Bioelectric Medicine Market Headed for Growth and Global Expansion by 2026 And The Key Companies Are Medtronic PLC, Sonava, Boston Scientific Corporation, St Jude Medical, Liva Nova PLC, Biotronic, Second Sight Medical Products, Nevro Corp

Bioelectric Medicine Market Drivers:

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.

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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 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.

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. For instance, Electro Core, a U.S.-based company is working on a device to treat headaches related to migraines by stimulating vagus nerve on the neck with electrical impulses. In 2017, Reshape Lifesciences launched minimally invasive medical devices ReShape Balloon, ReShape VBloc, and ReShape Vest to treat obesity and metabolic diseases. In 2014, the U.S. FDA approved Inspire Medical Systems’ Sleep Apnea Treatment to treat sleep apnea by implanting a device that stimulates air way muscles.

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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. According to a survey conducted by the National Health and Family Planning Commission (NHFPC) in 2017, prevalence of hypertension in adults in China was 25.2% and diabetes was 9.7%.

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