Global Bioelectric Medicine Market, By Product Type (Implantable Devices and External Devices), By Application (Chronic Pain Management, Neurological Disorders, Cardiovascular Disorders and Others (Gastrointestinal Disorders, etc.)), By End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics and Others (Research Institutes and Academic Centers, etc.)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa). Global bioelectric medicine market was valued at 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 3031, as highlighted in a new report published by Coherent Market Insights.
Global bioelectric medicine market is a rapidly evolving sector at the intersection of healthcare and technology, by leveraging electrical impulses for therapeutic purposes. This innovative field encompasses a wide range of medical devices and therapies that are designed to modulate the body's electrical signaling pathways, thereby offering novel treatments for conditions such as chronic pain, neurological disorders, and cardiovascular diseases. With a growing aging population and increasing prevalence of chronic ailments worldwide, demand for bioelectric medicine solutions is on the rise. Key market players are continuously investing in research and development (R&D) to expand the application scope and improve the efficacy of these advanced therapies, thus driving the market growth and innovation.
Global Bioelectric Medicine Market- Drivers
One of the major drivers propelling the growth of the global bioelectric medicine market is the rising prevalence of chronic diseases worldwide. According to the World Health Organization (WHO), chronic diseases accounted for approximately 60% of all reported deaths in the world in 2020. Chronic conditions such as cardiovascular diseases, diabetes, chronic respiratory diseases, and cancer are placing an immense burden on healthcare systems and economies. Bioelectric medicine offers promising treatment alternatives to manage these chronic conditions more effectively via mechanisms involving electrical signals and neuromodulation. This is increasing the demand for bioelectric medicine products.
Global Bioelectric Medicine Market - Restraints
The high costs that are associated with bioelectric medicine therapies and associated implantable and wearable devices pose a major challenge to the market growth. Bioelectric medicine therapies often rely on expensive medical technologies such as neurostimulators, cardiac pacemakers, and deep brain stimulators. Manufacturing advanced bioelectronics also involves high costs. Moreover, the costs of surgical implantation procedures further increase the financial burden. This makes bioelectric therapies inaccessible for a large section of the patient population globally, especially in developing regions with budget constraints. Unless initiatives are taken to reduce costs and make these therapies more affordable, it will continue to limit the market expansion.
Global Bioelectric Medicine Market- Opportunities
Significant advancements in the fields of neuromodulation technologies and bioelectronics over the past decade have greatly expanded the potential applications of bioelectric medicine. Innovations such as implantable pacemakers, neurostimulators, cochlear implants, and vagal nerve stimulators have demonstrated clinical effectiveness for various disease conditions. Ongoing research involving cell signaling, gene regulation, and bioelectronics is further expanding the bioelectric medicine landscape. Research focusing on interfaces between engineering and biology is unraveling new opportunities for treatment by using electrical signals. These advancements in bioelectric technologies are enhancing the capabilities of medical devices, which is positively impacting the growth of the bioelectric medicine market.
Global Bioelectric Medicine Market Segmentation:
Global bioelectric medicine market is segmented into product type, application, end user, and region
Based on product type, the market is segmented implantable devices and external devices. Out of which implantable devices segment contributes the highest share due to ongoing technological advancements. Implantable devices such as pacemakers, cochlear implants, deep brain stimulators and spinal cord stimulators have benefited greatly from integration of miniaturized electronics and improved materials science. The advent of wireless batteryless implantables known as piezoelectric nanogenerators has expanded the applications for long term chronic conditions.
Based on application, the market is segmented into chronic pain management, neurological disorders, cardiovascular disorders and others (gastrointestinal disorders, etc.). Out of which, the chronic pain management segment is expected to hold a dominant position in the global bioelectric medicine market during the forecast period. Within the application segment of the global bioelectric medicine market, chronic pain management segment contributes the highest share owing to its massive worldwide patient population. It is estimated that over 1.5 billion people suffer from chronic pain globally according to the National Institutes of Health (NIH). With aging populations in major economies, musculoskeletal pain conditions like osteoarthritis and lower back pain are growing public health issues.
Based on end user, the market is segmented into hospitals, ambulatory surgical centers, specialty clinics and others (research institutes and academic centers, etc.). Out of which, the hospitals segment is expected to hold a dominant position in the global bioelectric medicine market during the forecast period. Within the end user segment of the global bioelectric medicine market, Hospitals contribute the highest share owing to their capacity for sophisticated procedures and technologies. Hospitals have dedicated neurology, cardiology or pain management services that are equipped to adopt bioelectronic therapies demanding complex surgeries or device programming skills. Large hospital facilities also have the infrastructure for advanced medical device laboratories, operating rooms, inpatient monitoring facilities and dedicated outpatient clinics required to support bioelectronic therapies. Their partnerships with research institutions facilitate hands on surgeon and physician training vital for the technical nuances of bioelectronic medicine. Hospitals play a leading role integrating bioelectronic therapies within standard interventional approaches.
Browse 35 Market Data Tables and 33 Figures spread through 180 Pages and in-depth TOC on Global Bioelectric Medicine Market, By Product Type (Implantable Devices and External Devices), By Application (Chronic Pain Management, Neurological Disorders, Cardiovascular Disorders and Others (Gastrointestinal Disorders, etc.)), By End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics and Others (Research Institutes and Academic Centers, etc.)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Key Developments:
- In February 2021, Pulse Biosciences, Inc., a novel bioelectric medicine company progressing Nano-Pulse Stimulation technology announced that the first clinic patients have been treated with the CellFX System. This first commercial use of the CellFX System marks the initiation of the company’s controlled launch program with product shipments to respected leaders in dermatology in the U.S. and in Europe.
- In July 2021, Merck KGaA, one of the global pharmaceutical company announced that it has partnered with Innervia Bioelectronics, Innervia Bioelectronics, is a subsidiary of INBRAIN Neuroelectronics, is dedicated to the development and commercialization of intelligent graphene systems designed to modulate vagus nerve signals to jointly develop graphene-based bioelectronic vagus nerve treatments for severe chronic diseases. The partnership will leverage the expertise of both companies to develop therapies for diseases with unmet medical requirements, which are within the treatment areas addressed by Merck KGaA.
- In December 2020, PressureStim LTP, a privately held medical device startup within the Leonhardt's Launchpads innovation accelerator announced Ethics Committee (IRB) Approval from the Santa Casa Catholic Hospital in Porto Alegre, Brazil to begin enrolling the first patients in a controlled pilot clinical trial. The PressureStim I study is designed to establish the safety and efficacy of a novel bioelectric stimulation system for the treatment of hypertension.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/bioelectric-medicine-market-1757
Key Takeaways of the Global Bioelectric Medicine Market:
- Global bioelectric medicine market is expected to exhibit a CAGR of 9% during the forecast period. For instance, in October, 2020, Astellas Pharma Inc., one of the global pharmaceutical company announced that Astellas Pharma Inc. through a U.S. subsidiary, and iota have entered into a merger agreement pursuant to which Astellas Pharma Inc. will acquire iota, a start-up company. The partnership between iota Biosciences and Astellas Pharma Inc. allow the companies to combine the respective strengths to bring revolutionary new approaches in managing and treating diseases by using bioelectronics field.
- Among region, North America is expected to be the dominant region in the global bioelectric medicine market due to increasing research and development (R&D) activities by the key players in the North America region. For instance, in March 2023, Boomerang Medical, a women-led bioelectronic medicine company based in California, U.S., has been granted breakthrough device designation from the Food and Drug Administration (FDA) for its bioelectronic technology targeting the treatment of inflammatory bowel disease (IBD).
- Major players operating in the global bioelectric medicine market include 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. and Other Prominent Players
