Global Electroceuticals/Bioelectric Medicine Market Research Report: Forecast (2024-2030)

Market Definition

Electroceuticals, or bioelectric medicine, are therapeutic modalities that use electrical impulses to modulate the body's frightened system and modify biological approaches to treat illnesses. This technique targets particular nerves or tissues with electric stimulation to manipulate or heal numerous scientific conditions, providing the best possible alternative to traditional drug treatment options.

Market Insights & Analysis: Global Electroceuticals/Bioelectric Medicine Market (2024-30):

The Global Electroceuticals/Bioelectric Medicine Market size is estimated to grow at a CAGR of around 7.3% during the forecast period, i.e., 2024-30. Key factors such as the increasing incidence of chronic and acute illnesses, an aging population, advancements in health-related products, and initiatives by leading companies and organizations are enhancing growth in the bioelectric medicine market. Several companies across the globe are launching health awareness programs to educate patients about the rising occurrence of diseases and precautionary solutions & remedies for individuals suffering from critical health conditions. For instance,

• In 2022, the Alliance for Advancing Bioelectronic Medicine inaugurated the first Bioelectronic Medicine Day, launching a health awareness campaign to promote developments in this field.

These rising health-educational programs are generating awareness among individuals and eradicating the apprehension among consumers related to the usage of these latest technologies. This helps in building trust among consumers. As a result, patients are transitioning towards these solutions.

Additionally, congenital abnormalities & changing lifestyle patterns are also resulting in a surge in neurological disorders. Patients suffering from these disorders experience severe migraines, which affect their overall productivity at work. Therefore, individuals are increasingly opting for bioelectrics and electroceuticals. Further, these medicines integrate bioengineering, molecular medicine, and neuroscience, which use nerve stimulation to regulate biological processes during disease treatment. This is a relatively more sophisticated treatment process than conventional treatment approaches. Therefore, there is a surge in demand for sophisticated bioelectric medicine for treating critical medical conditions, propelling market growth & expansion.

Furthermore, as per the studies conducted by the various leading research centers & academic institutions, the prevalence of these diseases will continue to increase in the forthcoming years. Therefore, there would be a requirement for these therapeutic solutions in the forecast years. All these factors are anticipated to augment the size & volume of the Global Electroceuticals/Bioelectric Medicine Market during the forecast period.

Global Electroceuticals/Bioelectric Medicine Market Driver:

Rising Incidences of Chronic Illnesses Driving Market Growth & Development –  In the past few years, the chronic disease growth rate has significantly risen, and these illnesses have emerged as one of the leading causes of death worldwide. For instance,

• As per the statistics provided by the United Nations Children’s Fund (UNICEF), in 2019, chronic diseases are accountable for approximately 71% of deaths globally, with cardiovascular diseases as one of the immediate causes.

These health conditions are typically long-term and require continuous medical attention and management. Therefore, with the growing prevalence of chronic diseases, there is a higher need for more effective and innovative treatment options, like electroceuticals. These medicines utilize electrical stimulations to influence and modulate body functions and do not cause any other health repercussions. As a result, patients who are non-responsive to medications or suffer from extreme side effects are shifting towards these medicines, driving the market growth.

Moreover, these medicines offer precise and targeted therapy with fewer side effects than traditional pharmacological approaches. Therefore, patients with long-term illnesses would continue to use these medicines, enhancing market growth in the forecast period as well.

Global Electroceuticals/Bioelectric Medicine Market Opportunity:

Improving Healthcare Infrastructure Offers Lucrative Opportunities – Governing bodies across the globe are progressively focusing on improving the healthcare infrastructure to reduce the economic burden caused by the deaths of patients. The official authorities are increasingly encouraging the establishment of specialized clinics & centers within underdeveloped & developing economies to enhance the quality of life of their residents & strengthen the healthcare infrastructure. These specialized centers are built with the vision of offering advanced treatments & therapies, such as bioelectric medicine & electroceutical systems, to patients suffering from chronic diseases. Therefore, the rising establishment of these hospitals & healthcare facilities is providing an opportunity for market players to supply their advanced products to healthcare units & their pharmacies.

Additionally, a few countries are witnessing a surge in outbound medical tourism, where patients are leaving their native countries to get treated in foreign countries. Therefore, to minimize outbound medical tourism, the governing authorities of these countries are modernizing their medical infrastructure and setting up new facilities. This surge in the construction of new healthcare units would continue to drive demand for the bioelectric & electroceutical medicine market in the forecast years as well.

Global Electroceuticals/Bioelectric Medicine Market Challenge:

High Cost of Electroceutical Devices Hindering Market Growth & Expansion – Electroceutical devices are generally made up of leading & emerging technologies, due to which the cost of these products is relatively higher than that of conventional products. Additionally, these devices are manufactured after complex and resource-intensive processes that include extensive research and development. Further, these devices are designed & developed in line with safety standards laid by the governing authorities, which necessitates that the product undergo regular clinical investigation and research. This consequently increases the cost of production for the major market players.

Therefore, to recover the increased production costs, the key market players offer these products to patients at comparatively higher costs. According to the official records, the average price of negative pressure wound therapy systems falls within the range of USD 2400 to USD 2920. As a result, consumers with low per capita incomes refrain from purchasing these devices and rely on traditional therapeutic approaches, impeding market growth & development.

Global Electroceuticals/Bioelectric Medicine Market Trend:

Growing Inclination Towards Technologically Advanced Therapeutic Solutions – In recent years, the pharmaceutical and biopharmaceutical sectors have continuously improved owing to the rising funding & subsidies allocated by the government and non-government organizations. The market players in the industry have completely revolutionized and improved their product offerings by incorporating the latest technologies into their products. The increasing incorporation of technology into the products enhances their reliability & efficiency and also broadens their applications. As a result, consumers with severe illnesses are shifting towards these technologically advanced products to improve their health conditions, enlarging the Electroceuticals/Bioelectric Medicine Market size.

Along with it, the prominent players are making considerable investments in further R&D of their products to improve their functioning. For instance,

• In 2023, Medtronic, a leading medical device manufacturer, announced plans to build its R&D center in India to work on integrating the latest technologies & improving its products’ effectiveness.

These consistent efforts to build more accurate, reliable, and effective products would continue to gain attention from the patients suffering from these communicable & non-communicable diseases. Consequently, this would result in a surge in demand for highly advanced bioelectric medicine & electroceutical products, uplifting market size & volume.

Global Electroceuticals/Bioelectric Medicine Market (2024-30): Segmentation Analysis

The Global Electroceuticals/Bioelectric Medicine Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the global level. According to the analysis, the market has been further classified as:

Based on the Product

• Cardiac Pacemakers & Implantable Cardioverter Defibrillators
• Cochlear Implants
• Neuromodulators
  • Spinal Cord Stimulators
  • Deep Brain Stimulators
  • Vagus Nerve Stimulators
  • Sacral Nerve Stimulators
  • Gastric Electric Stimulators
  • Transcutaneous Electrical Nerve Stimulators
  • Transcranial Magnetic Stimulators
  • Respiratory Electrical Stimulators
  • Transgeminal Nerve Stimulators
  • Responsive Neurostimulators
• Retinal Implants

Among these, cardiac pacemakers and implantable cardioverter defibrillators hold a notable market share in the Global Electroceuticals/Bioelectric Medicine Market. Individuals across the globe are suffering from cardiac arrest & other cardiovascular disorders owing to their higher consumption of cholesterol-rich foods. These medical conditions are one of the leading causes of death across several regions worldwide, putting an economic burden on the countries. For instance,

• As per the statistics provided by the Centers for Disease Control & Prevention, in 2021, deaths due to heart-related problems led to an economic loss of more than USD 220 billion.

Additionally, these conditions require immediate medical treatment. Therefore, healthcare facilities & nursing homes equip themselves with these products to offer instantaneous treatment. Further, the geriatric population across the globe is increasing, and individuals falling into this category are at higher risk of getting heart-related issues. Therefore, countries with higher geriatric populations are increasingly purchasing these therapeutic solutions to prepare themselves ahead of any health emergency, uplifting market growth.

Based on the Type

• Implantable Electroceutical Devices
• Non-Invasive Electroceutical Devices

Implantable electroceutical devices hold a dominant market share in the Global Electroceuticals/Bioelectric Medicine Market. Conventionally, the consistent usage of the medicine causes adverse effects on the patient’s body, leading to organ failure. Therefore, patients across the globe are looking for solutions that minimize the risks of the inevitable effects caused by the medicine. Hence, individuals are increasingly opting for implantable electroceutical devices. These devices are highly durable & effective and offer targeted precision. As a result, the patients are required to take minimal medication, reducing the risk of getting affected due to the consistent consumption of these medicines. Hence, the positive health outcomes offered by these devices are contributing to a surge in their popularity and enhancing their market share in the Global Electroceuticals/Bioelectric Medicine Market.

Further, consumers nowadays prefer to opt for one-time surgical procedures rather than regular therapy sessions since they provide immediate results to patients. This inclination of consumers towards surgical procedures to cure their illnesses is further uplifting the need for implantable electroceutical devices.

Global Electroceuticals/Bioelectric Medicine Market (2024-30): Regional Projections

Geographically, the Global Electroceuticals/Bioelectric Medicine Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Geographically, North America holds a noteworthy market share in the Global Electroceuticals/Bioelectric Medicine Market. The countries in the region have a high healthcare infrastructure equipped with cutting-edge technologies. Additionally, the disease burden in these countries is also higher than in countries in different regions. For instance,

• As per the statistics provided by the Centers for Disease Control and Prevention, heart disease was responsible for approximately 695,000 deaths in the US.

Owing to this, it is becoming critical for the healthcare facilities in the region to extensively use these ailment-treatment solutions.

Additionally, the governing authorities in the region are easing taxes and creating a business-favorable environment for market players. As a result, several prominent organizations are extensively working on developing innovative, non-invasive medical devices. Further, the official authorities are also setting up road maps to improve their medical facilities to gain a competitive advantage over other countries. Therefore, hospitals in these countries are increasingly purchasing these solutions to provide better healthcare to their patients.

Global Electroceuticals/Bioelectric Medicine Industry Recent Development:

• 2023: Boston Scientific Corporation received FDA approval for its Vercise Neural Navigator 5 software for managing patients with Parkinson's disease or essential tremors.
• 2023: LivaNova Plc launched the SenTiva DUO, an innovative implantable pulse generator developed specifically for patients with drug-resistant epilepsy. This device is tailored to deliver VNS therapy and is distinguished by its dual-pin header design.

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