High number of diseases due to rise in geriatric population, product launches, increasing strategic developments such as partnerships and agreements, favourable research funding scenario for development of Electroceuticals devices are key factors contributing to high CAGR of Bioelectric Medicine during forecast period.
Market Size – USD 20.00 Billion in 2018, Market Growth - CAGR of 8.5%. Market Trends – Product launches and research for Anti-Snoring devices and surgical instruments.
NEW YORK, May 28, 2019 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the global Electroceuticals/Bioelectric market was valued at USD 20.00 Billion in 2018 and is expected to reach USD 38.13 Billion by year 2026, at a CAGR of 8.5%.
According to a study conducted by World Health Organisation in 2017, four major chronic diseases including cardiovascular diseases, cancers, diabetes, chronic respiratory diseases and diabetes were the major cause for 80% of all premature deaths.
Bioelectric medicine or Electroceuticals devices indicates the usage of devices instead of drugs, are safe to block, record and stimulate neural signals to cure from chronic disorders. They are invasive and non-invasive in nature which are held against the skin or implanted in nerve to restore the healthy condition of the patient without the complicated side of pharmaceutical agents. They treat diseases by the implication of devices which combine bioengineering, neuroscience, molecular medicines and electronics for the regulation of biological process. The bioelectric therapy also prompts the body to produce endorphins which helps to relieve pain in the body of the patients. So, usually there’s an inflammation which is the central phenomenon in all diseases starting from cancer to diabetes and secondly, this inflammation can be controlled through electrically stimulating vagus nerve. Electroceutical devices are used for the treatment of epilepsy, cardiovascular diseases, cancer, paralysis, rheumatoid arthritis and diabetes, etc. Key recent developments in the field of bioelectric medicine pharmaceutical include production of different electroceuticals devices. For instance, in April 2017, FDA approved a device called GammaCore launched by ElectroCore that transmits a mild electrical simulation to the vagus nerve through the skin, resulting in a reduction of pain to treat cluster headaches, a rare form of headache that affects mostly men.
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Rising number of disorders in geriatric population, immense funding by the companies and the government to cure these diseases without the consumption of drugs are the main factors which are boosting the growth of Electroceuticals/Bioelectric medicine market. Increasing research and development in bioelectric medicals with rising number of organizations investing for development of bioelectric medicines are primary driving factors for the growth of Electroceuticals/Bioelectric medicine market. For instance, in May 2014, FDA approved Inspire Upper Airway Stimulation (UAS) Therapy of Inspire Medical Systems, Inc. for Obstructive Sleep Apnea for the patients who are not able to use Continuous Positive Airway Pressure (CPAP) which is a fully implanted neurostimulation device.
Further key findings from the report suggest
- Electroceuticals/Bioelectric Medicine market is fastest growing at a CAGR of 6% in Asia Pacific due to rising prevalence of population diagnosed with chronic disorders, obesity and old age and even huge positive R&D outcomes
- The market for chronic pain segment is projected to have the highest CAGR during the forecasted period because of the prevalence of issues like diabetes, unhealthy lifestyle, high or low blood pressure and others which in turn leads to chronic diseases
- Europe is the second largest region with a share of 31.0 % due to the high cases of mergers and acquisitions and advancements in R&D
- Cardiac Pacemakers is accounted to be the second leading segment which is valued at USD 5411.7 million due to increasing number of patients with cardiac disorders and a huge demand and supply of implantable cardiac pacemakers across the regions
- Hospitals segment has dominated the market in 2018 and will continue to do the same in the forecasted years
- North America is expected to account for the 48.8% of the global Electroceuticals/Bioelectric Medicine market million owing to the prevalence increase in geriatric population, FDA approvals for retinal implants
- Implantable Electroceuticals Devices segment holds the largest share in this market which is valued at USD 18886.2 million due to its large usage to cure arrhythmia, sensorineural hearing loss, tremor, ischemia etc
- Key participants include Biotronic, GlaxoSmithKline, Medtronic PLC and Siemens AG
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Segments covered in the report:
For the purpose of the study, this Reports and Data has segmented the Global Electroceuticals/Bioelectric Medicine Market on the basis of product type, devices type, application, end user and the regional outlook:
Product Type (Revenue, USD Million; 2016–2026)
- Cardiac Pacemakers
- Implantable Cardioverter Defibrillators
- Stimulators
- Spinal cord
- Deep brain
- Vagus Nerve
- Sacral Nerve
- Transcutaneous Electrical Nerve
- Implants
- Retinal
- Cochlear
- Others
Devices Type (Revenue, USD Million; 2016–2026)
- Implantable Electroceutical Devices
- Non-Invasive Electroceutical Devices
Application (Revenue, USD Million; 2016–2026)
- Pain Management
- Depression
- Epilepsy
- Arrhythmia
- Tremor
- Parkinson’s Disease
- Sensorineural Hearing Loss
- Urinary and Fecal Incontinence
- Menstrual migraine
- Retinitis Pigmentosa
- Spinal Cord Injury
- Others
End User (Revenue, USD Million; 2016–2026)
- Hospitals
- Ambulatory Surgical Centres
- Speciality Clinics
- Homecare Centres
- Individual Users
- Others
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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