Press release
Bioelectric Medicine Market Poised to Hit $38.16 Billion by 2029 with Accelerating Growth Trends
Bioelectric Medicine Market Size
Bioelectric Medicine Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for bioelectric medicine has experienced robust growth in the past few years. The market, which is forecasted to grow from $24.69 billion in 2024 to $27.01 billion in 2025, boasts a compound annual growth rate (CAGR) of 9.4%. The historic growth is attributed to factors such as a rising elderly population, increased disposable income, heightened demand for ary therapy, a growing incidence of neurological disorders, and a higher demand for advanced therapeutics.
Bioelectric Medicine Market Size Forecast: What's the Projected Valuation by 2029?
The market size of bioelectric medicine is predicted to experience considerable expansion in the upcoming years, reaching an approximate value of $38.16 billion by 2029, with a compound annual growth rate (CAGR) of 9.0%. Factors contributing to this growth during the forecasted period range from a rise in demand for non-invasive treatment options, an uptick in healthcare spending, population growth, a higher incidence of chronic diseases, and greater awareness about advancements in healthcare. Major trends observed within the same forecast period include improved technological capabilities, a greater interplay between telemedicine and digital health, enhanced funding and investment, refinement in implantable devices, and an overall miniaturization of such devices.
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What Are the Drivers Transforming the Bioelectric Medicine Market?
The escalation in health care spending is forecasted to stimulate the expansion of the bioelectric medicine market. Health care spending refers to the cumulative amount of money circulated on resources and services in health care over a specified interval. Population aging, innovations in medical technology, and the rising prevalence of chronic diseases are the primary catalysts for increased healthcare spending. This rise in healthcare spending has constructive implications for bioelectric medicine as it encourages more investment in the research, development, and practicing of novel bioelectric therapies. For example, the Office for National Statistics, a national statistical agency based in the UK, reported that the UK healthcare spend in 2022 mounted to around $354.88 billion (£283 billion). This showed a 0.7% increment compared to the expenses in 2021. Thus, the surge in health care expenditure is anticipated to propel the growth of the bioelectric medicine market in the future.
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What Long-Term Trends Will Define the Future of the Bioelectric Medicine Market?
Major firms in the bioelectric medicine sector are prioritizing technological innovation, such as software-aided overall wellness bioelectric treatments, to gain a competitive edge. The software-aided overall wellness medicine offers users detailed guidance for deep brain stimulation therapy protocols and assists in surgical planning, intra-operative electrode positioning, and personalized programming for deep brain stimulation therapy. For example, in July 2023, Boston Scientific Corporation, a US-based bioelectric medicine and wellness firm, confirmed that Vercise Neural Navigator 5 Software had been approved by the US FDA. This software has advanced features for accurately targeting and programming deep brain stimulation (DBS) therapy. It combines imaging data with stimulation parameters, enabling the personalized treatment of neurological disorders. Consequently, this leads to exact electrode placement, accurate guidance in surgical planning, and personalized programming, eventually improving treatment results and patient satisfaction.
Which Segments in the Bioelectric Medicine Market Offer the Most Profit Potential?
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 Firms Dominate the Bioelectric Medicine Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in 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.
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