Electroceuticals / Bioelectric Medicine Market
Electroceuticals / Bioelectric Medicine Market Analysis By Product Type (Cardiac Pacemakers & ICDs, Cochlear Implants, Spinal Cord Stimulators, Deep Brain Stimulators & Others) By End-User and By Region – Global Market Insights 2022 to 2026
Analysis of Electroceuticals / Bioelectric Medicine market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Electroceuticals / Bioelectric Medicine Market Outlook (2022-2026)
The global electroceuticals / bioelectric medicine market is valued at US$ 24.5 billion and is projected to attain a revenue of US$ 32.1 billion by the end of 2026. This Fact.MR survey predicts worldwide demand for electroceuticals / bioelectric medicines to increase rapidly at a CAGR of 6.9% over the next four years.
Advancements in the medical industry have picked up pace over the past few years and have revolutionized medicine and treatments, which has subsequently driven the growth of the electroceuticals / bioelectric medicine market.
Electroceuticals / Bioelectric Medicine Market Size (2022)
US$ 24.5 Billion
Projected Market Value (2026F)
US$ 32.1 Billion
Global Market Growth Rate (2022-2026)
North America Market Share (2022)
Key Companies Profiled
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Revenue Analysis of Electroceuticals / Bioelectric Medicines (2017-2021) in Comparison to Market Growth Forecasts (2022-2026)
Rapid advancements in the healthcare industry and increasing proliferation of technology in medical applications are expected to fuel electroceuticals / bioelectric medicine market growth across the forecast period.
Sales of bioelectric medicines and electroceuticals are projected to increase at a brisk pace at a CAGR of 6.9% from 2022 to 2026.
Increasing investments in the R&D sector, growing aging population, high incidence of chronic diseases, rapid advances in medical technology, and growing awareness and acceptance of alternative medicine are prime factors that are predicted to positively impact market growth over the next four years.
Rising popularity of minimally-invasive procedures is expected to result in higher demand for non-invasive electroceutical devices than implantable electroceutical devices.
However, stringent regulatory norms, frequent product recalls, longer time for approvals, and high costs are expected to be the key prospects that could constrain electroceuticals / bioelectric medicine market potential throughout the forecast period.
What’s Driving Electroceuticals / Bioelectric Medicine Market Potential?
“Rising Incidence of Cardiovascular Illnesses across Regions”
The world has witnessed a notable increase in the prevalence of cardiovascular disorders and this is expected to favor electroceuticals / bioelectric medicine market growth across the forecast period.
Electroceuticals and bioelectric medicines are being used in the treatment of several cardiovascular disorders and this trend is anticipated to be rife over the next few years. Implantable cardioverter defibrillators are expected to witness high demand through 2026.
“Increasing Investments in Research & Development”
Focus on healthcare has bolstered over the past couple of decades owing to the emergence of chronic and infectious diseases across the world. This has subsequently led to an increased demand for new treatments and is driving the demand for more research and development in the healthcare industry.
Governments are launching supportive initiatives and funding to advance research and development and this is expected to favor electroceuticals / bioelectric medicine market potential over the next four years.
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What’s Dwarfing Electroceutical / Bioelectric Medicine Sales?
“Stringent Regulatory Mandates by Various Organizations”
Governments across the world have been implementing strict norms for the development and manufacturing of medical devices and other medical products to ensure patient safety. This creates a major challenge for electroceutical and bioelectric medicine manufacturers and acts as a restraining factor for the overall electroceuticals / bioelectric medicine market growth throughout the forecast period.
“Product Recalls & High Cost of Development”
Electroceuticals and bioelectric medicines need to undergo rigorous testing through clinical trials to be approved by regulatory authorities and commercialized further. This clinical testing increases the overall development costs and hence results in an expensive product which potentially slows down the overall market revenue generation.
Frequent product recalls owing to long-term side effects and improper operation are becoming a common trend in the market and are expected to hinder electroceutical / bioelectric medicine demand over the coming years.
How Can Aspiring Market Players Make a Mark in This Marketplace?
“Start-ups Can Leverage Use of Technology to Develop Novel Products”
Upcoming market players are anticipated to focus on the innovation and integration of advanced technologies to create novel electroceuticals / bioelectric medications.
- Theranica, a company focused on developing advanced digital therapeutics, founded in 2016, developed a novel therapeutic electroceutical device that helps in addressing migraine pain. Nerivio is cleared by the FDA for the treatment of episodic and chronic migraine and is a wearable device that can be controlled via a smartphone.
- A digital health start-up based in Israel, Healables, is focusing on developing home-based electroceutical treatment. The device developed by the start-up delivers electrotherapy for the legs and arms. The company is developing two models, of which, one is for athletes and the other would be a medical model available through prescription.
Which Region Should Electroceutical / Bioelectric Medicine Companies Target?
“North America & Europe to Be Leading Regional Markets”
The market for electroceuticals / bioelectric medicines in North America currently accounts for a dominant market share and is expected to maintain a similar stance throughout the forecast period.
Market growth in this region can be attributed to the presence of key market players such as Medtronic, Abbott, and Boston Scientific, along with high investments in the research and development sector. The United States and Canada are projected to be the prime markets in this region over the next four years.
The Europe electroceuticals / bioelectric medicine market is expected to exhibit lucrative opportunities owing to its rising geriatric population and increasing investments in healthcare infrastructure development. Prevalence of chronic diseases and adoption of novel medical technologies are also anticipated to attract electroceutical / bioelectric medicine manufacturers toward this region through 2026.
A detailed and comprehensive regional assessment has been provided in this latest electroceuticals / bioelectric medicine market study by analysts at Fact.MR, a market research and competitive intelligence provider.
How Investment-worthy is the U.S. Market?
“High Spending on Research Providing Rewarding Business Opportunities”
The United States electroceuticals / bioelectric medicine market is anticipated to emerge as a highly lucrative market for key companies as well as aspiring startups owing to its developed healthcare infrastructure and rapid adoption of novel technologies.
High spending on research and development activities in the country is also expected to propel electroceutical and bioelectric medicine sales in the country through 2026. Supportive government initiatives are projected to further bolster electroceutical / bioelectric medicine demand.
Demand for advanced bioelectric medicines for treatments in the United States is expected to be governed by factors such as the growing geriatric population, rising incidence of cardiovascular disorders, and high healthcare expenditure.
Which Product Type is Anticipated to Lead Revenue Generation?
“Cardiac Pacemakers & ICDs to Drive Global Electroceutical / Bioelectric Medicine Demand”
The global electroceuticals / bioelectric medicine market based on product type is segmented into cardiac pacemakers & ICDs, cochlear implants, spinal cord stimulators, deep brain stimulators, and other product types.
The cardiac pacemakers and ICDs segment is anticipated to account for a dominant market share throughout the forecast period owing to the rising incidence of cardiovascular disorders across the world.
The growth of the geriatric population which is more prone to cardiac diseases is also expected to supplement the demand for cardiac pacemakers and ICDs over the next four years. The growing aging population is also expected to drive demand for cochlear implants over the forecast period.
An increasing number of accidents and rising trauma cases are projected to favor demand for spinal cord stimulators. The high prevalence of neurological disorders and advancements in neurological therapies and treatments are anticipated to positively influence the growth of the deep brain stimulators segment over the years to come.
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Suppliers of bioelectric medicines and electroceuticals are expected to adopt various strategies to strengthen their R&D capabilities to fast-track the launch of novel products and increase their market presence.
- In May 2021, Micron Medical, a private medical device company specializing in the development and manufacturing of minimally-invasive electroceutical devices, announced the sale of its pain nerve stimulator franchise to Pain Specialists Group Ltd. Moventis PNS is an implantable and drug-free pain nerve stimulator approved by the FDA in 2020.
Collaborations, partnerships, mergers, and acquisitions are expected to be popular among bioelectric medicine manufacturers and electroceutical companies over the coming years.
- In June 2021, NeuroSigma, a company focused on the development and commercialization of trigeminal nerve stimulation (TNS), partnered with KT, a leading telecom giant in South Korea. This partnership was aimed at promoting the commercialization and development of a new electroceutical based on eTNS.
- In January 2020, Medtronic, a leading medical device manufacturer, announced the acquisition of Stimgenics, an organization that pioneered a novel spinal cord stimulation. The acquisition was aimed at expanding Medtronic’s pain therapies business division.
Electroceuticals / Bioelectric Medicine Industry Research Segmentations
By Product Type :
- Cardiac Pacemakers & ICDs
- Cochlear Implants
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Other Product Types
By End User :
- Ambulatory Surgical Centers
- Other End Users
By Region :
- North America
- Latin America
- FAQs -
The global electroceuticals / bioelectric medicine market is valued at US$ 24.5 billion.
Revenue from sales of electroceuticals / bioelectric medicines is estimated to reach US$ 32.1 billion by 2026.
The electroceuticals / bioelectric medicine market is set to expand at 6.9% CAGR.
Second Sight Medical Products Inc., Oticon Medical, Boston Scientific Corporation, St. Jude Medical, GiMer Medical, Cochlear Limited, ElectroCore LLC, BioElectronics Corporation, MED-EL, Set Point Medical, Cefaly Technology, Medtronic plc., EnteroMedics
The North America electroceuticals / bioelectric medicine market holds 30% share in the global market.