Bioelectric Medicine Market | Size, Share and Scope Analysis to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Bioelectric Medicine Market Size, Share & Trends Analysis Report By Product (Pacemaker, ICD, Cochlear Implant, Deep Brain, Spinal Cord, Vagus, Sacral Nerve Stimulators), Application (Ischemia, Epilepsy), Type (Implantable, Noninvasive), End User (Hospitals, Clinics, & ASCs)- Market Outlook And Industry Analysis 2031"

The Global Bioelectric Medicine Market is estimated to reach over USD 29.06 billion by 2031, exhibiting a CAGR of 5.75% during the forecast period.

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Electroceuticals, often known as bioelectric medicine, is the umbrella term for any medically relevant gadgets that use the nervous system's electrical signals and impulses. It integrates molecular medicine, neuroscience, and bioengineering to create devices that stimulate nerves to change biological processes during treating diseases. There are implantable defibrillators, cardiac pacemakers, cochlear implants, retinal implants, relief devices, and spinal cord stimulators. The global rise in cardiovascular and neurological illnesses and the aging population encourage growth in this industry. Bioelectric medicine uses transcutaneous electric nerve stimulators, vagus nerve stimulators, and deep brain stimulators to treat these disorders. Another aspect that is causing an increase is the rising prevalence of arrhythmia, a condition treated with cardiac pacemakers and implantable cardioverter-defibrillators. In addition, the rising prevalence of Parkinson's disease and lifestyle-related illnesses, including obesity and depression, are boosting demand for deep brain stimulators, helping the market expand.

List of Prominent Players in the Bioelectric Medicine Market:
• Abbott Laboratories, Inc. (US)
• Axonics Modulation Technologies, Inc. (US)
• BioControl Medical (Israel)
• Bioinduction Ltd. (UK)
• BIOTRONIK (Germany)
• Biotronik SE & Co KG
• Boston Scientific Corporation
• Cefaly (Belgium)
• Cochlear Ltd.
• electroCore, Inc.
• GiMer Medical (Taiwan)
• LivaNova PLC (UK)
• MED-EL (Austria)
• Medico S.p.A. (Italy)
• Medtronic
• MicroPort Scientific Corporation (China)
• Neuro ace, Inc. (US)
• Neuronetics, Inc. (US)
• Nevro Corp.
• Nurotron Biotechnology Co. Ltd. (US)
• Second Sight Medical Products, Inc. (US)
• Sonova Group (Switzerland)
• Soterix Medical Inc. (US)
• Stimwave LLC
• TVNS Technologies GmbH (Germany)

Market Dynamics:
Drivers-
One of the leading drivers of the market's expansion is the rising prevalence of serious illnesses globally. Electroceuticals have recently gained significant consumer acceptance for treating various cardiac and neurological disorders, including dystonia, essential tremor, obsessive-compulsive disorder (OCD), epilepsy, Alzheimer's disease, Parkinson's disease, and arrhythmia. These developments are the main market growth drivers. In addition, the expanding elderly population, susceptible to neurological illnesses, is anticipated to boost market expansion over the forecasting period. The key factors propelling the market's growth are manufacturer investments in R&D and the increasing frequency of regulatory approvals for cutting-edge bioelectric medicine.

Challenges:
The high price of electroceutical equipment is a significant problem, particularly in underdeveloped nations. For instance, a cochlear implant costs Rs. 430,000, whereas a pacemaker surgery costs between Rs. 275,000 and Rs. 300,000. Just about Rs. 135,050 per person was the average national income. Because of this, most people cannot afford electroceutical equipment, which lowers demand. Furthermore, government laws that are too strict may impede the development and production of medical equipment, including implantable cardioverter defibrillators, cardiac pacemakers, and neuromodulation devices.

Regional Trends:
The North America bioelectric medicine market is expected to register major market share in terms of revenue and projected to grow at a high CAGR in the near future due to significant investments in research and development, an increase in the use of cutting-edge technology, the presence of important firms, and the abundance of hospitals in the area. Furthermore, a significant driver of the industry in the region is the increase in healthcare spending. Moreover, the FDA's recent clearance of several bioelectrical devices in the area is hastening the use of electroceuticals. Besides, the Asia Pacific had a substantial share of the market. This is due to several elements, including the region's wide availability of clinical laboratories, rising government spending on healthcare infrastructure, and the rising prevalence of various health disorders, including epilepsy, Alzheimer's disease, cardiac arrhythmias, and spinal cord injuries. The sector is also being driven by the regional countries' fast-rising health insurance coverage.

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Recent Developments:
• In July 2021, graphene-based bioelectronic vagus nerve therapies for severe chronic disorders are being developed by Innervia Bioelectronics in collaboration with Merck KGaA, Darmstadt, Germany (Merck). To develop treatments for illnesses with unmet medical needs that fall within Merck's areas of expertise, the two businesses will combine their expertise.
• In November 2020, Medtronic announced that their friendly tender offer for Medicrea International, situated in France, had been accepted. As a result, Medtronic presently holds most of the voting and share capital of Medicrea. Medicrea International is a leader in using artificial intelligence (AI), predictive modeling, and patient-specific implants to change spinal surgery.

Segmentation of Bioelectric Medicine Market-
By Product
• Cardiac Pacemakers & Implantable Cardioverter
Defibrillators
• Spinal Cord Stimulators
o Chronic Pain
o Failed Back Surgery Syndrome
o Cerebral Ischemia
• Cochlear Implants
• Deep Brain Stimulators
o Parkinson's Disease
o Tremors
o Depression
o Other DBS Applications
• Sacral Nerve Stimulators & Gastric Electrical
Stimulators
o Urinary Incontinence
o Fecal Incontinence
o Gastroparesis
• Transcutaneous Electrical Nerve Stimulators
o Treatment-resistant Depression
o Other TENS Applications
• Vagus Nerve Stimulators
o Epilepsy
o Other VNS Applications
• Other Electrical Stimulators

By Type
• Implantable Electroceutical Devices
• Noninvasive Electroceutical Devices

By End User
• Hospitals, Clinics, & ASCs
• Other End Users

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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