Global Bioelectric Medicine Market by Product (Implantable Cardioverter Defibrillators, Cardiac Pacemakers, Cochlear Implants) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2018, the global market for bioelectric medicine was valued at USD 16.1 million. This market is driven by the rising incidence of chronic diseases worldwide. This market is driven by the growing use of electroceuticals to treat various neurological and cardiac disorders, such as Obsessive Compulsive Disorder (OCD), Parkinson’s disease, Dystonia, Essential Tremor, Epilepsy, Dystonia, Parkinson's Disease, Parkinson's Disease, Parkinson's disease, epilepsy, essential tremor, epilepsy, Alzheimer's disease arrhythmia, dystonia, epilepsy, and Parkinson's disease. Market growth is expected to be fueled by an increase in the number of elderly people at risk for neurological and CVD disorders.

Bioelectric medicine is a combination of bioengineering, molecular and neuroscience to create nerve-stimulating technologies that regulate biological processes in the treatment of diseases. Market growth will be driven by the rising prevalence of neurological and cardiac diseases. According to the CDC, approximately 610 000 Americans die each year from heart disease. Among them, 370 are due to coronary heart disease (CHD). This is why there is an increasing demand for bioelectric medicine to treat chronic diseases. Market growth is expected.

According to the CDC, Cardiovascular Diseases (CVDs), are a leading cause of death in the U.S. CVDs are responsible for nearly one-fourth all deaths. More than 80% of CVD-related deaths are due to stroke and IHD. The economic impact of CVDs will likely be USD 1,044 trillion by 2030.

Other factors driving the sector's growth include increased investments by manufacturers in R&D and increasing regulatory approvals of new electroceuticals. InterStim Smart Programer was used in December 2018 with the InterStim System for sacral neuromodulation therapy. Medtronic was the first to offer sacral neuromodulation therapy and this product enhancement was intended to increase its market share.

The development and manufacture of medical devices, including implantable cardioverter-defibrillators, pacemakers, and neuromodulation device, is subject to strict government regulations. This could limit the market's growth. Before a PMA (premarket authorization), the devices must undergo stringent clinical tests, which results in a significant increase in manufacturers' costs. Manufacturers face a significant challenge in product recalls, which can adversely impact the sector's growth.

Product Insights

Due to high arrhythmia use, the implantable cardioverter-defibrillators market was the highest grossing segment in 2018 revenue. Market growth is expected to be boosted by the rising incidence of sudden cardiac arrests and the aging population.

Due to an increasing prevalence of Parkinson's and lifestyle-induced disorders like obesity and depression, the deep brain stimulators market is expected to experience lucrative growth in the future. The European Parkinson's Disease Association (EPDA) estimates that around 6.3 million people are living with Parkinson's disease worldwide. 1.2 million of these patients are in Europe.

Due to product innovation and product launch by companies, the sacral nerve stimulators segment was responsible for a significant share of revenue. Nevro Corp. was approved by the FDA in August 2018 for its new Senza II SNS System. This will allow the company to expand its product line in pain treatment and neuromodulation.

Type Insights

The market for bioelectric medicine has been divided into two types based on its type: implantable and non-invasive electroceutical products. The highest-generating segment for 2018 was the implantable electroceutical device market. This is due to their large use in the treatment of arrhythmias, chronic pain, ischemia and depression, tremor and sensorineural hearing impairment.

Manufacturers are now focusing on the development of advanced products that meet unmet customer needs. Biotronik, for example, has launched a MoMe cardiac monitor that aids in the early detection and diagnosis.

The segment of non-invasive electroceutical device is expected to show the greatest growth over the course of the study. This is due to technological advances and increased investments by companies in R&D for new product development. The sector's growth is expected to be driven by increasing awareness of electroceuticals in developing nations like India, China and South Africa as well as the popularity of these products in South Africa and South Africa.

Application Insights

In 2018, the arrhythmia market dominated in terms of overall revenue. This is due to the rising prevalence of arrhythmia patient base that involves the use of implantable cardioverter-defibrillators and cardiac pacemakers for the treatment.

Due to the advancement of treatment options like vagus nerve stimulators, the epilepsy segment is expected to grow at a lucrative CAGR during the forecast period. Companies and research institutes are investing in innovative product development. Hennepin County Medical Center (HCMC), for example, launched clinical trials in January 2017 to treat brain injury using vagus nerve stimulation.

Another important segment is sensorineural hearing loss, which was a lucrative revenue-share in 2018. This segment is a major growth driver due to the high number of patients with hearing loss. According to the NIH, nearly one-third of people aged 65-74 had hearing loss in 2018. Nearly half of those over 75 have hearing difficulties.

End-Use Information

Due to rising numbers of chronic diseases such as epilepsy, Alzheimer's and retinitis pigmentosa along with depression and frequent hospitalizations, the hospital segment accounted for the highest revenue share. According to the WHO, around 50 million people suffer from epilepsy worldwide. This number will increase due to an increasing number of accidents and other trauma injuries. Bioelectric medicines are in high demand due to the growing population and improving healthcare infrastructure. The demand for electroceuticals will rise in hospitals due to the availability of medical devices that can treat severe illnesses and an increase in disposable income.

Research institutes and homecare are the other segments of end-use. The rising investment in R&D to develop new products will result in a significant CAGR for this segment. The market growth is also supported by the rising funding from government for bioelectric medicines. In October 2016, for example, the National Institutes of Health announced a funding of approximately USD 20,000,000 for electroceuticals research.

Regional Insights

North America was the dominant market for bioelectric medicines, with the highest revenue share, owing to the presence medical device manufacturers like Medtronic, Boston Scientific Corporation and BIOTRONIK. The region's highly developed healthcare system and access to advanced products have also fueled growth.

Europe accounted for more than 28.0% of 2018's total market. North America was closely followed by Europe. The market will continue to be driven by the demand for new medical devices and the presence of large bioelectric medicine companies primarily in France, Germany, UK, and Switzerland. This is coupled with a highly developed healthcare infrastructure.

Due to rising geriatric populations in Asian countries like China and India, the Asia Pacific region will experience the highest CAGR over the forecast period. This region is also experiencing an increase in chronic diseases such as epilepsy, Alzheimer's disease and Parkinson's disease.

Market Share Insights & Key Companies

Bioelectric medicine is highly fragmented due to the presence of many manufacturers. Multinational giants like Medtronic, Boston Scientific Corporation, St. Jude Medical, and St. Jude Medical are among the players. Through their extensive distribution networks, major manufacturers offer a wide range of electroceuticals. This has led to intense competition among manufacturers, and resulted in vendors putting pressure on the pricing of their products. This will likely impact the profit margin.

To maximize their revenue share, the top players in the sector are involved in product development, collaborations and mergers & acquisitions. Companies can expand their product range and geographic reach by launching new products. ElectroCore Inc was approved by the FDA in December 2018 for gammaCore to treat cluster headaches. This product is the only FDA-approved treatment for cluster headaches. Vertiflex Inc. was also acquired by Boston Scientific Corporation in June 2019. The company acquired is focused on minimally invasive technology to relieve pain and restore physical function in lumbar spinal deformities. This deal will likely increase the number of radiofrequency ablation and spinal cord stimulation products.

Bioelectric Medicine Market Report Scope

The report covers segments

This report predicts revenue growth at the global, regional and country levels. It also provides analysis on industry trends in each sub-segment from 2014 to 2026. Grand View Research has divided the global market for bioelectric medicine by product, type, application and end-use.

• Product Outlook (Revenue USD Million; 2014-2026)

  • Implantable cardioverter defibrillators

  • Cardiac pacemakers

  • Cochlear implants

  • Stimulators for the spinal cord

  • Deep brain stimulators

  • Transcutaneous electrical nerve stimulators

  • Stimulators for the sacral nerve

  • Vagus nerve stimulators

  • Bioelectric medicines

• Type Outlook (Revenue USD Million; 2014-2026)

  • Implantable electroceutical devices

  • Noninvasive electroceutical devices

• App Outlook (Revenue USD Million; 2014-2026)

  • Arrhythmia

  • Pain management

  • Sensorineural hearing loss

  • Parkinson's disease

  • Tremor

  • Depression

  • Treatment-resistant depression

  • Epilepsy

  • Incontinence urinary and fecal

  • Other

• End-use Outlook (Revenue USD Million; 2014-2026)

  • Hospitals

  • Other

• Regional Outlook (Revenue USD Million; 2014-2026)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • The U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Singapore

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

These are the most frequently asked questions about this report

b. Global bioelectric medicine market was valued at USD 17,270.82 millions in 2019. It is projected to grow to USD 18,591.02million in 2020.

b. Global bioelectric medicine is forecast to grow at 7.4% compound annual growth rate from 2019-2026, to reach USD 28,498.34 millions by 2026.

b. With a 39.62% share in 2019, North America dominated bioelectric medicine. This can be attributed to the presence medical device manufacturers.

b. b.

b. b.

Up Market Research published a new report titled “Bioelectric Medicine Market research report which is segmented by Product (Implantable Cardioverter Defibrillators, Cardiac Pacemakers, Cochlear Implants), By Players/Companies LLC, Medtronic; Boston Scientific Corporation; St Jude Medical; Cochlear Ltd; LivaNova PLC; Sonova; BIOTRONIK; SECOND SIGHT; Nevro Corp; and electroCore”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Bioelectric Medicine Market Report Segments:

The market is segmented by Product (Implantable Cardioverter Defibrillators, Cardiac Pacemakers, Cochlear Implants).

Bioelectric Medicine Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Bioelectric Medicine Market

Overview of the regional outlook of the Bioelectric Medicine Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Bioelectric Medicine Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Bioelectric Medicine Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Implantable Cardioverter Defibrillators

                2. Cardiac Pacemakers

                3. Cochlear Implants

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Bioelectric Medicine Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Bioelectric Medicine Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.