade, driven by rising investments in R&D of novel neuromodulation technologies and a growing geriatric population vulnerable to chronic diseases. Further advancements in areas like implantable pulse generators and nerve stimulation devices could help treat more complex conditions. However, high costs of these devices and procedures could hamper widespread adoption in the short-term. Reimbursement policies still need more clarity also. North America dominates due to supportive regulatory environment and presence of global market v players. But Asia Pacific is anticipated to witness fastest expansion backed by increasing healthcare expenditures and massive patient pools in China and India. Emerging economies represent a major opportunity as they tackle growing disease burdens with limited resources. Overall, as safety and effectiveness of neuromodulation therapies receive more validation, their acceptance as mainstream treatment options may ascend. Ongoing clinical data for novel applications in neurology, cardiology, and psychiatry promotes further market evolution over the next years. Collaborations between medtech and pharmaceutical can also accelerate commercialization of promising bioelectric medicine products.  

Global Bioelectric Medicine Market- Drivers

• Growing prevalence of chronic diseases across the globe: Growing prevalence of chronic diseases across the globe is one of the major factors fuelling the growth of the global bioelectric medicine market. Chronic illnesses like cardiovascular diseases, diabetes, cancer and others have been rising significantly over the past few decades owing to changing lifestyle patterns, increasing life expectancy and other factors. According to the data published by World Health Organization (WHO) in 2020, cardiovascular diseases accounted for over 17.9 million deaths globally in 2019 which is a rise of over 12% since 2010. Similarly, the number of people diagnosed with diabetes has also increased dramatically with 463 million adults suffering from this disease in 2019, according to the International Diabetes Federation, as compared to just 108 million in 1980. Bioelectric medicine provides a promising alternative to conventional pharmaceutical interventions by modulating electrical signals in the body to treat various chronic diseases. This emerging field utilizes neurostimulation therapies through implantation of small devices that regulate electrical impulses in nerves and cells. For example, vagus nerve stimulation that is delivered through bioelectric implants has proven effective in reducing seizure frequency in epileptic patients and symptoms of depression. Pacemaker-like devices are also being tested for regulating heart functions in heart failure. Similarly, spinal cord stimulation and transcutaneous electrical nerve stimulation aim to reduce pain through modifying sensory pathways.
• Increased product approvals: Increased product approvals is one of the key factors augmenting the growth of the global bioelectric medicine market substantially. Bioelectric medicine involves the use of electrical impulses and signals to diagnose, restore, and monitor organ functions as well as treat various medical conditions. Over the years, the number of products receiving approval from regulatory bodies for commercial use has grown significantly. For instance, several neuromodulation devices delivering pulses of electricity to targeted nerves and tissues have received approvals for treating chronic pain, depression, movement disorders and sleep disorders recently. In 2021, the U.S. FDA approved a nerve stimulation system for treating chronic knee osteoarthritis pain. A nerve block stimulation system to treat chronic lower back pain got the breakthrough device designation from the U.S. FDA in 2022. Vagus nerve stimulation therapy by using an implantable pulse generator received European approval for treating major depressive episodes in 2020. These approvals enable commercialization and adoption of these innovative bioelectronic therapies. Furthermore, the approval pipeline remains strong with many clinical-stage bioelectronic medicine candidates under review for conditions like heart failure, inflammatory bowel disease, rheumatoid arthritis to name a few. According to clinical trial data provided by the gov, over 250 bioelectronic clinical studies were underway globally till July 2022 covering various therapeutic areas. The approvals and promising clinical pipelines indicate the therapies will keep getting validated and available for different patient populations over time.

Global Bioelectric Medicine Market- Opportunities

• Untapped emerging markets: Untapped emerging markets present a tremendous opportunity for growth in the global bioelectric medicine market. Many regions across Asia, Africa, Latin America and the Middle East have little market penetration for new bioelectric therapies and technologies. These areas are home to massive patient populations suffering from conditions that could potentially be treated by using bioelectric approaches. As healthcare systems in these developing economies continue to advance and citizens gain greater access to insurance and care, the demand for innovative therapeutic solutions will rapidly increase. Two key emerging markets ripe for expansion are India and Brazil. The population of India of over 1.3 billion people makes it one of the largest pharmaceutical markets globally. However, to date bioelectric therapies have barely made inroads, with fewer than 5 approved devices or therapies available. With economic growth of over 7% annually projected through 2025 and a burgeoning middle class IBEF 2022, more Indians will be able to afford and access novel treatment options. This represents a huge untapped patient pool of hundreds of millions for conditions like chronic pain, neurological disorders, and cardiac issues. Brazil similarly has over 200 million residents but witnesses minimal utilization of bioelectric solutions. As Gross domestic product (GDP) growth averages around 2.5% yearly through 2024 (IMF, 2022) and healthcare infrastructure expands nationwide, Brazilians will increasingly demand cutting edge therapeutics like bioelectric medicines to improve quality of life.
• Wearable/Home healthcare devices: Wearable and home healthcare devices have huge potential to revolutionize the global bioelectric medicine market in the near future. With advanced technologies like internet-of-things (IoT), artificial intelligence (AI) and miniaturization, modern medical devices have become smarter, smaller and non-invasive. This allows continuous monitoring of vital health statistics without hospital visits. Portable devices that can check electrocardiogram (ECG), blood pressure, blood sugar, pulse oximeter and other parameters remotely are helping to manage chronic diseases more effectively. The data collected via these devices provide deeper insights into medical conditions which help doctors customize treatment plans for each patient. Real-time health tracking also enables early detection of abnormalities prompting timely interventions. This is improving health outcomes and quality of life for millions around the world. Devices which can stimulate brain waves or nerves via mild electric pulses are showing promise in conditions like depression, chronic pain, epilepsy and more.

Global Bioelectric Medicine Market – Trends

• Miniaturization of devices: Miniaturization of devices has significantly impacted the global bioelectric medicine market. With advancements in micro and nanotechnologies, it has become possible to develop highly miniaturized implantable and wearable devices for biological monitoring and therapeutic applications. Many startups and large medical device companies are investing heavily in designing miniaturized biosensors, neural interfaces, and stimulators that can be implanted or worn on the body non-invasively. One of the most notable impacts of device miniaturization can be witnessed in the neuromodulation segment. Earlier devices used for neuromodulation like deep brain stimulators were quite large in size and required invasive brain surgery. However, recent innovations have led to the development of ultra-miniaturized neural implants that can be implanted by using minimally invasive techniques. For instance, in 2021, Mayo Clinic, nonprofit American academic medical center focused on integrated health care, education, and research.  Researchers have designed a miniaturized spinal cord stimulator that is 30% smaller than previous models. At 4mm wide and 2.5mm thick, it can be implanted near the spinal cord through a small incision and help to treat chronic pain conditions. Similarly, startup Synchron, a medical device start-up has developed a small implant the size of a grain of rice that can be placed near the brain to deliver stimulations for treating neurological and psychiatric disorders.

Global Bioelectric Medicine Market - Restraints

• High cost of bioelectric medicine devices: The high cost of bioelectric medicine devices is significantly restraining the growth of the global bioelectric medicine market. Bioelectric medicine devices such as neurostimulators and neuromodulation devices involve advanced technology in manufacturing which drives their cost up substantially. These technologies are meant to precisely stimulate specific areas of the nervous system which requires sophisticated hardware design and bioengineering. As a result, the costs of developing and manufacturing such niche medical devices have remained prohibitively high. This high cost poses adoption challenges for both patients and healthcare systems worldwide. For patients, despite the clinical efficacy these devices offer in treating chronic conditions like depression, chronic pain etc., the inability to afford such costly treatments acts as a major barrier. As per WHO data, in 2019 approx. 900 million people spent at least 10% of their household budgets on healthcare, pushing them below the poverty line or further impoverishing them. This indicates that a significant portion of global population lacks the financial means to access high-cost technologies like bioelectric medicine.
• Counterbalance – Government subsidies or incentives aimed at reducing the financial burden on patients could help counterbalance the high cost of bioelectric medicine devices, making them more accessible and affordable for those in need. Moreover, Collaborations between medical device companies and insurance providers to negotiate discounted rates or develop reimbursement programs could alleviate the financial strain on patients and healthcare systems associated with purchasing bioelectric medicine devices.

Figure 2. Global Bioelectric Medicine Market Share (%), By Product Type, 2024

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Global Bioelectric Medicine Market- Recent Developments

Product Launch & Approval

• On January 8, 2024, Tivic Health Systems, Inc., a commercial-phase health technology company that develops and commercializes bioelectronic medicine launched the second generation of Tivic ClearUP. ClearUP 2.0, a clinically proven way to clear congestion and relieve sinus pain. It is an U.S.FDA-approved, 100% drug-free and non-addictive way to reduce sinus pain, pressure, sinus headaches, and congestion due to colds, flu, and allergies.
• On January 8, 2024, Medtronic plc., one of the global leader in healthcare technology announced the U.S. Food and Drug Administration (FDA) approval of its percept rechargeable deep brain stimulation (DBS) system. Percept RC is the smallest and thinnest dual channel‡ neurostimulator available for DBS.
• In February 2021, Pulse Biosciences, Inc., a novel bioelectric medicine company progressing nano-pulse stimulationtechnology, announced that the first clinic patients have been treated with the CellFX System. The CellFX System is the first commercial product to harness the distinctive advantages of the company’s proprietary nano-pulse stimulation technology, such as the ability to non-thermally clear cells while sparing non-cellular tissue.

Key Strategic Initiatives:

• In October 2024, GE HealthCare, one of the leading global medical technology company announced a collaboration with Novo Nordisk, one of the leading global healthcare company to further advance the clinical and product development of peripheral focused ultrasound (PFUS). PFUS is a non-invasive type of bioelectronic medicine that uses ultrasound to activate the nervous system to stimulate a response that may be able to treat disease.

Top Companies in the Global Bioelectric Medicine Market

• Medtronic plc.
• Boston Scientific Corporation
• Cochlear Limited
• Axonics Modulation Technologies
• LivaNova PLC
• MED-EL
• MicroTransponder
• Abbott Laboratories
• Nevro Corp
• ElectroCore LLC
• BioElectronics
• Bioventus Rehab Company
• NeuroMetrix, Inc.
• Stimwave LLC
• Soterix Medical Inc.
• Other Prominent Players

Definition: Global bioelectric medicine market involves advanced medical devices and therapies that use electrical signals to regulate physiological processes in the human body. This emerging field uses small pulses of electricity to treat a variety of medical conditions like chronic pain, depression, arrhythmia, and gastrointestinal disorders in a minimally invasive way. Devices deployed in bioelectric medicine modulate neurotransmitters and electrical signals in nerves and muscles to correct imbalances and restore normal body functioning.