Bioelectric Medicine Market Forecast and CAGR
According to the latest research by Fact.MR, Bioelectric Medicine market is set to witness robust growth during 2021-2031. Demand for Bioelectric Medicine will witness rapid growth in the short term, with an optimistic growth outlook in the long run. The development of the market is supported by the all-around economic evolution of the health care segment, global economic upsurge and compelling research.
What is Driving Demand for Bioelectric Medicine?
Increasing utilization of bioelectric medicine for the treatment of different cardiac and neurological disorders like Parkinson's disease, epilepsy, Obsessive-Compulsive Disorder (OCD), dystonia, Alzheimer's disease arrhythmia, and essential tremor is a major factor driving this market.
Additionally, the growing preference for bioelectric medicine over drug-based treatment because of increasing cost pressure, inefficiency in drug-based medicines and increasing geriatric population will drive the market development.
Rising funding in the development of advanced bioelectric medicines and rising approvals for bioelectric medicine products with an improved regulatory environment by the regulatory authorities is anticipated to drive the worldwide bioelectric medicine market development during forecast years.
Increasing prevalence of cardiovascular diseases (CVDs) and Neurological Diseases Likely to drive Bioelectric Medicine Sales
Increasing incidences of chronic diseases, for example, neurological and cardiac disorders are regarded to be the main reason boosting the market growth. According to the CDC, yearly, about 610 thousand individuals die because of heart diseases in the U.S. Among them, around 370 individuals die due to coronary heart infections (CHD).
Rising incidences of Parkinson's disease are projected to help the worldwide bioelectric medicine market development during the forecast years. For example, as indicated by European Brain Council, in 2019, about 6.3 million individuals globally experience Parkinson's disease and the period of beginning is normally more than 60 years and it is expected that one out of ten are diagnosed before the age of 50 years, and it can influence individuals in their 40's and below.
The US and Canada Bioelectric Medicine Market Outlook
US is one of the largest markets for Bioelectric Medicine globally with the highest share because of the availability of medical device manufacturers like BIOTRONIK, Boston Scientific Corporation, and Medtronic. In addition, the exceptionally evolved medical care and presence of advanced products in this country have boosted the development.
Also, the development in this country is driven by the growing awareness about bioelectric medicine, the increasing prevalence of cardiovascular diseases, chronic diseases, the shift in preference to these devices, increasing regulatory approvals of bioelectric devices, and the conventional techniques like drug therapy and surgeries will likewise add to this current market's development around there.
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Europe Demand Outlook for Bioelectric Medicine
Europe is the second most dominating region and is expected to show lucrative opportunities. Increasing interest for advanced medical devices for the treatment and availability of huge bioelectric producers predominantly in Germany, Switzerland, the UK, and France combined with exceptionally advanced healthcare infrastructure are projected to stay significant driving elements for the market.
Several R&D projects are going on in organizations leading to its high demand, influencing the revenue development altogether. Additionally, positive R&D results empowering the consolidation of the bioelectric market is relied upon to affect this region with expected opportunities for development.
Who are the Key Manufacturers and Suppliers of Bioelectric Medicine?
Some of the leading manufacturers and suppliers of Bioelectric Medicine include
- Boston Scientific Corporation
- Cochlear Ltd.
- LivaNova PLC
- BIOTRONIK SE & Co. KG
- NEVRO CORP.
- Second Sight
- electroCore, Inc.
- BioElectronics Corporation
- GlaxoSmithKline plc
- Wright Medical Technology, Inc.
The major players are associated with collaborations, regional expansions, new product development, and mergers & acquisitions to acquire the most income share in the sector. New product launches and development assist organizations with growing their current geographical reach and product portfolio. Key producers give a broad range of advanced bioelectric medicines through their solid distribution channels worldwide. It has brought about extreme competition among producers and prompted high tension on pricing strategies of sellers, which is required to influence the overall revenue.
An Adaptive Approach to Modern-day Research Needs
Bioelectric Medicine Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
By Product Type
- Implantable cardioverter defibrillators
- Cardiac pacemakers
- Cochlear implants
- Spinal cord stimulators
- Deep brain stimulators
- Transcutaneous electrical nerve stimulators
- Sacral nerve stimulators
- Vagus nerve stimulators
- Other bioelectric medicines
By Device Type
- Implantable devices
- Non-implantable devices
- Pain management
- Sensorineural hearing loss
- Parkinson’s disease
- Treatment-resistant depression
- Urinary and faecal incontinence
By Product Type
- Ambulatory surgical centres
- Speciality clinics
- Home care settings
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company