Bioelectric Medicine Market to Surpass US$ 22.3 Billion by 2026 - Coherent Market Insights

Published On : Jul 18, 2019

Global Bioelectric Medicine Market, By Product Type (Implantable cardioverter defibrillators, Cochlear implants, Spinal cord stimulators, Deep brain stimulators, Transcutaneous electrical nerve stimulators, Sacral nerve stimulators, Vagus nerve stimulators, and Other bioelectric medicines), By Application (Arrhythmia, Pain management, Sensorineural hearing loss, Parkinson’s Disease, Tremor, Depression,  Epilepsy, Urinary and fecal incontinence, and Others), By End User (Hospitals, Ambulatory Care Centers and Diagnostic Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 12.3 billion in 2017, and is projected to exhibit a CAGR of 7.2% over the forecast period (2018-2026), as highlighted in a new report published by Coherent Market Insights.

Manufacturers in the global bioelectric medicine market are focusing on strategic mergers and acquisitions, in order to gain significant market share. For instance, in 2016, GlaxoSmithKline completed a merger with Google's parent company Alphabet to set up a new bioelectric company called Galvani Bioelectronics to develop bioelectric medicines. It will be beneficial for people suffering from chronic diseases. Furthermore, GlaxoSmithKline invested around US$ 615 million for the development of Galvani Bioelectronics Company in 2016

Moreover, in 2015, Synapse Electroceutical Technology launched a new product Accel-Heal, which is a non-invasive class 2A medical device. The device promotes healing of leg ulcers by using electrical energy. Accel-Heal delivers a sequence of low level, pre-programmed, and sub sensory electrical energy through surface of the skin.

Increasing investment in the development of advanced bioelectric medicine is another major factor to drive the market growth. For instance, according to press release of GlaxoSmithKline, in 2013, GSK invested US$ 50 million in a start-up company called Set Point, who is involved in the development of implantable devices that would stimulate the vagus nerve in the neck with electrical impulses to treat epilepsy and depression.

Browse 35 Market Data Tables and 23 Figures spread through 180 Pages and in-depth TOC on "Bioelectric Medicine Market”, By Product Type (Implantable cardioverter defibrillators, Cochlear implants, Spinal cord stimulators, Deep brain stimulators, Transcutaneous electrical nerve stimulators, Sacral nerve stimulators, Vagus nerve stimulators, and Other bioelectric medicines), By Application (Arrhythmia, Pain management, Sensorineural hearing loss, Parkinson’s Disease, Tremor, Depression, Epilepsy, Urinary and fecal incontinence, and Others), By End User (Hospitals, Ambulatory Care Centers, and Diagnostic Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2026"

To know the latest trends and insights related Global Bioelectric Medicine Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/bioelectric-medicine-market-1757

ElectroCore, Inc., the U.S.-based company, offers a devices in global bioelectric medicine market, which includes gammaCore. This is non-invasive vagus nerve stimulator provides a mild electrical stimulation to the vagus nerve and runs through the neck and carries information to the central nervous system. Each stimulation with gammaCore lasts 2 minutes and delivers up to 30 stimulations in a 24-hour period. This device is used in the treatment of migraine or cluster headache pain.

Key Takeaways of the Global Bioelectric Medicine Market:

  • The global bioelectric medicine market is expected to expand at a CAGR of 7.2% during the forecast period (2018–2026), owing to increasing mergers and acquisitions and advancements in technology.
  • Among product type, the implantable cardioverter defibrillators segment is expected to hold major revenue share in 2026, owing to large application of these products for the treatment of arrhythmia. For instance, according to Centers for Disease Control and Prevention (CDC), in 2017, around 2.7–6.1 million people in the U. S. had arrhythmia.
  • Major players operating in the global bioelectric medicine market include GlaxoSmithKline, Medtronic Plc., Boston Scientific Corporation, Liva Nova Plc, Electrocore, Nevro, and St. Jude Medical.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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