The global Electroceutical / Bioelectric Medicine market was valued at USD 20,249.6 million in 2019 and is expected to reach USD 37,109.9 million by 2027, growing at a CAGR of 7.94% from 2020 to 2027.
Electroceuticals is referred as old therapeutic modality which broadly comprises all the bioelectric medicines. These are medical related devices which utilize electrical impulses to affect change, thereby modifying bodily functioning as an alternative to drug-based remediation.
Increase in geriatric population is the key driving factor which is expected to boost the global electroceuticals/Bioelectric medicine market growth. Furthermore, increase in investments and funds for the development of Novel Therapies and electroceuticals will have the positive impact on market growth. Moreover, rise in prevalence of neurological disorders will drive the market growth. In addition to that, increase in prevalence of hearing loss will fuel the market growth.
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North America held the largest share in the overall market in 2019. This can be attributed to factors such as presence of favorable reimbursement policies and sophisticated healthcare infrastructure. Increasing awareness about applications of electroceuticals and their associated benefits is a factor contributing to the large share of the regional market.
According to the European Union (EU) data, more than 49% of the population in EU countries uses prescription medicine. However, electroceuticals are expected to replace pills for some conditions. These implanted devices work to replace, repair, or restore the parts of our body and have been in use since 1950. Since then, devices have been created to restore various functions and senses, such as sight and hearing and others. These devices can be external, wearable, or can be implanted into the body, such as pacemaker. One of the most popular applications of electroceuticals is chronic headache.
However, lack of skilled professionals and high cost of cochlear implants are the restraining factors for market which are expected to hamper the global electroceuticals/bioelectric medicine market growth. Also, unfavorable reimbursement scenario will affect the market growth.
Based on type the electroceutical/bioelectric medicine market has been segmented into implantable and non-invasive electroceutical devices. Implantable devices commanded the major market share in 2019 owing to the various factors including Increasing application and implantation of various electroceutical devices such as ICDs, pacemaker, and various other implants. Furthermore, rising prevalence of diseases which require continuous monitoring is another major factor propelling the growth of the market
Based on application the electroceutical/bioelectric medicine market has been segmented into Pain Management, Arrhythmia, Sensorineural Hearing Loss, Tremor, Depression, Epilepsy, and others. Arrhythmia accounted for the largest market share in 2019.
Global Electroceuticals / Bioelectric Medicine Market is segmented into product such as Cardiac Pacemaker, Cochlear Implants, Deep Brain Stimulators, Vagus Nerve Stimulators, and Others, by medicine type such as Implantable Electroceutical Devices, and Noninvasive Electroceutical Devices.
Further, market is segmented into application such as Pain Management, Arrhythmia, Sensorineural Hearing Loss, Tremor, Depression, Epilepsy, and Others.
Also, Global Electroceuticals / Bioelectric Medicine Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as Medtronic PLC, Cochlear Limited, Boston Scientific Corporation, St. Jude Medical, Inc., Sonova Holding AG, Livanova PLC, Biotronik, Nevro Corp, and Electrocore LLC
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