Electroceutical Bioelectric Medicine Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, China, Japan - Size and Forecast 2024-2028

Electroceutical Bioelectric Medicine Market Size 2024-2028 

The electroceutical bioelectric medicine market size is forecast to increase by USD 7.77 billion at a CAGR of 6.09% between 2023 and 2028. The market is experiencing significant growth due to the increasing prevalence of neurological disorders, such as Parkinson's disease, Alzheimer's disease, and epilepsy. Moreover, the growing research related to neurological diseases and the development of advanced technologies for electroceutical treatments are further driving market growth.

However, the lack of skilled neurologists in the healthcare industry poses a challenge to the market's growth. Despite this, the market is expected to continue expanding due to the potential of electroceuticals to provide effective and non-invasive treatments for neurological disorders. The market's growth is also driven by the increasing awareness of electroceuticals as a viable alternative to traditional pharmaceutical treatments and the potential for electroceuticals to offer personalized treatment options.

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The market, also known as the bioelectric medicine market, is a rapidly growing segment of medical technology that utilizes electrical impulses to influence neural circuits and treat various medical conditions. This market encompasses advanced therapeutic technologies, including electroceutical devices, that integrate technology and molecular medicine to provide innovative solutions for neurologic disorders. Product improvements and technological advancements in bioengineering and neural engineering continue to drive market growth. The Bioelectronic Medicine Day, an annual event dedicated to showcasing the latest developments in this field highlights the potential of electroceuticals in revolutionizing the way we approach neurological disorders. The integration of electrical impulses into medical devices offers a promising future for the treatment of neurological conditions and the overall advancement of medicine.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Type
  • Implantable devices
  • Non-invasive devices
• Application
  • Arrhythmia
  • Epilepsy
  • Parkinsons disease
  • Tremors
  • Others
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • Asia
  • Rest of World (ROW)

By Type Insights

The implantable devices segment is estimated to witness significant growth during the forecast period. The Bioelectric medicine market encompasses various medical technologies and therapies that utilize electrical currents to treat a range of disorders, particularly in the fields of cardiovascular diseases (CVDs) and neurological conditions. This integrative approach to medicine, known as bioelectric medicine, is gaining traction due to its potential to address the healthcare demands of an aging population and the high disease prevalence in these areas. Implantable devices, such as cardiac pacemakers and implantable cardioverter defibrillators (ICDs), are key components of the bioelectric medicine market. These devices deliver electrical impulses to regulate heart rhythm in patients with arrhythmia or cardiac problems.

Additionally, neurostimulators, including deep brain stimulators (DBS) and spinal cord stimulators (SCS), are used to treat neurological disorders such as Parkinson's disease, dystonia, epilepsy, and chronic pain. Healthcare providers, including neurosurgeons and neurologists, play a crucial role in the implementation of these therapies. The demand for neurosurgery procedures, including functional neurosurgery fellowships and PMA (premarket approval) for neural implant procedures, is on the rise due to the growing patient pool and the potential benefits of these treatments. Product improvements in neurostimulation devices, such as the InterStim System and InterStim Smart Programmer, continue to expand their applications and enhance patient outcomes.

Furthermore, the integration of bioelectric medicine into mainstream healthcare is further highlighted by events like Bioelectronic Medicine Day and the advancements in fields like bioengineering, molecular medicine, and neurology. The market for neuromodulation devices, which include electroceuticals, is expected to grow significantly due to the potential to address unmet medical needs and improve patient quality of life. However, challenges such as product recalls and regulatory requirements must be addressed to ensure the safety and efficacy of these devices.

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The implantable devices segment was valued at USD 16.35 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

North America is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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Electroceutical bioelectric medicine represents a burgeoning field in advanced therapeutics, leveraging electrical impulses to modulate neural circuits, tissues, and organs for the treatment of various conditions. This includes Parkinson's disease, chronic pain, psychiatric conditions such as depression, and neurological disorders like epilepsy and arrhythmia. Implantable devices and minimally invasive procedures are transforming the landscape of care, offering targeted interventions for physiological function restoration. Ambulatory surgical centers and non-invasive devices expand accessibility to these treatments, while pharmaceuticals continue to collaborate with electroceutical technologies to improve patient outcomes. Applications extend beyond neurotherapies, with the potential for addressing urinary incontinence cases and cardiac rhythm disorders.

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Electroceutical Bioelectric Medicine Market Driver

The growing prevalence of neurological disorders is the key driver of the market. The Bioelectric medicine market encompasses various Medical technologies that utilize electrical currents to treat a range of medical conditions, particularly neurological disorders and cardiovascular diseases (CVDs). This field integrates Technology integration into traditional Medicine, resulting in innovative therapies for improving patient outcomes. The geriatric population, with its increasing prevalence due to aging, forms a significant patient pool for electroceutical devices such as cardiac pacemakers, implantable cardioverter defibrillators, deep brain stimulators, and spinal cord stimulators. Neurological disorders, including epilepsy, stroke, Parkinson's disease, and brain tumors, are prevalent among this population. Neurologists, neurosurgeons, and healthcare providers are increasingly adopting neurosurgery procedures, neural implant procedures, and functional neurosurgery fellowships to address the healthcare demand.

Furthermore, the disease prevalence and patient population continue to grow, driven by factors such as diabetes mellitus, obesity, high blood pressure, hypertension, and smoking addiction. Product improvements in neurostimulating devices, such as the InterStim System and InterStim Smart Programmer, have received PMA (premarket approval) and are transforming Medical devices and neuromodulation devices. However, product recalls and safety concerns remain a challenge for market growth. Bioengineering, molecular medicine, and neurology are key areas of focus for advancing Bioelectric medicine, with ongoing research and development efforts. Bioelectronic Medicine Day highlights the potential of this field to revolutionize healthcare spending and improve patient lives.

Electroceutical Bioelectric Medicine Market Trends

The growing research related to neurological diseases is the upcoming trend in the market. The bioelectric medicine market, a subset of medical technology, is gaining significant traction as researchers and healthcare providers explore the potential of electroceutical devices in treating various medical conditions. Neurological disorders and cardiovascular diseases (CVDs) are among the primary focus areas for this emerging field. The geriatric population, with its high prevalence of neurological and cardiovascular disorders, represents a substantial patient pool for electroceutical therapies. Cardiac pacemakers and implantable cardioverter defibrillators are established electroceutical devices used to manage cardiac problems, while deep brain stimulators and spinal cord stimulators are commonly used for neurological disorders. Neurosurgeons and neurologists are at the forefront of implementing neurostimulation procedures, including functional neurosurgery fellowship and neural implant procedures.

Furthermore, the healthcare demand for electroceutical devices is expected to grow, driven by disease prevalence, healthcare spending, and product improvements. The Bioelectronic Medicine Day and initiatives like the Brain Research through Advancing Innovative Neurotechnology (BRAIN) and Stimulating Peripheral Activity to Relieve Conditions (SPARC) programs aim to improve knowledge about the physiology of brain disorders and guide the development of new therapies. Molecular medicine and bioengineering are also playing a crucial role in advancing the field of electroceutical bioelectric medicine. Neuromodulation devices, such as the InterStim System and InterStim Smart Programmer, are undergoing premarket approval (PMA) and are poised to revolutionize the treatment of conditions like urinary incontinence and chronic pain.

However, product recalls and safety concerns may hinder market growth.

Electroceutical Bioelectric Medicine Market Challenge

The lack of skilled neurologists in the healthcare industry is a key challenge affecting the market growth. The Bioelectric medicine market, a segment of medical technology, is witnessing significant growth due to the integration of advanced therapies into traditional medicine. This market caters to various disorders, including cardiovascular and neurological conditions. The patient pool for electroceutical devices, such as cardiac pacemakers, implantable cardioverter defibrillators, deep brain stimulators, and spinal cord stimulators, is expanding as healthcare providers respond to the healthcare spending demands of the geriatric population. Neurological disorders, including Parkinson's disease, epilepsy, and depression, are major indications for neurosurgeons and neural implant procedures. The healthcare demand for neurosurgery procedures is increasing due to the high disease prevalence in the aging population.

Furthermore, product improvements in neuromodulation devices, such as the InterStim System and InterStim Smart Programmer, have received PMA (premarket approval) and are driving market growth. However, challenges, such as product recalls and the need for specialized skills among healthcare professionals, may hinder market expansion. The field of bioelectric medicine encompasses bioengineering, molecular medicine, and neurology, with a focus on nerve-stimulating devices for cardiac problems, such as Interstitial Heart Disease (IHD) and Stroke (CVDs). Bioelectronic Medicine Day highlights the potential of this emerging field, which is expected to revolutionize the way we diagnose and treat various diseases.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Abbott Laboratories: The company offers electroceutical bioelectric medicine such as Proclaim SCS family and Eterna SCS system which is designed for the treatment of chronic pain, caused by diabetic peripheral neuropathy, and non surgical back pain.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Abbott Laboratories
• ALEVA NEUROTHERAPEUTICS SA
• Bayer AG
• Boston Scientific Corporation
• Cochlear Ltd.
• Demant AS
• electroCore Inc.
• EndoStim Inc
• LivaNova PLC
• MED EL Elektromedizinische Gerate GmbH
• Medtronic
• NeuroMetrix Inc.
• NEURONETICS Inc.
• NeuroPace Inc.
• Nevro Corp.
• Patricia Industries
• Sonova Holding AG
• Soterix Medical Inc.
• Synapse Biomedical Inc.
• ZHEJIANG NUROTRON BIOTECHNOLOGY CO. LTD.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The market in medical technology is experiencing significant growth due to the integration of technology in therapies for various medical conditions. The geriatric population and cardiovascular disorders hold a large patient pool for electroceutical devices such as cardiac pacemakers and implantable cardioverter defibrillators (ICDs). Neurological disorders like Parkinson's disease, epilepsy, and depression also contribute to the market demand.

Furthermore, healthcare providers, including neurosurgeons and neurologists, are increasingly adopting neurostimulation devices like deep brain stimulators and spinal cord stimulators for functional neurosurgery procedures. Healthcare spending on neurosurgery procedures for neurological disorders is expected to increase, driving market growth. Product improvements and advancements in bioengineering and molecular medicine continue to expand the application areas of electroceuticals in neurology. Bioelectronic Medicine Day highlights the potential of nerve-stimulating devices in treating cardiac problems, such as cardiovascular diseases (CVDs) like stroke, interim system, and interim smart programmer. The FDA's premarket approval (PMA) process and product recalls are essential considerations for market players in the bioelectric medicine market.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market  and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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