Electroceuticals/Bioelectric Medicine Market size is estimated to reach $33.85 billion by 2025, growing at a CAGR of 8.18% during the forecast period 2020-2025. Electroceuticals are the medical devices that affect changes in the body’s functions through the use of electrical impulses. They work as an alternative to drug-based treatments, and is set to be the gold standard of the future for treating various diseases. Current treatment options in many neurological disorders and other conditions are dependent on drug-based drugs, which are associated with significant side effects and promises to deliver the results have not yet been fully fulfilled. Increasing investments in the development of bioelectric medicine is the major factor, which enhances the growth of the Electroceuticals/Bioelectric Medicine Market.
By Type of Device – Segment Analysis
The global Electroceuticals/Bioelectric Medicine Market based on type of device has Implantable Electroceutical Devices, Non-Invasive Electroceutical Devices. The implantable Electroceutical devices segment registers for highest market share in 2019 and is set to continue for the forecast period (2020-2025). The segment is set to emerge owing to the rising incidence of cardiovascular disease, deafness, spinal cord injury, brain injury, obesity, and depression.
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By End User – Segment Analysis
The microbiology testing market is segmented on the basis of end user into Hospitals, Research Institutes, Individual Users, and other End Users. The hospitals segment registers for the highest market share in 2019 and is set to continue for the forecast period (2020-2025) owing to increasing disposable income and the presence of advanced medical devices to treat various severe diseases. The research institutes are estimated to witness significant CGAR over the forecast period 2020-2025 owing to the rising investment in R&D for new product development.
By Geography – Segment Analysis
The global Electroceuticals/Bioelectric Medicine Market by geography had the dominant share in North America in terms of revenue in 2019, owing to the rising prevalence of heart diseases, chronic diseases and increasing regulatory approvals of Electroceuticals devices. In addition, the shift in preference to those devices and the conventional techniques like drug therapy and surgeries are set to contribute to the market growth in the region. However, Asia-Pacific is estimated to outpace all the regions by clocking the highest CAGR during the forecast period 2020-2025 owing to increasing diabetic population and frequency of hearing loss in the region.
Drivers – Electroceuticals/Bioelectric Medicine Market
Increased prevalence of chronic diseases
The demand for Electroceuticals is driving forward owing to increasing prevalence of chronic diseases such as cardiac and neurological disorders. Advanced electroceuticals including implantable cardioverter defibrillators, cardiac pacemakers, cochlear implants, and spinal cord simulators are used by the aging population to treat these conditions. Hence, the expanding geriatric population is estimated to drive the market.
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Challenges – Electroceuticals/Bioelectric Medicine Market
Lack of skilled workforce and high cost of implants
Lack of well-trained and skilled workforce is acting as a challenge for the Electroceuticals/Bioelectric Medicine Market. The other major restraining factor for the growth of the Electroceuticals/Bioelectric Medicine Market is the high cost of implants and surgeries. Stringent government rules and regulations for the development & manufacture of medical devices including cardiac pacemakers, neuromodulation devices, and cardioverter defibrillators are estimated to hinder the growth of the market for the forecast period 2020-2025.
Electroceuticals/Bioelectric Medicine Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Electroceuticals/Bioelectric Medicine Market. Key companies of this market are Medtronic plc, St. Jude Medical Inc, Boston Scientific Corporation, Cochlear Limited, Sonova Holding AG, LivaNova PLC, Biotronik, Nevro Corporation, Oticon Medical and BioElectronics Corporation.
In July 2020, Medtronic plc and Medicrea announced that they have entered into a tender offer agreement for the acquisition of all outstanding shares of Medicrea.
In May 2019, Boston Scientific today announced that it has entered into a definitive agreement to acquire Vertiflex, which has developed and commercialized the Superion Indirect Decompression System.
Geographically, North America’s Electroceuticals/Bioelectric Medicine Market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to increasing neurological and chronic diseases.
Rising geriatric population, in need of electroceuticals have helped in significant growth of Electroceuticals/Bioelectric Medicine Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Electroceuticals/Bioelectric Medicine Market report.
Lack of adequate skilled professionals is acting as a challenge for the growth of the Electroceuticals/Bioelectric Medicine Market.
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