Electroceuticals/Bioelectric Medicine Market - Forecast(2024 - 2030)
Electroceuticals/Bioelectric Medicine Market Overview
The Electroceuticals /Bioelectric Medicine market size is estimated to reach $21.1 billion by 2026, growing at a CAGR of 4.7% during the forecast period 2021-2026. Electroceuticals are a category of therapeutic agents that are used to stimulate, block and record signals to alter body functions. They are usually done with the aid of electronic devices that are either implanted or worn externally by the patient. ?Electroceuticals can be used to treat a wide range of conditions such as neurological disorders, cardiovascular illnesses, and renal diseases. some of the commonly used electroceutical devices include cardiac pacemakers, cochlear implants, and spinal-chord stimulators. An increase in public and private investment in the development of electroceuticals is anticipated to drive the market during the forecast period. However, the lack of skilled medical professionals acts as a major challenge for the Electroceuticals/Bioelectric Medicine industry.
Report Coverage
The report: “Electroceuticals/Bioelectric Medicine Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Electroceuticals/Bioelectric Medicine Market.
By Product: Implantable Cardioverter Defibrillators, Cardiac Pacemakers, Spinal Cord Stimulators, Cochlear Implants, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators, Vagus Nerve Stimulators, Sacral Nerve Stimulators, and Gastric Electrical Stimulators, Retinal Implants, and Other Electrical Stimulators.
By Device Type: Non-Invasive Electroceutical Devices and Implantable Electroceutical Devices. By End User: Hospitals, Research Institutes, Individual Users and Others.
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, and Rest of South America) and Rest of World (the Middle East and Africa).
Key Takeaways
Electroceuticals/Bioelectric Medicine Market Segment Analysis-By Product
Based on Product, the Electroceuticals/Bioelectric Medicine Market is segmented into Implantable Cardioverter Defibrillators, Cardiac Pacemakers, Spinal Cord Stimulators, Cochlear Implants, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators, Vagus Nerve Stimulators, Sacral Nerve Stimulators, and Gastric Electrical Stimulators, Retinal Implants, and Other Electrical Stimulators. The Cardiac Pacemaker segment is anticipated to have the largest revenue share of the market and is poised to dominate the market during the forecast period 2021-2026. This is attributed to the global surge in cardiovascular disorders owing to rapid urbanization and a shift in lifestyle. The pacemaker generates electrical signals that cause the heart muscles to contract and thereby, ensure blood circulation. The Cochlear Implant segment is projected to grow the fastest at a CAGR of 5.2% owing to the rising global geriatric population. The implant electrically stimulates the cochlear nerve?to provide a modified sense of sound to the patient suffering from hearing loss.
Electroceuticals/Bioelectric Medicine Market Segment Analysis-By End User
The Electroceuticals/Bioelectric Medicine Market based on End User can be further segmented into Hospitals, Research Institutes, Individual Users, and Others. The Hospitals segment accounted for the largest share of the market in 2020. The rapid growth of the segment is owing to the fact that hospitals usually provide screening, diagnostics, consultation, medication, surgical procedures, and post-surgery therapy in one location. This becomes more convenient for the patient and also reduces treatment costs. Moreover, hospitals are more likely to have more advanced surgical and diagnostic equipment which increases the success rate of the implant procedure and reduces the risk of post-surgery complications. Furthermore, hospitals have highly experienced medical professionals owing to the high patient inflow and presence of specialized departments. The Research Institute segment is anticipated to witness the fastest growth during the forecast period at a CAGR of 5.4% owing to the rising investment in R&D for new product development.
Electroceuticals/Bioelectric Medicine Segment Analysis-By Geography
The Electroceuticals/Bioelectric Medicine Market based on Geography can be segmented into North America, Europe, Asia Pacific, South America, and the Rest of the World. The North American segment is projected to dominate the Electroceuticals/Bioelectric Medicine market during the forecast period 2021-2026 with a market share of 33% owing to the presence of highly developed healthcare infrastructure, favorable reimbursement policies, high patient awareness levels, rising healthcare expenditure, growing geriatric population and rising lifestyle disorders in the region. Moreover, the presence of key industry players such as Abbott Laboratories, Boston Scientific Corporation, Medtronic, St. Jude Medical, and Nevro Corporation in the region ensures lower costs, higher innovation, and more options for the end-user industries. The Asia Pacific region is predicted to register the fastest growth at a CAGR owing to the increase in disposable income and growth in public healthcare funding in major emerging economies like China and India.
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Electroceuticals/Bioelectric Medicine Market Drivers
Increase in Geriatric Population is Projected to Drive Market Growth
There were around 727 million persons over the age of 65 in 2020 and constituted 9.3% of the overall population. The geriatric population is predicted to reach 16% by 2050. This is anticipated to drive the market during the forecast period as the geriatric population is more prone to various conditions such as cardiovascular diseases, hearing loss, and neurological diseases. For instance, the average age of Parkinson's disease diagnosis is 60 years old while the average age for a heart attack is 64.5 for men, and 70.3 for women. Furthermore, according to the National Institute of Health (NIH), nearly 25 percent of those aged 65 to 74 and 50 percent of those who are 75 and older in the US have disabling hearing loss.
The rise in Lifestyle disorders is Anticipated to Boost Demand
Owing to the growth of global disposable income and urbanization, more people are following a sedentary lifestyle. This is causing an increase in lifestyle diseases such as obesity, hypertension, and diabetes. Around 39% of the global adult population is overweight and 9.8% suffer from diabetes. Furthermore, 26% of the population suffers from hypertension and this is projected to reach 29% by 2025.? This is leading to a rapid rise in cardiovascular disorders, thereby driving demand. For instance, about 659,000 people in the US die from heart disease annually. According to WHO, Ischaemic heart disease is responsible for 16% of the world’s total deaths, making it the leading cause of death worldwide.
Electroceuticals/Bioelectric Medicine Market Challenges?
The High Cost of Electroceutical Devices is Anticipated to Hamper Market Growth
The high cost of electroceutical devices acts as a major challenge, especially in developing regions. For instance, the average cost of a pacemaker surgery in India is between Rs. 275,000 and Rs. 300,000 while the average cost of a cochlear implant is Rs. 430,000. The average per capita income of the country was only?around Rs.135,050. This makes the electroceutical devices unaffordable to the vast majority of the population and thereby, reducing demand.
Covid-19 Pandemic and Subsequent Restrictions is Projected to Limit Growth Opportunities
The rapid spread of the Covid-19 virus and the increased cases of hospitalizations have led to hospitals diverting funds and manpower from other departments including Cardiology, Neurology, and Urology. The low priority given to these departments combined with the reduction in patient footfall owing to the fear of the virus is anticipated to challenge demand growth. For instance, according to the American Hospital Association (AHA), Covid-19 resulted in around $202.6 billion in lost revenue for US hospitals, while developing countries need around $52 billion every 4 weeks to combat the spread of the pandemic.?
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. The top 10 companies in of the industry are-
Partnerships/Product Launches:
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