Electroceuticals Market / Bioelectric Medicine Market Worth $33.6 billion | MarketsandMarkets™

CHICAGO, March 13, 2024 /PRNewswire/ -- Electroceuticals Market / Bioelectric Medicine Market in terms of revenue was estimated to be worth $23.9 billion in 2024 and is poised to reach $33.6 billion by 2029, growing at a CAGR of 7.0% from 2024 to 2029 according to a new report by MarketsandMarkets™. The increasing elderly population and rising incidences of cardiovascular and neurological disorders worldwide are driving the market's growth. Bioelectric medicine employs deep brain, vagus sacral, and transcutaneous electric nerve stimulators to treat these conditions. Additionally, the growing prevalence of arrhythmia, which requires the use of implantable cardioverter-defibrillators and cardiac pacemakers, is another growth driver. The market is also benefiting from the growing demand for non-invasive medical treatments, technological advancements, and a growing body of research demonstrating the efficacy of this technology. The development of new, more advanced electroceutical devices and therapies, such as implantable neurostimulators and transcutaneous electrical nerve stimulation (TENS) devices, is further propelling market growth.

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Electroceuticals Market / Bioelectric Medicine Market Scope:

The cardiac pacemakers & implantable cardioverter defibrillators segment accounted for the largest share of the electroceuticals market, by product segment, in 2022

Based on product, the electroceuticals market is segmented into cardiac pacemakers & implantable cardioverter defibrillators, neuromodulators, cochlear implants, and retinal implants. The cardiac pacemakers & implantable cardioverter defibrillators segment accounted for the largest share of the electroceuticals market in 2022, primarily due to the increasing prevalence of cardiovascular disorders worldwide. Additionally, the rising incidence of sudden cardiac arrests, a growing elderly population, and advancements in product development are anticipated to drive market growth.

Non-invasive electroceutical devices segment to register the highest growth rate during the forecast period

The electroceuticals market is divided into two segments: implantable electroceutical devices and non-invasive electroceutical devices. In 2022, the noninvasive electroceutical devices segment experienced the highest growth rate. This growth is attributed to factors such as increased R&D investments by companies for novel product development and technological advancements in this segment.

Arrhythmia segment accounted for the largest share of the electroceuticals market, by product segment, in 2022

Based on application, the electroceuticals market is segmented into arrhythmia, chronic pain management, Parkinson's disease, urine incontinence, depression, epilepsy, and others. In 2022, the arrhythmia segment emerged as the dominant force in the overall market. This dominance is fueled by the rising prevalence of arrhythmia, a condition often managed with implantable cardioverter-defibrillators and cardiac pacemakers.

North America is the largest regional market for electroceuticals market

The global electroceuticals market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, North America held the largest market share in the electroceuticals market in 2022. A significant share in North America can be attributed to the presence of major medical device manufacturers like Abbott and Boston Scientific Corporation. The region's well-established healthcare system and access to advanced products have further propelled market growth. Following North America, Europe secured the second position, fueled by the increasing demand for innovative medical devices for treatment. The region's robust healthcare infrastructure and the presence of major bioelectric medicine manufacturers are expected to continue driving market growth.

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Electroceuticals Market / Bioelectric Medicine Market Dynamics:

Drivers:

1. The increasing elderly population and subsequent rise in the prevalence of neurological and cardiovascular disorder

Restraints:

1. The high cost associated with electroceutical devices

Opportunities:

1. Emerging markets present attractive opportunities

Challenge:

1. The shortage of skilled professionals

Key Market Players of Electroceuticals Market / Bioelectric Medicine Industry:

The major players in this market are Medtronic plc (Ireland), Boston Scientific Corporation (US), Abbott Laboratories, Inc. (US), LivaNova PLC (UK), Cochlear Ltd. (Australia), MicroPort Scientific Corporation (China), Sonova Group (Switzerland), Nevro Corp. (US), Axonics Modulation Technologies, Inc. (US), Neuronetics, Inc. (US), ElectroCore, Inc. (US), NeuroPace, Inc. (US), BIOTRONIK (Germany), Medico S.p.A. (Italy), Nurotron Biotechnology Co. Ltd. (US), MED-EL (Austria), Aleva Neurotherapeutics SA (Switzerland), NeuroSigma, Inc. (US), BioWave Corporation (US), Soterix Medical Inc. (US), Bioinduction (Amber Therapeutics) (UK), GiMer Medical (Taiwan), Cefaly (Belgium), BioControl Medical (Israel), and tVNS Technologies GmbH (Germany).

The primary interviews conducted for this report can be categorized as follows:

• By Company Type: Tier 1 - 28%, Tier 2 - 42%, and Tier 3 -30%
• By Designation: C-level - 30%, D-level - 34%, and Others - 36%
• By Region: North America - 46%, Europe - 25%, Asia Pacific - 18%, and Rest of the World -11%

Recent Developments of Electroceuticals Market / Bioelectric Medicine Industry:

• In January 2024, Medtronic plc (Ireland) received FDA approval of its Percept RC Deep Brain Stimulation (DBS) system.
• In July 2023, Boston Scientific Corporation (US) received the US FDA approval for the vercise neural navigator 5 software, which when used as part of the vercise genus deep brain stimulation (dbs) systems.
• In May 2023, Abbott (US) received US FDA approval for its spinal cord stimulation (SCS) devices for the treatment of chronic back pain.
• In Dec 2022, ElectroCore (US) launched a new wellness product offering called Truvaga for customers residing in the US. Truvaga is a handheld non-invasive vagus nerve stimulator that utilizes our proven technology to activate the vagus nerve quickly and gently.

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Electroceuticals Market / Bioelectric Medicine Market - Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall electroceuticals market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, challenges, and opportunities.  

The report provides insights on the following pointers:

• Analysis of key drivers, restraints, opportunities, and challenges influencing the growth of the electroceuticals market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the electroceuticals market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the electroceuticals market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the electroceuticals market.
• Competitive Assessment: In-depth assessment of market ranking, growth strategies and product offerings of leading players like Medtronic plc (Ireland), Boston Scientific Corporation (US), Abbott Laboratories, Inc. (US), and Cochlear Ltd. (Australia) among others in the electroceuticals market strategies.

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