Press release
Advancements In Bioelectric Medicine Enhanced Deep Brain Stimulation Therapy Trend: A Crucial Influence on the Bioelectric Medicine Market's Transformation in 2025
Bioelectric Medicine Market Size
The escalating expenses in healthcare are predicted to catalyze the advancement of the bioelectric medicine market. Healthcare expenditure signifies the aggregate money spent on healthcare services and resources over a particular period. Factors such as an ageing population, progress in medical technology, and a surge in chronic disease incidence fuel this increase in healthcare expenditure. This surge positively influences bioelectric medicine through increased investment in research, experimentation, and the introduction of novel bioelectric therapies. For instance, the Office for National Statistics, a national statistical institute in the UK, reported that the UK health expenditure amounted to approximately $354.88 billion (£283 billion) in 2022, an increment of 0.7% relative to 2021 expenditures. Consequently, the growth of the bioelectric medicine market is expected to be propelled by this rise in healthcare expenditure.
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What is the projected compound annual growth rate (CAGR) of the bioelectric medicine market from 2025 to 2034, and what factors influence it?
The size of the bioelectric medicine market has seen considerable growth in the past few years. From standing at $24.69 billion in 2024, it is expected to rise to $27.01 billion by 2025, representing a compound annual growth rate (CAGR) of 9.4%. The historical growth in this market can be linked to factors such as a growing elderly population, a rise in disposable income, an increasing requirement for add-on therapy, a higher prevalence of neurological disorders, and the rising demand for innovative therapeutics.
In the coming years, the bioelectric medicine market is projected to experience significant growth, reaching $38.16 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 9.0%. This expansion during the forecast period is likely due to increased demand for non-invasive therapy, rising healthcare spending, growing patient numbers, a high incidence of chronic diseases, and heightened awareness of healthcare innovations. Key trends in the forecast period consist of technological progress, the amalgamation of telemedicine and digital health, growing investments and funding, progress in implantable devices, and the miniaturization of devices.
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How are the latest trends influencing the growth of the bioelectric medicine market?
Available major companies in the bioelectric medicine industry are striving to remain competitive through technological innovations such as software-enhanced bioelectric wellness medicines. This software-enabled wellness medicine offers users accurate guidance when carrying out deep brain stimulation therapy procedures and aids with surgical preparation, intraoperative electrode positioning, and personalized programming for deep brain stimulation therapy. For example, in July 2023, Boston Scientific Corporation, a U.S.-based bioelectric medicine and wellness company, announced the US FDA's approval of their Vercise Neural Navigator 5 Software. This software comes with a range of advanced features for precise targeting and programming of deep brain stimulation (DBS) therapy. It combines imaging data with stimulation parameters that facilitate personalized treatment of neurological conditions. This results in the precise placement of electrodes, accurate surgical planning guidance and personalized programming, ultimately improving treatment results and satisfying patients.
What are the major segments of the bioelectric medicine market and their role in driving growth?
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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Which regions are key players in the growth of the bioelectric medicine market?
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.
Who are the key firms paving the way for growth in the bioelectric medicine market?
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
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What Is Covered In The Bioelectric Medicine Global Market Report?
•Market Size Forecast: Examine the bioelectric medicine market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the bioelectric medicine market for a structured understanding.
•Key Players Overview: Analyze major players in the bioelectric medicine market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the bioelectric medicine market.
•Segment Contributions: Evaluate how different segments drive overall growth in the bioelectric medicine market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the bioelectric medicine market.
•Industry Challenges: Identify potential risks and obstacles affecting the bioelectric medicine market.
•Competitive Landscape: Review strategic developments in the bioelectric medicine market, including expansions, agreements, and new product launches.
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