Global Bioelectric Medicine Market, By Product (Implantable Cardioverter Defibrillators, Cardiac Pacemakers, and Other Products), By Type, By Application, By End-User, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

In 2022, the global bioelectric medicine market was valued at USD 20.3 billion and is expected to reach USD 37.2 billion in 2032. This market is estimated to register a CAGR of 6.4% between 2023 and 2032.

Bioelectric medicine is also known as neuromodulation or electroceuticals. It involves using electrical impulses to stimulate or inhibit nerve activity. This technology is relatively new and has shown positive results in treating a variety of conditions which include chronic pain & epilepsy.

The Alliance for Advancing Bioelectronic Medicine will launch the first Bioelectronic Medicine Day in January 2022. This event will include a health campaign. The campaign supported efforts and advancements in the field of bioelectronics medicine.

The market is surpassing because of several factors which include the increasing prevalence and severity of chronic diseases, demand for minimally invasive treatments, and technological advances. The market will surge in the future due to increased investment in bioelectric research and development.

Key Takeaways

• Bioelectric Medicine Market is projected to reach USD 37.2 Billion by 2032.
• In 2022, The Bioelectric Medicine market size was USD 20.3 Billion.
• The market is expected to grow at a CAGR of 6.4% from 2022 to 2032.
• The Arrhythmia segment dominates the bioelectric market with a share of 64.8%.
• The Arrhythmia segment had a CAGR of 7.1% in 2022.
• North America had the highest revenue share in the bioelectric market with 35% in 2022.
• North America’s bioelectric medicines market is expected to grow at a CAGR of 7.2%.
• The implantable cardioverter-defibrillators segment is expected to grow at a CAGR of 6.6%, and it had a revenue share of 35% in 2022.
• The implantable electroceutical devices segment dominates with a market share of over 85%.
• This same segment had a growth rate of 6.8% in 2022.
• The hospitals & clinics segment in the bioelectric market has a revenue share of 90% and also has a projected CAGR of 7.4% over the forecast period.
• The Bioelectronic Medicine Day was launched in January 2022.

Driving Factors

Rising Prevalence of Chronic Diseases and Technological Advancements

The global bioelectric market is driven by a number of factors which includes the rising prevalence of chronic disease, technological advancements, and the growing geriatric population. Other factors include increasing healthcare costs, increased awareness of the benefits of bioelectric medicines, and the growing prevalence of chronic diseases.

Bioelectric medicine shows huge demand due to the increasing incidence of chronic diseases like cancer, diabetes, and cardiovascular disease. Technological advances such as nanotechnology and artificial intelligence have led to new and more efficient bioelectric medicine devices. The elderly population also impacts the growth of bioelectric medicine as there are more age-related diseases such as Parkinson’s disease & Alzheimer’s. The market is also driven by growing healthcare expenditures and the growing awareness of the benefits of bioelectric medicines.

Restraining Factors

High Cost and Lack of Skills Hinder the Market Growth

One of the major challenges is that healthcare professionals are not aware of the potential of bioelectric medicines, which can hinder the adoption of such devices. Also, there are numerous factors that hinder the market’s growth which includes the high cost of bioelectric devices, limited reimbursement policies, and the lack of skilled healthcare professionals.

The regulatory approval process is complex and lengthy which can delay new products on the market. There may also be safety concerns with these devices and some patients prefer traditional treatments over bioelectric medicine. The COVID-19 pandemic also has an impact on the global bioelectric market. This is because disruptions in supply chains and slowdowns in economic activities have led to a decrease in demand for bioelectric medicine devices.

Product Analysis

The Implantable Cardioverter Defibrillators Segment is Dominant

Based on product, the market for bioelectric medicine is segmented into implantable cardioverter defibrillators, Cardiac Pacemakers, Cochlear Implants, Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Transcutaneous Electrical Nerve Stimulators, Vagus Nerve Stimulators, and Other Products. Among these, the implantable cardioverter defibrillators segment is the most lucrative in the global bioelectric medicine market with a projected CAGR of 6.6%.

The total revenue share of the implantable cardioverter defibrillators product segment is 35% in 2022 The market is also expected to grow due to the rising incidence of sudden cardiac deaths, an aging population, and new product developments. The deep brain stimulation segment is expected to grow at a lucrative rate over the forecast period due to the increasing prevalence of Parkinson’s and lifestyle-induced disorders like obesity and depression. In 2022, the sacral nerve stimulation segment was responsible for a large revenue share due to product innovation and new product launches.

Type Analysis

Implantable Electroceutical Devices are Dominant in the Global Bioelectric Medicine Market

By type, the market is further divided into implantable electroceutical devices and non-invasive electroceutical devices. Implantable electroceutical devices are estimated to be the most lucrative segment in the global bioelectric medicine market with a market share of 85% and a projected CAGR of 6.8% in 2022. This device is priorly used for the treatment of arrhythmias, chronic pain, ischemias, depressions, tremors, and sensorineural loss.

Manufacturers are focusing their efforts on launching new products that meet unmet customer needs. In August 2018, Biotronik developed a cardiac monitor called MoMe to improve the early detection and diagnosis of cardiac arrhythmias. The segment of non-invasive electroceutical products is expected to grow the most during the forecast period due to technological advancements and the increasing investment by companies in R&D for innovative product development.

Application Analysis

The Arrhythmia Segment is Dominant

Based on application, the market is segmented into arrhythmia, pain management, sensorineural hearing loss, Parkinson’s disease, tremors, depression, treatment-resistant depression, epilepsy, urinary and fecal incontinence, and other applications. Among these, arrhythmia is estimated to be the most lucrative segment in the global bioelectric medicine market with a market share of 64.8% and a projected CAGR of 7.1% in 2022.

This is due to the rising incidence of arrhythmia which involves the use of implantable cardioverter-defibrillators and cardiac pacemakers for the treatment. The epilepsy segment is expected to register a lucrative CAGR during the forecast period due to the advancement of treatment options like vagus nerve stimulation. Companies and research institutes focus on developing innovative products. Sensorineural hearing losses are another important segment that will account for a significant revenue share by 2022. This segment is primarily driven by the increasing number of patients with hearing loss.

End-User Analysis

The Hospitals & Clinics Segment is Dominant

Based on end-users, the market is segmented into hospitals & clinics, ambulatory surgical centers, and other end-users. Among these end-users, the hospitals & clinics segment is estimated to be the most lucrative segment in the global bioelectric medicine market with the largest revenue share of 90% and a projected CAGR of 7.4% during the forecast period.

The demand for bioelectric medicine has surged by the growing population & improving healthcare infrastructure. The application of electroceuticals is anticipated to be driven by an increase in disposable income & the presence of advanced medical devices that treat different severe diseases. The other segment includes research institutions & ambulatory surgery centers. This segment is expected to show a significant CAGR during the forecast period due to the increasing investment in R&D to develop new products.

Key Market Segments

Based on Product

• Implantable Cardioverter Defibrillators
• Cardiac Pacemakers
• Cochlear Implants
• Spinal Cord Stimulators
• Deep Brain Stimulators
• Sacral Nerve Stimulators
• Transcutaneous Electrical Nerve Stimulators
• Vagus Nerve Stimulators
• Other Products

Based on Type

• Implantable Electroceutical Devices
• Non-invasive Electroceutical Devices

Based on Application

• Arrhythmia
• Pain Management
• Sensorineural Hearing Loss
• Parkinson’s Disease
• Tremor
• Depression
• Treatment-resistant Depression
• Epilepsy
• Urinary and Fecal Incontinence
• Other Applications

Based on End-User

• Hospitals & Clinics
• Ambulatory Surgical Centers
• Other End-Users

Growth Opportunities

Rising Focus on Personalized Medicines

Global bioelectric medicine is expected to grow significantly in the next few years. Bioelectric medicine is the use of electrical signals to stimulate & regulate the body’s electrical signaling processes. This can mainly be used for the effective treatment of numerous diseases which includes chronic diseases, neurological disorders, and cardiovascular diseases.

The market surpasses due to the increasing demand for noninvasive and drug-free treatments, the rising prevalence of chronic disease, and technological advancements. The growing focus on personalized medicines and the increasing investment in R&D activities will likely create new opportunities for the bioelectric medicine industry. The global bioelectric medicine market is projected to surge significantly in the next few years.

Latest Trends

Rising Usage of Implantable Devices to Treat Severe Diseases

The newest trend on the market is the use of implantable devices for treating various conditions such as chronic pain & epilepsy. Bioelectric medicine is growingly being used for targeted therapy in personalized medicine. According to CDC’s report, Cardiovascular Diseases are the main reason for death in America. CVDs are likely to cause one-fourth of demises. More than 80% of all CVD-related death is due to stroke and IHD. CVDs are projected to cost USD 1,044 Billion by 2030.

The market also showcases the development of advanced devices which are safer, more efficient, and easier to operate. For instance, the InterStim Smart Programmer was used in conjunction with the InterStim system for sacral neuromodulation. Medtronic was the first to introduce sacral neuromodulation and this product improvement was expected by the company to strengthen its market position. Market share is being increased by strategic collaborations, mergers, and acquisitions.

Regional Analysis

North America is the Dominant Region in the Global Bioelectric Medicine Market

North America is anticipated to be the most dominant region in the global bioelectric medicine market with the largest market share of 35% and is projected to register a CAGR of 7.2% during the forecast period. The present medical device manufacturers like Abbott and Boston Scientific Corporation, the highly developed healthcare system as well as the availability of advanced products have fueled the growth.

North America was followed closely by Europe due to the increasing demand for innovative medical devices. The presence of large bioelectric medicine manufacturers as well as an effective healthcare infrastructure are expected to be major driving factors in the market.

The Asia Pacific region showcases the highest CAGR over the forecast period owing to the growing geriatric populations in Asian countries like China & India. The prevalence of chronic diseases which includes Alzheimer’s, Parkinson’s, and Epilepsy are also increasing in this region.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

The market is highly fragmented due to the huge number of manufacturers. Major manufacturers offer numerous advanced electroceuticals via their strong distribution channels across the world. This has led to cutthroat competition between manufacturers & high pressure on pricing strategies by vendors which will affect profit margins.

To capture a larger revenue share, the leading players are engaged in new product developments, collaborations, and mergers & acquisitions as well as regional expansions. New product launches and product development help companies expand their product portfolios and geographical reach.

Market Key Players

• Medtronic
• Abbott
• Boston Scientific Corporation
• Cochlear Ltd.
• LivaNova PLC
• Biotronik SE & Co KG
• electroCore, Inc.
• Sonova
• Nevro Corp.
• Stimwave LLC
• Other Key Players

Recent Developments

• Merck KGaA Darmstadt, Germany, (Merck) partnered up with Innervia Bioelectronics in July 2021 to obtain graphene-based bioelectronic Vagus nerve treatments for critical chronic disease. The partnership will use the expertise of both companies in order to develop therapies for diseases that have unmet medical needs, which are within Merck’s treatment areas.
• Pulse Biosciences, Inc. will announce in February 2021 that the first clinic patient has been treated using the CellFX System. This first commercial use marks the beginning of the Company’s controlled release program, with product shipments made to respected dermatologists in the United States of America and Europe.

Report Scope