Bioelectric Medicine Market Expanding Rapidly With Key Vendors Medtronic PLC, Sonava, Boston Scientific Corporation, St Jude Medical, Liva Nova PLC, Biotronic, Nevro Corp

Bioelectric medicine is a new and innovative approach to diagnose and treat injuries and diseases. All major organs of the body are connected to the nerves, which allows the brain to monitor and regulate the functions of the organs. Bioelectric medicine refers to the usage of a device to modulate and read the electrical activity within the body’s nervous systems. Nerve blocking devices or nerve stimulating devices that are held against the skin or implanted on a nerve have the potential to regulate specific nerve activity, make specific changes in organ function, and also restore health, without much complicated side effects of pharmaceutical agents. Bioelectric medicine technology is used to record, block, and stimulate neural signals to change the way diseases and injuries are treated. It is also used for the treatment of conditions such as cancer, paralysis, rheumatoid arthritis, and diabetes. Electroceuticals are alternatives to drug based remedies.

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Mergers and acquisitions, advancements in technology, and innovations such as non-invasive devices in the field of bioelectric medicines are the major factors driving growth of the bioelectric medicine market. For instance, in 2016, GlaxoSmithKline Plc. (GSK) merged with Google’s parent company Alphabet to set up a new bioelectric company called Galvani Bioelectronics, which will benefit over 2 billion people who are suffering from chronic diseases. GSK invested around US$ 615 million for the development of Galvani Bioelectronics. In 2015, Synapse Electroceutical Technology, a UK-based company launched a new product Accel-Heal, which is a non-invasive class 2A medical device. The device also promotes healing of leg ulcers by using electrical energy. Accel-Heal delivers a sequence of low level, pre-programmed and sub sensory electrical energy through surface of the skin.

Synapse Electroceutical Technology has a product for venous leg ulcer management in the pipeline, which is expected to fuel growth of the bioelectric medicine market over the forecast period. Other factors that boost growth of the bioelectric medicine market include increasing number of diseases in geriatric population such as cardiac arrhythmias, Parkinson’s disease, Alzheimer’s disease, epilepsy, and depression, and rise in chronic diseases such as neurological and cardiac disorders. According to a study conducted by Journal of Family Medicine and Primary Care in 2017, four major chronic diseases including cancer, cardiovascular disease, diabetes, and chronic respiratory diseases were the major cause for 82% deaths in India. According to a study conducted by World Health Organization (WHO) in 2017, non-communicable diseases are expected to contribute to death of 52 million people by 2030 globally.

Bioelectric Medicine Market Regional Analysis:

Europe is expected to witness significant growth in the global bioelectric medicine market due to mergers and acquisitions and advancements in R&D. For instance, in 2015, GSK had over 50 research collaborations in the field of bioelectric medicine. In 2013, GSK invested in a start-up company called Set Point, who is involved in the development of implantable devices that would stimulate the vagus nerve in the neck with electrical impulses. North America is also expected to witness significant growth in the bioelectric medicine market due to advancements in research and development. Asia Pacific is also expected to exhibit significant growth in the bioelectric medicine market, owing to the rising number of people diagnosed with chronic diseases.

Bioelectric Medicine Market Key Players:

Key players operating in the global bioelectric medicine market include Medtronic PLC, Sonava, Boston Scientific Corporation, St Jude Medical, Liva Nova PLC, Biotronic, Second Sight Medical Products, Nevro Corp, and Electrocare among others.

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Bioelectric Medicine Market Taxonomy:

The global bioelectric medicine market is segmented on the basis of products, product type, application, and region.

By Products

Cardiac Pacemakers
Cochlear Implants
Implantable Cardioverter Defibrillators
Spinal cord Stimulators
Retinal Implants
Vagus Nerve Stimulators
Sacral Nerve Stimulators
Deep brain Stimulators
Transcutaneous Electrical Nerve Stimulators
Others

By Product Type

Implantable Electroceutical Devices
Non-Invasive Electroceutical Devices

By Application

Pain Management
Depression
Epilepsy
Arrhythmia
Tremor
Parkinson’s Disease
Sensorineural Hearing Loss
Others

By Region

North America
Europe
Latin America
Asia Pacific
Middle East
Africa

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