Bioelectric Medicine Market, By Product (Pacemakers, Cochlear Implants, and Spinal Cord Stimulators), By Type of Device (Implantable and Non-Invasive), By Application (Arrhythmia, Depression, Epilepsy, Parkinson’s Disease, Migraine, and Others), By End Users (Hospitals and Others) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Report Code: PMI447520 | Publish Date: March 2024 | No. of Pages: 170

Global Bioelectric Medicine Market Overview

Bioelectric Medicine Market was valued at US$ 22.9 Billion in 2024 and is projected to grow at a CAGR of 15.3% to reach US$ 83.4 Billion by 2034.

Bioelectric medicine combines bioengineering, molecular medicine, and neuroscience to develop nerve-simulating technologies for the biological processes of diseases. Bioelectronics medicine is the technique used in biological materials and biological architectures for information processing systems and new devices. Bioelectronics is used to help and improve the lives of people with disabilities and diseases. These medical devices based on electrical impulses; hence it read and modifies electrical signals passing along the nerves of the body to modulate the body's neural circuits as an alternative to drug-based interventions. The targeted electrical signals are used to diagnose & treat range of diseases like epilepsy, arrhythmias and chronic pain. The target technology record, stimulate, or block neural signaling to affect specific molecular mechanisms. Bioelectric medicine includes, spinal cord stimulation, cardiac rhythm management (CRM), vagus nerve stimulation and electrophysiology. Technological advancement are making bioelectric medicine smaller and less invasive with companies which brings new applications to market. Bioelectric medicine has the potential for transforming healthcare in coming decades. Latest launched AABM (Alliance for Advancing Bioelectric Medicine) aligns leaders on common goals and helps in engaging external stakeholders. Bioelectric medicines are used in diagnosis and treatment of diseases and conditions like diabetes, obesity, cancer, cardiovascular disease, rheumatoid arthritis, asthma, bleeding, organ transplantation, neurodegenerative disease, inflammatory bowel disease, paralysis, blindness, etc. Arrhythmia is an irregular heartbeat occurs when electric signals which co-ordinates the heartbeats don’t work properly. Faulty signaling causes heartbeat faster, slower or irregular. Vagus nerve stimulation and bioelectric medicine helps in treating common post-op heart arrhythmia. However, rising prevalence of diseases and technological inventions has given positive impact on target market growth

Global Bioelectric Medicine Market Dynamics

      Rise in prevalence of disease and rate of urbanization

Rise in prevalence of disease and rate of urbanization has become the major factor in target market growth. Increase in chronic diseases like diabetes, cancer, heart disease, kidney disease, respiratory disease, injuries has given rise in bioelectric medicines which will boost the target market. Increase in population and rate of urbanization has led to change in living life of people like unhealthy lifestyle, unhealthy food, lack of exercise, excess use of alcohol, tobacco which causes number of chronic diseases. According to data (PubMed Central, 2020), 50% of the U.S. population is affected with chronic diseases. The rapid increasing incidence of cardiac arrests, rising geriatric population, and advance product development is expected to boost market growth. The deep brain stimulators are expected to show excess lucrative growth in the coming year’s leads to the growing currency of Parkinson's disease and fast-forward lifestyle-induced disorders such as obesity and depression. According to the European Parkinson's Disease Association (EPDA), around million patients are suffering from Parkinson’s mostly located in Europe. A government releases investments and funds for the development of novel therapeutics and electroceuticals. Rise in cancer diseases has given rise in use of bioelectric medicines. Cellular bioelectricity modulates the process of metastasis which includes, cancer cell invasion, degradation of basement membranes, migration, colonization, and extravasation. Thus, by cellular bioelectricity modulation bioelectric medicine has proved the breakthrough in preventing progression of cancer. Data obtained by Ministry of Health & Medical Education and relationship between urbanization and cancer morbidity was investigated by quantile regression and determined that breast cancers, pancreas, prostate, colorectal and lung cancers increasing with rate of urbanization. 90th percentile was maximum increase rate of breast cancer. 95th percentile was of prostate cancer, 75th percentile was of colorectal cancer, 95th percentile for lung cancer and 10th percentile for pancreas cancer. According to the results, it was determined that there was significant impact of rising urbanization on cancer morbidity due to risk factors like more pollution in urban areas, poor nutrition food, lack of exercise, smoking, alcohol intake, etc. According to data published by United Nations in 2018, about 55% of the world’s population resided in urban areas, and it is projected that this percentage will increase over the forecast period. However, the growth in prevalence of disease and population in urban areas boosts the demand for Bioelectric Medicine market.

                                                  Technological advancement

Technological advancement in bioelectric medicine has provided personalized treatment of diseases. The bioelectric medicine market is driven by introduction of new products & emergence of the market into various industries. Constant product development and innovations to enhance benefits and safety will enhance the consumer base in the global industry. The inflammatory reflex in which vagus nerve plays an important role by maintaining the immunological homeostasis by regulating inflammation and cytokine production. New development in neuron barcoding help in improving high throughput interrogation of brain circuit anatomy by transforming painstaking and complex microscopy into problem of sequencing. Newest technology in biocompatible and implantable devices has potential for improving interface between brain & electronics. Multifunctional flexible probes and synthetic magnetic nanoparticles are produced by fibredrawing techniques. The market is expected to grow at a significant growth rate due to the opportunities that lie within its domain, which include growth in emerging countries and technological advancement in bioelectric medicine. For instance in June 2019, Boston Scientific Corporation acquired Vertiflex, Inc. The acquired company is focused on minimally invasive technology that helps alleviate pain and restore the physical function of lumbar spinal stenosis. The deal is anticipated to strengthen spinal cord stimulation and radiofrequency ablation portfolio. For real-time and implantable biosensors Aptamer-based technology has become potential for continuously tracking levels of wide range of biomolecules without supplying exogenous reagents & helps in delivering sub-minute resolution drug concentration reading in rats. Combination of technologies of biosensing and nerve stimulation will enable the deployment of closed-loop devices which will help in monitoring and analyzing internal milieu. Thus, progress in new field of bioelectric medicine & underlying neurophysiological & molecular mechanisms has made it possible for target specific circuits in treating disease and improving organ function. However, new technological innovations has fueled the market growth.

Restrains:

However, there are significant challenges which are restraining the market growth. Those challenges include product recall, excess cost of electroceuticals, increased regulatory observational check, and complications and side effects associated with the bioelectric medicine devices. Limited success rate of drugs targeting to specific disease, increasing amount of adverse drug reaction, and upsurge in awareness level makes the down effect on bioelectric medicine market.

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Global Bioelectric Medicine Market Segmentation

Bioelectric Medicine Market - segmentation

Bioelectric Medicine Market is segmented based on product, type of device, application, end-users and region.

Product Insight

On the basis of Product Bioelectric Medicine Market is segmented into Pacemakers, Cochlear Implants, and Spinal Cord Stimulators. Cochlear implant has dominated the target market due to increase in sudden cardiac arrest (SCA) leading to cardiovascular death, technological advancements in ICDs, and increase in arrhythmia.

Type of Device Insights

On the basis of Type of Device Bioelectric Medicine Market is segmented into Implantable and Non-Invasive. Implantable device has dominated the target market growth because it provide continuous treatment within the body and providing an environment for the easy treatment of patients.

Application Insights

On the basis of Application Bioelectric Medicine Market is segmented into Arrhythmia, Depression, Epilepsy, Parkinson’s disease, Migraine, and others. Parkinson’s disease has dominated the target market growth because millions of people are suffering from Parkinson’s disease due to environmental factors like air pollution, pesticides, industrial solvents and others.

End-Users Insight

On the basis of End-Users Bioelectric Medicine Market is segmented into Hospitals and others. Hospitals has dominated the target market growth because of its facilities, robust infrastructure, skilled professionals, etc.

Regional Insights:

On region the Bioelectric Medicine Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is estimated to witness a significantly high revenue share over the forecast period, owing to growing population, especially in countries such as Europe and Asia Pacific, and technological advancements. Moreover, due to presence of medical device manufacturers such as Medtronic, Boston Scientific Corporation, and BIOTRONIK which are major players, robust healthcare facilities, and rising prevalence of chronic disease is anticipated to increase demand for Bioelectric Medicine in the region.

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Report Scope:

Attribute

Details

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Product - Pacemakers, Cochlear Implants, and Spinal Cord Stimulators

By Type of Device - Implantable and Non-Invasive

By Application - Arrhythmia, Depression, Epilepsy, Parkinson’s disease, Migraine, and others

By End-Users - Hospitals and others

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034 For the purpose of this study, has segmented the bioelectric medicine Market report based on product, type of device, application, end-users and region:

Bioelectric Medicine Market, By Product:

  • Pacemakers
  • Cochlear Implants
  • Spinal Cord Stimulators

Bioelectric Medicine Market, By Type of Device:

  • Implantable
  • Non-Invasive

Bioelectric Medicine Market, By Application:

  • Arrhythmia
  • Depression
  • Epilepsy
  • Parkinson’s disease
  • Migraine
  • Others

Bioelectric Medicine Market, By End-Users:

  • Hospitals
  • Others

Bioelectric Medicine Market, By Region:

      • North America
          • U.S.
          • Canada
      • Europe
          • Germany
          • UK
          • France
          • Russia
          • Italy
          • Rest of Europe
      • Asia Pacific
          • China
          • India
          • Japan
          • South Korea
          • Rest of Asia Pacific
      • Latin America
          • Brazil
          • Mexico
          • Rest of Latin America
      • Middle East & Africa
          • GCC
          • Israel
          • South Africa
          • Rest of Middle East & Africa

Global Bioelectric Medicine Market Key Players

The key players operating the Bioelectric Medicine Market includes,

  • Medtronic plc.

Medtronic plc. is a public company founded in 1949 which is headquartered in Dublin, Ireland, Minneapolis, Minnesota, U.S. Medtronic is the American company which offer medical devices. Medtronic operates in more than 150 countries. Medtronic is the developer and manufacturer of healthcare technologies & therapies.

  • Boston Scientific Corporation

Boston Scientific Corporation, is a public company founded in 1979 which is headquartered in Marlborough, Massachusetts, U.S. Boston Scientific Corporation, is incorporated in Delaware. Boston Scientific is the biomedical and biotechnology engineering firm. Boston Scientific is the multinational manufacturer of medical devices which are used in neurovascular intervention, interventional radiology, electrophysiology, interventional cardiology, and others.

  • Abbott Laboratories

Abbott Laboratories, is a public company founded in 1888 which is headquartered in Abbott Park, Illinois, U.S. Abbott is an American multinational medical device & healthcare company. Abbott is the seller of branded generic medicines, nutritional products, medical devices and diagnostic products.

  • Cochlear Limited.

Cochlear Limited., is a public company founded in 1983 which is headquartered in Sydney, Australia. Cochlear Limited., is the designer, manufacturer and supplier of Nucleus cochlear implant, Baha bone conduction implant, and Hybrid electro-acoustic implant. Cochlear offer products like bone anchored prosthetics, cochlear wireless accessories, bone-anchored hearing aids, and cochlear implants.

  • Sonova Holding AG,

Sonova Holding AG, is a public company founded in 1947 (company) & 1985 (hoding) which is headquartered in Stafa, canton of Zurich, Switzerland. Sonova Holding is the internationally active Swiss group of companies. Sonova Holding offers hearing care products like cochlear implants, hearing instruments and wireless communication.

  • LivaNova PLC

LivaNova PLC, is a public company founded in 1987 which is headquartered in Eastbourne Terrace, London & Houston Texas. LivaNova is the American medical device company domiciled in UK. LivaNova is the developer and manufacturer of medical devices used for neuromodulation and cardiac surgery.

  • Biotronik

Biotronik, is founded in 1963 which is headquartered in Berlin, Germany. Biotronik is the multinational cardiovascular biomedical research and technology company. Biotronik offer medical devices products which are used in diagnosis, treatment, and therapies of cardiac rhythm management, vascular intervention and electrophysiology.

  • Nevro Corporation,

Nevro Corporation, is headquartered in Redwood City, California. Nevro is the medical device company. Nevro is the creator of HFX spinal cord stimulation nondrug which is an innovative, evidence based treatment for chronic pain of limbs.

  • ElectroCore LLC.

ElectroCore LLC. was co-founded in 2005 which is based in Basking Ridge, New Jersey. ElectroCore is the medical technology company. ElectroCore offer products like gammaCore Sapphire CV which is a non-invasive vagus nerve stiumulation device.

  • BioSig Technologies Inc.

BioSig Technologies Inc., is a digital signal processing company which unites expertise in intellectual property, workflow and medical engineering for delivering superior intracardiac signals with unprecedented precision. BioSig Technologies is a provider of new level of clarity & resolution in identification & visualization of arrhythmia that empower physicians with actionable insights.

Global Bioelectric Medicine Market Company Profile

  • Abbott Laboratories*
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Medtronic plc.
  • Boston Scientific Corporation
  • Cochlear Limited
  • Sonova Holding AG
  • LivaNova PLC.
  • Biotronik
  • Nevro Corporation.*
  • ElectroCore LLC.
  • BioSig Technologies Inc.

“*” marked represents similar segmentation in other categories in the respective section

Global Bioelectric Medicine Market Table of Contents

  1. Research Objective and Assumption
    • Preface
    • Research Objectives
    • Study Scope
    • Years Considered for the study
    • Assumptions
    • Abbreviations
  2. Research Methodology
    • Research data
    • Primary Data
      • Primary Interviews
      • Primary Breakdown
      • Key data from Primary Sources
      • Key Thickness Insights
    • Secondary Data
      • Major Secondary Sources
      • Secondary Sources
    • Market Estimation
    • Top-Down Approach
      • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
    • Bottom-Up Approach
      • Approach for estimating market share by Bottom-up Analysis (Demand Side)
    • Market Breakdown and Data Triangulation
    • Research Assumptions
  3. Market Purview
    • Executive Summary
    • Key Findings—Global Outlook for medical carts Strategies
      • Key Questions this Study will Answer
      • Market Snippet, By Product
      • Market Snippet, By Type of Device
      • Market Snippet, By Application
      • Market Snippet, By End-Users
      • Market Snippet, By Region
    • Opportunity Map Analysis
    • Executive Summary—3 Big Predictions
  4. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restrains
      • Market Opportunities
      • Market Trends
    • DR Impact Analysis
    • PEST Analysis
    • Porter’s Five Forces Analysis
    • Opportunity Orbit
    • Market Investment Feasibility Index
    • Macroeconomic Factor Analysis
  5. Bioelectric Medicine Market, By Product
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
      • Y-o-Y Growth Analysis (%), 2022 – 2032
      • Segment Trends
    • Pacemakers
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Cochlear Implants
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Spinal Cord Stimulators
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
  6. Bioelectric Medicine Market, By Type of Device, 2022 – 2032, (US$ Bn)
    • Overview                                      
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
      • Y-o-Y Growth Analysis (%), 2022 – 2032
      • Segment Trends
    • Implantable
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Non-Invasive
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
  7. Bioelectric Medicine Market, By Application, 2022 – 2032, (US$ Bn)
    • Overview                                      
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
      • Y-o-Y Growth Analysis (%), 2022 – 2032
      • Segment Trends
    • Arrhythmia
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Depression
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Epilepsy
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Parkinson’s disease
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Migraine
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Others
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
  8. Bioelectric Medicine Market, By End-Users, 2022 – 2032, (US$ Bn)
    • Overview                                      
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
      • Y-o-Y Growth Analysis (%), 2022 – 2032
      • Segment Trends
    • Hospitals
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Others
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
  9. Bioelectric Medicine Market, By Region, 2022 – 2032, (US$ Bn)
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
      • Y-o-Y Growth Analysis (%), 2022 – 2032
      • Regional Trends
    • North America
      • Market Size and Forecast (US$ Bn), By Product, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Type of Device, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By End-Users, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
        • U.S.
        • Canada
    • Europe
      • Market Size and Forecast (US$ Bn), By Product, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Type of Device, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By End-Users, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
        • UK
        • France
        • Germany
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast (US$ Bn), By Product, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Type of Device, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By End-Users, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
        • India
        • Japan
        • South Korea
        • China
        • Rest of Asia Pacific
    • Latin America
      • Market Size and Forecast (US$ Bn), By Product, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Type of Device, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By End-Users, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
        • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • Market Size and Forecast (US$ Bn), By Product, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Type of Device, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By End-Users, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
        • GCC
        • Israel
        • South Africa
        • Rest of Middle East
  2. Competitive Landscape
    • Heat Map Analysis
    • Market Presence and Specificity Analysis
  3. Company Profiles
  • Medtronic plc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Boston Scientific Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Abbott Laboratories
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Cochlear Limited
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Sonova Holding AG
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • LivaNova PLC.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Biotronik
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Nevro Corporation.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • ElectroCore LLC.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • BioSig Technologies Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  1. The Last Word
    • Future Impact
    • About Us
    • Contact

FAQs

The Bioelectric Medicine Market is segmented into product, type of device, application, end-users and region.

Bioelectric Medicine Market is driven by factors like rise in prevalence of disease, rate of urbanization, and technological advancement.

By region, the Bioelectric Medicine market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is estimated to witness a significantly high revenue share over the forecast period, owing to growing population, especially in countries such as Europe and Asia Pacific, and technological advancements.

The key players operating the Bioelectric Medicine Market includes, Medtronic plc., Boston Scientific Corporation, Abbott Laboratories, Cochlear Limited, Sonova Holding AG, LivaNova PLC., Biotronik, Nevro Corporation., ElectroCore LLC., BioSig Technologies Inc., and others.