Bioelectric Medicine Market
The bioelectric medicine market can anticipate reaching USD 32.3 billion by 2032 while attaining a 4.7% CAGR from 2023 to 2032, reveals Market Research Future (MRFR).
Bioelectric medicine, also known as electroceuticals, is an emerging field in healthcare that aims to treat various medical conditions using electrical impulses. These electrical impulses are delivered through implantable devices or non-invasive methods, such as transcutaneous electrical nerve stimulation (TENS) or transcranial magnetic stimulation (TMS).
Primary Boosters and Restraints
By combining bioengineering, molecular medicine, and neurology, bioelectric medicine creates nerve-stimulating devices for the control of biological processes during disease treatment. The main factor projected to drive the market is the increased prevalence of chronic diseases like cardiac and neurological problems. According to the CDC, over 610 thousand Americans per year pass away from cardiac problems. About 370 of them pass away from coronary heart disease (CHDs). Due to the high demand for advanced bioelectric medicine to treat these chronic diseases, the market is anticipated to grow quickly.
Segment Analysis
By Type
Implantable Electroceutical Devices as well as Non-invasive Electroceutical Devices are the major types of bioelectric medicines.
By Product
Cardiac Pacemakers, Implantable Cardioverter Defibrillators, Spinal Cord Stimulators, Cochlear Implants, Transcutaneous Electrical Nerve Stimulators, Deep Brain Stimulators, Vagus Nerve Stimulators, Sacral Nerve Stimulators, and others are the key products specified in the report.
By Application
Sensorineural Hearing Loss, Epilepsy, Pain Management, and Arrhythmia are some of the main applications of bioelectric medicines.
By End User
ASCs, Hospitals & Clinics, and others are the market end-users listed in the study.
Major Key Players:
Abbott, Cochlear Ltd, LivaNova PLC, ElectroCore, Inc., Medtronic Plc, Sonova, Nevro Corp., Boston Scientific Corporation, Stimwave LLC, Biotronik SE & Co KG are a Bioelectric Medicine Market Players.
Regional Analysis
Out of all the regions, the bioelectric medicine market will perform tremendously well in North America, given the increased prevalence of chronic diseases like cardiovascular and neurological disorders. The CDC estimates that heart disease causes about 610 thousand deaths in the US each year. The cause of death for about 370 of them is coronary heart disease. Because of the increased need for improved bioelectric therapy to treat these persistent illnesses, the market is anticipated to develop. Additionally, North America dominated the market in 2021 due to the presence of medical device producers like Abbott (US) and Boston Scientific Corporation (US).
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