Increasing prevalence of chronic diseases, advancements in
technology, and rising demand for non-invasive therapies drive the
growth of the global electroceuticals/bioelectric
market.
PORTLAND, Ore., April 23, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Electroceuticals/Bioelectric
Medicine Market by Product (Cardiac Pacemakers and Implantable
Cardioverter Defibrillators, Cochlear Implants, Spinal Cord
Stimulators, Deep Brain Stimulators, Vagus Nerve Stimulators,
Sacral Nerve Stimulators, Others), by Device Type (Implantable
Devices, Non-invasive Devices), by Application (Arrhythmia,
Sensorineural Hearing Loss, Epilepsy, Parkinson's Disease, Others),
by End User (Hospitals, Ambulatory Surgical Centers, Others):
Global Opportunity Analysis and Industry Forecast,
2023-2032". According to the report, the global
electroceuticals/bioelectric medicine market was valued at
$ 19.8 billion in 2022 and is
estimated to reach $40.5 billion
by 2032, exhibiting a CAGR of 7.4% from 2023 to 2032.
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Medicine Market Forecast -
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Prime determinants of growth
Growing adoption of electroceuticals, advancements in
technologies and presence of key players are the factors that drive
the growth of the global electroceuticals/bioelectric
medicine market. However, high cost of the electroceutical
therapy is anticipated to hinder market growth. On the contrary, a
rise in healthcare expansion is expected to offer remunerative
opportunities for the electroceuticals/bioelectric medicine market
during the forecast period.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base Year
|
2022
|
Market Size in
2022
|
$19.8
billion
|
Market Size in
2032
|
$40.5
billion
|
CAGR
|
7.4 %
|
No. of Pages in
Report
|
275
|
Segments
covered
|
Product, Device Type,
Application, End User and Region
|
Regional
scope
|
North America, Europe,
Asia Pacific, LA and MEA
|
Country
scope
|
U.S., Canada; Mexico;
Germany; UK; France; Italy; Spain; China; Japan; India; South
Korea; Australia; Brazil; Colombia; Argentina; GCC; South Africa;
North Africa.
|
Drivers
|
Increasing prevalence
of chronic diseases
Advancements in
technology
Rising demand for
non-invasive therapies
|
Opportunities
|
Growth opportunity in
emerging markets
|
Restraints
|
High cost associated
with electroceuticals therapy
|
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The cardiac pacemakers & implantable cardioverter
defibrillators segment to maintain its lead position during
the forecast period.
Based on product, the cardiac pacemakers & implantable
cardioverter defibrillators segment accounted for the largest share
in 2022, accounting for almost two-thirds of the global
electroceuticals/bioelectric medicine market revenue. This is
primarily attributed to the increasing incidence of
cardiovascular diseases like arrhythmias and heart failure,
continuous innovations in cardiac device technology, expanding
aging demographic, and heightened awareness regarding
cardiovascular health and advanced treatment alternatives. These
factors collectively contribute to the segment's continued
dominance in revenue generation.
However, the deep brain stimulators segment is projected to
register highest CAGR of 11.0% during the forecast period owing to
increasing R&D activities in neurostimulation therapies for
conditions such as essential tremor, dystonia and parkinson's
disease. Innovations in technology and expanded indications are
driving adoption. Moreover, the growing prevalence of neurological
disorders and the demand for non-pharmacological treatment options
further fuel the segment's accelerated growth.
The implantable devices segment to maintain its lead position
during the forecast period.
Based on device type, the implantable devices segment accounted
for the largest share in 2022, accounting for more than four-
fifths of the global electroceuticals/bioelectric medicine market
revenue. This is primarily attributed to factors such as
prolonged service life of implantable device, which reduce the need
for frequent replacements and boost cost-effectiveness. Moreover,
continuous technological advancements enhance device durability and
performance, thus driving the segment growth.
However, the non-invasive devices segment is projected to
register highest CAGR of 9.2% during the forecast period owing
to growing adoption of minimally invasive treatments, coupled
with advancements in technology, making non-invasive devices more
effective. In addition, rising demand for home healthcare solutions
and expanding applications across various medical specialties
contribute to the segment's accelerated growth.
The arrhythmia segment to maintain its lead position during
the forecast period.
Based on application, the arrhythmia segment accounted for the
largest share in 2022, accounting for almost two-thirds of the
global electroceuticals/bioelectric medicine market revenue.
This is primarily attributed to increasing prevalence of
arrhythmias globally. Factors such as aging population, lifestyle
changes, and advancements in arrhythmia management technologies
contribute to sustained demand for diagnostic and treatment
solutions in this segment.
However, the epilepsy segment is projected to register
highest CAGR of 12.1% during the forecast period owing to the
rising prevalence of epilepsy worldwide and increasing adoption of
deep brain stimulation as an effective treatment option for
drug-resistant epilepsy, contributing to the segment's accelerated
growth trajectory.
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The hospitals segment to maintain its lead
position during the forecast period.
Based on end user, the hospitals segment accounted for the
largest share in 2022, accounting for more than
three-fifths of the global electroceuticals/bioelectric
medicine market revenue. This is primarily attributed to the fact
that hospitals play a central role in providing comprehensive
healthcare services, thus increasing patient admissions. Moreover,
advancements in medical technology requiring hospital
infrastructure and government policies incentivizing hospital-based
care significantly contribute toward the growth of the market.
However, the ambulatory surgical centers segment is projected to
register highest CAGR of 8.0% during the forecast period owing
to the increasing demand for outpatient procedures,
advancements in minimally invasive surgery techniques, and
cost-effectiveness compared to traditional hospital settings.
Moreover, favorable reimbursement policies and convenience for
patients drive the segment's accelerated growth trajectory.
North America to maintain
its dominance by 2032
Based on region, North America
held the highest market share in terms of revenue in 2022,
accounting for more than two-fifths of the global
electroceuticals/bioelectric medicine market revenue owing
to presence of well-established healthcare infrastructure,
robust R&D activities, high adoption rates of advanced medical
devices, and favorable reimbursement policies. Moreover, increasing
incidence of chronic diseases drive the demand for minimally
invasive therapeutic solutions in the region, ensuring sustained
market growth.
However, the Asia-Pacific
segment is projected to register highest CAGR of 9.8% during the
forecast period. This is attributed to the increasing prevalence of
chronic diseases, rising healthcare expenditure, expanding access
to healthcare services, growing awareness about early disease
detection, and ongoing advancements in therapeutic
technologies.
Leading Market Players: -
- Medtronic
- Abbott Laboratorie
- Boston Scientific Corporation
- Cochlear Ltd.
- LivaNova PLC
- Biotronik SE & Co. KG
- ElectroCore, Inc.
- Sonova
- Nevro Corp.
- Stimwave LLC.
The report provides a detailed analysis of these key players of
the global electroceuticals /bioelectric medicine market.
These players have adopted different strategy such product launch,
product development, and product approval to increase their
market share and maintain dominant shares in different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
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