Bioelectric Medicine Market Size, Share & Trends Analysis Report By Product (Implantable Cardioverter Defibrillators, Cardiac Pacemakers, Transcutaneous Electrical Nerve Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, Cochlear implants, Spinal cord stimulators, Deep brain stimulators), By Type (Implantable bioelectric device, Non-invasive bioelectric device), By Application (Arrhythmia, Depression, Treatment-resistant depression, Epilepsy, Pain management, Tremor, Urinary and faecal incontinence, Sensorineural hearing loss, Parkinson’s disease.), By End User (Hospitals, Individual Users, Homecare Centres, Ambulatory Surgical Centres, Specialty Clinics) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global bioelectric medicine market size was valued at USD 20.15 billion in 2021 and is expected to reach USD 33.41 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, brings about changes in the functioning of the organism. These medications are an option that may be utilized for therapy that involves the use of drugs. Electroceuticals and bioelectric medicine both function on the principle of neurostimulation, 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 treatment therapy for bioelectric medicine is distinct from medication trigger therapy since it is based on an electrical pulse rather than on the administration of drugs. The fields of bioengineering, neurology, molecular medicine, electronics, and computers are combined in bioelectric medicine in order to develop technologies for nerve stimulation and sensor activation. These technologies are used to regulate biological activities and cure disorders. These technologies have the potential to alter the treatment landscape for a wide variety of illnesses in the future. In order to cure disorders, bioelectric medicine employs a mechanism of action that is specifically targeted.

Market Dynamics

Market Drivers

Rising elderly population, resulting in an increase in the frequency of neurological and cardiovascular problems

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.

Due to the fact that neuroscience and bioengineering are the two primary pillars around which bioelectronic medications are built, various disorders have been successfully treated and brought to the public's attention. The use of molecular medicine in human bodies is an important part of the process of developing technology that stimulates nerves. The stimulation and control of the nervous system through the use of electrical impulses is accomplished by the application of this technology, which makes use of intrusive, unknown, and invisible ways. 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 growth 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.

Technological advancements in the industry.

Biomedicines are medical tools that treat various medical conditions by focusing on individual nerve fibers or brain circuits. The technologies alter brain impulses that control some of the voluntary and involuntary motions of the human body, restoring lost functionality and re-establishing a healthy balance. Serious ailments like diabetes, hypertension, heart failure, vascular disease, and lung issues could all be cured using electroceuticals. Not only might these devices treat serious illnesses, but they could also do so painlessly and securely. Defibrillators and pacemakers are two electroceutical devices now on the market that employ electric impulses to treat various ailments. These novel technologies are a fascinating development in the realm of medicine due to the potential advantages of electroceuticals. Electroceuticals can potentially treat previously incurable diseases and lessen the requirement for strict drug adherence in patients. Patients may have new options to enhance their quality of life with the help of electroceuticals for therapeutic electrostimulation, such as Wearable and Implanted Electroceuticals (WIEs). Along with functionality, device reduction, conformability, biocompatibility, and biodegradability are crucial technological goals for WIE research and practical translation. Recent developments include power sources that can be worn or implanted, electrodes that are more flexible, and efficient electrostimulation of particular organs and tissues.

Market Restraints

The expensive nature of bioelectric devices

Particularly in price-sensitive countries like Asia Pacific, Latin America, and Africa, the high cost of electroceutical devices such as cochlear implants and neurostimulators is a prominent issue that is inhibiting market growth. The suppliers of medical care, particularly in developing nations like Brazil and Mexico, have limited financial resources, making it difficult for them to invest in more advanced technologies. In addition, the personnel needs to undergo thorough training in order to effectively handle electroceutical equipment and ensure that they are in good working order. In light of this, a significant amount of research and development work is necessary in order to create technologically improved electro-pharmaceutical devices such as cochlear implants. Because of this, there will be a considerable rise in the total cost of production. As a consequence of this, substantial financial investments are essential for the conduct of such operations; as a result, only well-established or big companies in the market are able to afford them. In addition, the leading competitors in this market are huge corporations that have a strong presence in the industry and benefit from a substantial amount of devoted customer base. As a result, new entrants are required to compete with current competitors and differentiate themselves from the competition by introducing novel product offers.

Stringent Clinical testing

More rigorous governmental regulations may be needed to improve the development and manufacture of medical equipment, such as implantable cardioverter defibrillators, cardiac pacemakers, and neuromodulation devices. Devices must successfully complete rigorous clinical testing before receiving a premarket clearance (PMA), which significantly escalates the cost for the manufacturers.

Market Opportunity

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 industrialized countries. Because of this, as well as the growing rivalry in developed markets, prominent companies in the electroceuticals and bioelectric medicine market have begun to concentrate their efforts on developing nations.

Regional Analysis

The presence of medical device manufacturers in North America, such as Abbott and Boston Scientific Corporation, led to the region's dominance of the bioelectric medicine 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 bioelectric medicine market.

As a result of the increasing proportion of elderly people in countries throughout Asia, such as China and India, it is anticipated that the Asia Pacific region will record the greatest CAGR over the course of the projection period. Additionally, the incidence of chronic disorders such as cardiac arrhythmias, Alzheimer's disease, Parkinson's disease, and epilepsy is increasing in this region, which is anticipated to promote the use of electroceuticals.

Europe
The extensive healthcare infrastructure in Europe, the high demand for cutting-edge medical procedures, and the existence of multiple healthcare behemoths in France, Germany, the U.K., and Switzerland all provide bright growth potential.

Segmental Analysis

Because of the massive use of these products for the treatment of arrhythmia in 2021, the implanted cardioverter defibrillators market segment represented the greatest revenue share at more than 35.0 percent of total sales. In addition, factors such as an expanding elderly population, a rising prevalence of abrupt cardiac arrests, and the development of more technologically sophisticated products are anticipated to drive growth in the bioelectric medicine market. As the incidence of Parkinson's disease and other lifestyle-related conditions like obesity and depression continue to rise, it is anticipated that the market for deep brain stimulators will see profitable expansion throughout the course of the forthcoming time period. According to the European Parkinson's Disease Association (EPDA), there are around 6.3 million people throughout the world who are afflicted with Parkinson's disease; of this total, 1.2 million individuals are located in Europe. A considerable amount of the total revenue was generated by the sacral nerve stimulators market in 2021 as a result of firms' efforts to improve their existing products and introduce new ones.

In 2022, the cardiac pacemaker market accounted for a sizable portion of total revenue. In situations where the heart's natural regulatory system cannot function effectively, cardiac pacemakers can control heartbeats. By ensuring that the atria and ventricle function together and identifying and treating the causes of atrial fibrillation or irregular heartbeat, they also increase the heart's efficiency. By ensuring that the heart's electrical circuitry is functioning correctly, cardiac pacemakers can also help avoid heart failure.

Transcutaneous 

In 2022, the transcutaneous electrical nerve stimulators market accounted for a significant portion of total revenue. Transcutaneous Electrical Nerve Stimulation (TENS) is an effective method for treating chronic pain because it uses low-voltage electrical current. It works well alone or in combination with other painkillers, whether over-the-counter or prescribed. Some people who use TENS therapy might be able to lower their medication dosage. TENS therapy may be used anywhere, at home or on the go, to relieve pain because of its small size.

Based on type the market is classified into the following categories: Implantable bioelectric device, Non-invasive bioelectric device. Because of the massive use of these products in the treatment of conditions such as arrhythmia, chronic pain, ischemia, depression, tremor, and sensorineural hearing loss, implantable electroceutical devices held the biggest revenue share in 2021, which was greater than 85.0 percent. The emphasis of manufacturers these days is on developing innovative new items in order to satisfy customers' unfulfilled requirements. During the research period, it is anticipated that the non-invasive electroceutical devices category would have the largest increase. This is because of developments in technology as well as increased spending in research and development by businesses in order to produce novel products. In addition, the expanding healthcare awareness and rising popularity of electroceuticals in emerging nations such as India, China, South Africa, and Argentina are anticipated to drive the expansion of the market.

In 2021, the arrhythmia segment held a revenue share that was greater than 65.0 percent of the bioelectric medicine market. This allowed it to establish a commanding lead. This is because an increasing number of people are being diagnosed with arrhythmia, a condition whose treatment requires the implantation of cardioverter-defibrillators and cardiac pacemakers.

As a result of developments in treatment options for epilepsy, such as vagus nerve stimulators, the epilepsy application market is anticipated to post a profitable compound annual growth rate over the course of the forecast period. Firms and research institutions are putting their attention on the creation of novel products. Hearing loss that originates in the inner ear, also known as sensorineural hearing loss, is another significant category that accounted for a sizeable revenue share in 2021. The primary factor propelling expansion in this sector is the ever-increasing number of patients who are afflicted with hearing loss.

Due to the rise in the incidence of chronic disorders such as arrhythmia, epilepsy, Alzheimer's, retinitis pigmentosa, chronic pain, and depression, the hospital segment retained the biggest revenue share of almost 90.0 percent. These conditions require frequent or infrequent hospitalization. The other sector consists of home healthcare providers and research institutes. Because of the growing investments in R&D for new product development, it is anticipated that this market segment will demonstrate a substantial CAGR over the course of the projection year. In addition, the expansion of the government's spending on bioelectric medicine is contributing to the growth of the industry.

Recent Developments

• In December 2022, Medtronic divided its combined patient monitoring and respiratory interventions businesses.
• In January 2023, New mixed reality technology is being unveiled by Blood Centers of America and Abbott (NYSE: ABT) for use during blood donations.
• In December 2022, The EternaTM spinal cord stimulation (SCS) device from Abbott (NYSE: ABT), the most miniature implantable, rechargeable spinal cord stimulator currently on the market for the treatment of chronic pain, was approved by the U.S. Food and Drug Administration (FDA).
• In December 2022, Acotec Scientific Holdings Limited's majority stake will be purchased by Boston Scientific through a strategic investment.