Global Bioelectric Medicine Market Size, Share, and COVID-19 Impact Analysis, 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, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS  

The global Bioelectric Medicine Market is projected to grow from USD 16.8 billion in 2021 to USD 24.36 billion by 2030 at a CAGR of 5.0% during the forecast period. Bioelectric medicine uses an electrical pulse instead of a medication to trigger treatment. Bioelectric medicine combines bioengineering, molecular medicine, neuroscience, electronics, and computers to develop nerve-stimulating and sensor-activation technologies to regulate biological activities and treat disorders. These technologies have the potential to revolutionize the way diseases are treated in the future. To treat disorders, bioelectric medicine uses a tailored mode of action.

A key driver driving this market is the increasing use of bioelectric medicine for the treatment of various cardiac and neurological illnesses such as Parkinson's disease, epilepsy, Obsessive-Compulsive Disorder (OCD), dystonia, Alzheimer's disease arrhythmia, and essential tremor. In addition, increasing investment for the development of sophisticated bioelectric medicines, as well as more approvals for bioelectric medicine products due to improved regulatory environments, are expected to propel the global bioelectric medicine market forward over the forecast years.

COVID-19 ANALYSIS  

The COVID-19 pandemic has altered medical care delivery around the world. Many hospitals and departments have been re-profiled for treating COVID-19 patients due to increased pressure from the rising rate of COVID-19 hospitalizations. As a result, numerous elective procedures have been canceled or postponed around the world in order to reserve or allocate scarce capacities and resources (such as hospital beds and patient care staff) to COVID-19 patient care. Furthermore, the COVID-19 outbreak has increased the use of remote surveillance. Remote gadgets like portable pacemakers and non-invasive electroceutical devices connected to the internet that allow clinicians to deliver therapeutic advice to patients regardless of distance are gaining popularity among IT businesses, health professionals, and patients. The epidemic has aided efforts in this area by putting a greater emphasis on smart monitors and wearable technology. These devices could be valuable during the pandemic for a variety of reasons, from detecting undiscovered cardiac issues in patients who miss routine medical checkups to studying COVID-19 patients' responses to experimental heart drugs.

Increasing Investment in R&D and Regulatory Approvals Drive Market Growth

The global bioelectric medicine market is expected to develop due to an increase in product approvals and improved regulatory management by regulatory bodies. Cancer-Code Corporation (C3) announced the issuance of a patent in March 2014, titled Method and System for Processing Cancer Cell Electrical Signals for Medical Therapy, which includes a unique method for cancer eradication in people and animals. Moreover, the increased investment in the development of bioelectric medications is boosting the growth of the market during the forecast period. In 2016, Medtronic Plc, a bioelectric medicine company, spent around US$ 2,224 million on the overall research and development of advanced bioelectric medicine products.   

Rising Geriatric Population

The elderly population uses modern bioelectric drugs such as implantable cardioverter defibrillators, cardiac pacemakers, cochlear implants, and spinal cord stimulators to treat these diseases. As a result, the expanding senior population is expected to fuel the market for bioelectric medications. Furthermore, the increased frequency of chronic disorders such as cardiac and neurological difficulties is expected to boost the market growth. Despite the growing popularity of bioelectric drugs, the injection of funding and research into bioelectric medicine innovation could present a new opportunity for the market throughout the forecast period.   

High Cost of Bioelectric Medicine

The high cost of bioelectric medicine like cochlear implants and neurostimulators is a key factor impeding market growth, especially in price-sensitive markets like Asia Pacific, Latin America, and Africa. Healthcare providers in emerging nations have limited financial means to invest in advanced technology. This factor is expected to restrain the market growth during the forecast period.    

SEGMENTATION  

The Global Bioelectric Medicine Market is segmented by Product Type, Application, End User, and Region. Based on the Product Type, the market is categorized into 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. Based on Application, the market is categorized into Arrhythmia, Pain Management, Sensorineural Hearing Loss, Parkinson’s Disease, Tremor, Depression, Epilepsy, Urinary And Fecal Incontinence, and Others. Based on End Users, the market is categorized into Hospitals, Ambulatory Care Centers, and Diagnostic Centers. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa.          

REGIONAL INSIGHTS 

The Global Bioelectric Medicine Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.        

North America holds the largest market share of bioelectric medicine due to the highly developed healthcare system in the United States and Canada, rising healthcare spending, and the rising prevalence of cardiovascular and neurological illnesses all contribute to the growth of the North American bioelectric medicine market. Additionally, the North America region is dominating the market share during the forecast period, due to the presence of key market players such as Jude Medical, Electrocore, St., and Medtronic Plc in the region. These companies are progressively concentrating on bioelectric medical product development.    

The Asia Pacific bioelectric medicine market is predicted to grow rapidly over the forecast period, owing to the rising prevalence of chronic conditions such as diabetes and hearing loss, as well as the region's rapidly growing elderly population. According to the International Diabetes Federation, there were about 114,394,800 diabetes cases in China in 2017. Furthermore, according to the World Health Organization, roughly 27.8 million Chinese people suffer from hearing loss, with 11 percent of persons aged 60 and up suffering from hearing loss.  

KEY INDUSTRY PLAYERS  

GlaxoSmithKline plc., Boston Scientific Corporation, SetPoint Medical, BIOTRONIK SE & Co KG, NEVRO CORP., LivaNova PLC, Medtronic, Cochlear Ltd., MicroPort Scientific Corporation., and electroCore, Inc. are some of the major competitors in the bioelectric market. These companies are involved in bioelectric medical research and development, as well as product investment and marketing. In the forecast period, the market for bioelectric medicine will be driven by increased competition among leading companies.   

KEY INDUSTRY DEVELOPMENTS:

March 2021- Medtronic plc (Ireland) got FDA approval for their Intellis Platform with Differential Target Multiplexed (DTM) programming, which is used to treat chronic intractable back and leg pain.

January 2021- Boston Scientific Corporation (US) gained FDA certification for the Vercise Genus Deep Brain Stimulation System.

January 2020- Medtronic plc (Ireland) purchased Stimgenics, LLC (US) a pioneer of DTM, a new spinal cord stimulation therapy.

SEGMENTATION

By Product Type

• Implantable Cardioverter Defibrillators
• Cochlear Implants
• Spinal Cord Stimulators
• Deep Brain Stimulators
• Transcutaneous Electrical Nerve Stimulators
• Sacral Nerve Stimulators
• Vagus Nerve Stimulators
• Other

By Application

• Arrhythmia
• Pain Management
• Sensorineural Hearing Loss
• Parkinson’s Disease
• Tremor
• Depression
• Epilepsy
• Urinary And Fecal Incontinence
• Others

By End User

• Hospitals
• Ambulatory Care Centers
• Diagnostic Centers

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa