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Key Influencer in the Bioelectric Medicine Market 2025: Rising Healthcare Expenditure Driving Bioelectric Medicine Market Growth Driver
Bioelectric Medicine Market
There has been a significant expansion observed in the bioelectric medicine market size in the past few years. Expanding from a value of $24.69 billion in 2024, it's predicted to grow to $27.01 billion in 2025 exhibiting a compound annual growth rate (CAGR) of 9.4%. Factors contributing to this growth during the historic period include a rise in the elderly population, higher disposable income, increased demand for supplementary therapy, a greater incidence of neurological disorders, and rising demand for innovative therapeutics.
The bioelectric medicine market is projected to witness robust growth in the coming years, expanding to $38.16 billion in 2029 with a compound annual growth rate (CAGR) of 9.0%. The anticipated growth throughout the forecast period is due to increased demand for non-surgical therapies, a rise in healthcare spending, an expanding patient base, a high incidence of chronic diseases and growing consciousness about advances in healthcare. The forecast period will also see considerable trends such as technological innovations, merging of telemedicine and digital health, escalating investments and fundings, improvements in implantable devices, and device down-scaling.
What Are the Main Catalysts for Growth in the Bioelectric Medicine Market?
The growth of the bioelectric medicine market is predicted to be spurred on by escalating healthcare expenses. This expenditure on healthcare accounts for the aggregate sum of money allocated towards medical resources as well as services in a set time period. The surge in these expenses can be attributed to factors such as an aging population, medical technological innovations, and the increasing prevalence of chronic diseases. These amplified healthcare costs positively influence bioelectric medicine by encouraging additional investment in the research, development and uptake of novel bioelectric treatments. For instance, in 2022, the Office for National Statistics, located in the UK, reported that healthcare expenditure in the UK rose to around $354.88 billion (£283 billion), marking a 0.7% increase relative to the expenditure in 2021. This escalation in healthcare expenses is thereby anticipated to fuel the growth of the bioelectric medicine market in the future.
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Which Businesses Are at the Forefront of Bioelectric Medicine Market Development?
Major companies operating in the bioelectric medicine market are Abbott Laboratories, Medtronic PLC, Koninklijke Philips N.V., Boston Scientific Corporation, Biotronik SE & Co. KG, Cochlear Ltd., LivaNova PLC, Bioventus LLC, Inspire Medical Systems Inc., Nevro Corporation, Axonics Inc., Zynex Inc., NeuroPace Inc., Stimwave LLC, Setpoint Medical Corporation, ReShape Lifesciences Inc., ElectroCore Inc., NeuroMetrix Inc., Soterix Medical Inc., Galvani Bioelectronics, MicroTransponder Inc., BioElectronics Corporation, Cerbomed GmbH
What Are the Latest Innovations in the Bioelectric Medicine Market?
Major firms in the bioelectric medicine sector are concentrating on technology advancements, such as software-enabled holistic wellness bioelectric medications, to maintain a competitive edge. This type of software provides exact direction for comprehensive brain stimulation therapy procedures and assists in preoperative planning, electrode placement during surgery, and personalized programming for comprehensive brain stimulation therapy. For example, Boston Scientific Corporation, a bioelectric medicine and wellness firm based in the United States, declared in July 2023 that the US FDA had approved the Vercise Neural Navigator 5 Software. This software offers sophisticated features for the accurate targeting and planning of deep brain stimulation (DBS) therapy. It combines imaging data with stimulation parameters, enabling personalized treatment for neurological conditions. This results in correct electrode placement, precise guidance for surgical planning, and tailored programming, ultimately improving therapeutic outcomes and patient satisfaction.
How Is the Bioelectric Medicine Market Segmented?
The bioelectric medicine market covered in this report is segmented -
1) By Type: Implantable Electroceutical Devices, Non-Invasive Electroceutical Devices
2) By Product: Implantable Cardioverter-Defibrillators, Cardiac Pacemakers, Cochlear Implants, Spinal Cord Stimulators, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators (TENS), Sacral Nerve Stimulators, Vagus Nerve Stimulators, Other Products
3) By Application: Arrhythmia, Pain Management, Sensorineural Hearing Loss, Parkinson's Disease, Tremor, Depression, Treatment-Resistant Depression, Epilepsy, Other Applications
4) By End Use: Hospitals, Other End Uses
Subsegments:
1) By Implantable Electroceutical Devices: Cochlear Implants, Deep Brain Stimulation (DBS) Devices, Spinal Cord Stimulation (SCS) Devices, Vagus Nerve Stimulation (VNS) Devices, Retinal Implants, Neuromodulation Devices
2) By Non-Invasive Electroceutical Devices: Transcranial Magnetic Stimulation (TMS) Devices, Transcutaneous Electrical Nerve Stimulation (TENS) Devices, Electrotherapy Devices, Pulsed Electromagnetic Field (PEMF) Therapy Devices, Electroceutical Wearables
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Where Is the Bioelectric Medicine Market Growth Most Prominent?
North America was the largest region in the bioelectric medicine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioelectric medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Bioelectric Medicine Global Market Report?
- Market Size Analysis: Analyze the Bioelectric Medicine Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Bioelectric Medicine Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Bioelectric Medicine Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Bioelectric Medicine Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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