Electroceuticals/Bioelectric Medicine Market is Expected to Reach $33.6 billion | MarketsandMarkets™

Chicago, April 02, 2024 (GLOBE NEWSWIRE) -- Electroceuticals/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 latest report published by MarketsandMarkets™. Key drivers of this growth include the increasing geriatric population leading to a rise in neurological and cardiovascular disorders, growing investments and funding for research on cardiac rhythm management (CRM) devices, and rising government support and funding for neurological disorders.

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Electroceuticals/Bioelectric Medicine Market Scope:

Report Coverage Details
Market Revenue in 2024 $23.9 billion
Estimated Value by 2029 $33.6 billion
Growth Rate Poised to grow at a CAGR of 7.0%
Market Size Available for 2021–2029
Forecast Period 2024–2029
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Product, type, application and region
Geographies Covered North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Emerging markets present attractive opportunities
Key Market Driver The increasing elderly population and subsequent rise in the prevalence of neurological and cardiovascular disorder

Based on products, the electroceuticals market is categorized into four main product segments: cardiac pacemakers & implantable cardioverter defibrillators, neuromodulators, cochlear implants, and retinal implants. In 2022, the segment comprising cardiac pacemakers and implantable cardioverter defibrillators held the largest share of the electroceuticals market. This was primarily attributed to the growing prevalence of cardiovascular diseases (CVD), a rising incidence of arrhythmias, and advancements in technology within the field.

Based on type, the electroceuticals market is segmented into implantable electroceutical devices and noninvasive electroceutical devices. In 2022, the segment encompassing implantable electroceutical devices held the largest market share in the electroceuticals market. This significant share can be primarily attributed to the increasing incidence of neurological and cardiovascular disorders, a growing geriatric patient population, and a rise in the number of product approvals.

Based on application, the cardiac pacemakers & implantable cardioverter defibrillators of electroceuticals market are segmented into arrhythmia, heart failure and other cardiac pacemakers & ICD applications. In 2022, the arrhythmia segment accounted for the largest share of the cardiac pacemakers & implantable cardioverter defibrillators of electroceuticals market, mainly due to the rising incidence of arrhythmias. The increasing prevalence of arrhythmias is primarily driven by factors such as aging populations and rising rates of underlying heart conditions like hypertension and coronary artery disease.

The global electroceuticals market is divided into five key regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America held the largest regional market share for electroceutical devices. This dominance can be attributed to the rising prevalence of cardiovascular, hearing loss and neurological disorders, as well as the highly developed healthcare systems in the US and Canada.

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Electroceuticals/Bioelectric Medicine market major players covered in the report, such as:

  • 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)
  • tVNS Technologies GmbH (Germany)
  • and Among Others

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This report categorizes the electroceuticals market into the following segments and subsegments:

By Product

  • Cardiac Pacemakers & Implantable Cardioverter Defibrillators    
  • Cochlear Implants           
  • Neuromodulators           
    • Spinal Cord Stimulators
    • Deep Brain Stimulators
    • Sacral Nerve Stimulators
    • Vagus Nerve Stimulators
    • Gastric Electrical Stimulators
    • Transcutaneous Electrical Nerve Stimulator
    • Transcranial Magnetic Stimulators
    • Respiratory Electrical Stimulators
    • Trigeminal Nerve Stimulators
    • Responsive Neurostimulators
  • Retinal Implants              

By Type

  • Implantable Electroceutical Devices
  • Non-Invasive Electroceutical Devices

By Application

  • Cardiac Pacemakers & Implantable Cardioverter Defibrillators (ICD), By Application           
    • Arrhythmia
    • Heart Failure
    • Other Cardiac Pacemakers & ICD Applications
  • Spinal Cord Stimulators Market, By Application  
    • Failed Back Syndrome
    • Chronic Pain
    • Ischemia
  • Deep Brain Stimulators Market, By Application  
    • Parkinson’s Disease
    • Tremor
    • Depression
    • Other DBS Applications
  • Sacral Nerve Stimulators Market, By Application
    • Urine Incontinence
    • Fecal Incontinence
  • Vagus Nerve Stimulators Market, By Application
    • Epilepsy
    • Other VNS Applications
  • Gastric Electrical Stimulators Market, By Application       
    • Gastroparesis
    • Obesity
  • Transcutaneous Electrical Nerve Stimulators Market, By Application         
    • Treatment-Resistant Depression
    • Other TENS Applications
  • Transcranial Magnetic Stimulators Market, By Application            
    • Depression
    • Migraine Headache
  • Trigeminal Nerve Stimulators, By Application      
    • Attention Deficit Hyperactivity Disorder (ADHD)
    • Migraine

By Region

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Latin America
  • Middle East & Africa
    • GCC Countries
    • Rest of Middle East & Africa

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Key Market Stakeholders:

  • Manufacturing Companies of Electroceuticals and Related Devices
  • Original Equipment Manufacturers
  • Suppliers and Distributors of Electroceutical Devices
  • Healthcare Service Providers
  • Teaching Hospitals and Academic Medical Centers (AMCs)
  • Health Insurance Payers
  • Research and Consulting Firms
  • Medical Research Institutes
  • Healthcare Institutes/Providers (Hospitals, Medical Groups, Physicians’ Practices, Diagnostic Centers, and Outpatient Clinics)
  • Venture Capitalists
  • Community Centers

Report Objectives:

  • To define, describe, segment, and forecast the global electroceuticals market by product, type, application, and region
  • To forecast the size of the global electroceuticals market with respect to five regional segments, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
  • To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall electroceuticals market
  • To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
  • To profile the key players in the electroceuticals market and comprehensively analyze their market shares and core competencies2 in terms of market developments and growth strategies
  • To track and analyze competitive developments such as product launches, agreements, collaborations, partnerships, expansions, and acquisitions in the electroceuticals market
  • To benchmark players within the electroceuticals market using the Company Evaluation Matrix framework, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offerings

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