The global market for Bioelectric Medicine was valued at USD 20.15 billion in 2021 and is expected to reach USD 113.71 billion in 2030 expanding at a compound annual growth rate (CAGR) of 5.78% from 2022 to 2030.
The fields of molecular medicine, bioengineering, and neuroscience are included in electroceuticals and bioelectric medicine to facilitate the creation of nerve stimulating technologies for use throughout the treatment process. Utilizing electrical impulses, it brings about changes in the functioning of the organism. These medications are an option that may be utilised for therapy that involves the use of drugs. Electroceuticals and bioelectric medicine both function on the principle of neuro stimulation, which may be defined as the regulation of electrical impulses in the nervous system. It is capable of treating a wide range of disorders using both invasive and non-invasive approaches. In the next years, it is anticipated that it will replace treatment based on pharmaceuticals. Implantable pacemakers and defibrillators, as well as brain implants such as cochlear implants, spinal cord stimulators, and retinal implants, are all a part of this treatment modality.
The elderly population as a whole has a significantly increased likelihood of acquiring neurologic or cardiovascular diseases. Because of their increased vulnerability to these diseases, elderly patients are an important subset of the total patient population. As a consequence of this, the expansion of this population subset will ensure a continued and intensified demand for electroceutical devices for the treatment of cardiovascular disorders and neurological disorders. These devices include implantable cardioverter defibrillators, deep brain stimulators, and spinal cord stimulators.
The use of this cutting-edge technology is being evaluated as a potential substitute for the medicinal treatment of a great number of conditions. Therefore, the number of adverse effects that the patient experiences will be reduced. The method of spinal cord stimulation and various implants, such as those for the cochlea and retina, are typically included in these therapies.
The expansion of the electroceuticals and bioelectric medicine market is also predicted to be driven by an increase in the focus of government initiatives and private firms on innovation and research and development projects for more effective treatments.
Major market participants can find considerable prospects for expansion in emerging economies such as India, South Korea, Malaysia, and Vietnam, as well as in African and Middle Eastern nations such as Israel, Saudi Arabia, and the United Arab Emirates. This can be ascribed to their relatively low regulatory obstacles, advancements in healthcare infrastructure, an increasing patient population, and increased expenditures in healthcare. In addition, the regulatory rules that are in place in the Asia Pacific area are more adaptable and business-friendly than those in industrialised countries. Because of this, as well as the growing rivalry in developed markets, prominent companies in the electroceuticals and bioelectric medicine market industry have begun to concentrate their efforts on developing nations.
The presence of medical device manufacturers in North America, such as Abbott and Boston Scientific Corporation, led to the region's dominance of the market in 2021, as measured by its revenue share, which was greater than 35.0 percent. In addition, the presence of a highly developed healthcare system as well as the accessibility of innovative goods in this region have contributed to the expansion of the market in this area. Because of the increasing need for cutting-edge medical technology for the treatment, Europe came in second place, followed by North America. It is anticipated that the existence of large bioelectric medication producers and highly developed healthcare infrastructure will continue to be important drivers driving the market.
Some of the players are:
ReShape Lifesciences Inc. stated in April 2019 that it has successfully implanted its first patient in the ENDURE II study to support CE Marking of the ReShape Vest to treat obesity and metabolic illnesses, with clinical findings showing an excess weight loss of 85 percent after a year.
InterStim Smart Programmer was utilised in conjunction with the InterStim System for sacral neuromodulation therapy in 2018. Medtronic was the first to develop sacral neuromodulation, and this new device was intended to help the business expand its market share.
Nevro Corp. gained FDA clearance for the new Senza II SNS System in August 2018. The firm was able to increase its product range in the neuromodulation and pain treatment categories as a result of this launch.
ReShape Lifesciences scored its first success in the ENDURE 2 trial in April 2019. This business has successfully implanted its first patient in order to support the CE marking of the ReShape Vest, which is primarily intended to treat obesity. It also treats metabolic illnesses and has set a new weight-loss record in a single year.