The global bioelectronic medicine market is anticipated to register a steady CAGR during the forecast period 2024-2028. This can be ascribed to the increasing demand for advanced healthcare products for the treatment of chronic disorders such as cardiovascular diseases and neurological disorders. Additionally, growing initiatives and investments by government organizations for developing new bioelectronic medicine have significantly increased the demand for the bioelectronic medicine market across different parts of the globe.
Further, the growing adoption of new technology in the healthcare sector has significantly increased, and increasing awareness about using new medicine such as pacemakers and defibrillators and the benefits of using these devices is further expected to increase the demand for the bioelectronic device, thereby fuelling the market growth through 2028. Furthermore, increasing the number of major key players in the market focus on developing new technology for the benefit of users is further expected to increase the demand for the bioelectronic device, thereby supporting market growth.
Growing Prevalence of Cardiovascular and Neurological Disorders
The increasing number of people suffering from various types of chronic diseases, such as cardiovascular diseases and neurological disorders, is expected to enhance the demand for the bioelectric medicine market during the forecast period. According to the Centers for Disease Control and Prevention, heart diseases are the main cause of death in the United States, one person dies every 34 seconds, and about 697,000 people die because of heart disease in the United States, which is equal to 1 in every five deaths.
So, the growth of this population group will ensure that the need for the treatment of cardiovascular and neurological problems will expand over the years. Due to high blood pressure, high low-density lipoprotein cholesterol, diabetes, smoking, secondhanded smoke exposure, obesity, unhealthy diet, and physical inactivity increase the number of cardiovascular diseases, which is expected to enhance the demand for bioelectronic medicine during the forecast period.
Technological Advancements
The growing development of medical devices that help to target specific nerve fibers or brain circuits to treat different types of medical ailments can boost the market growth during the forecast period. It is used to diagnose and treat different types of chronic diseases, such as Parkinson's disease, major depressive disorder, and chronic pain. Technological innovations are making devices smaller and less invasive, along with companies bringing new applications into the market during the forecast period.
Different type of bioelectronic medicine is available for the treatment of chronic diseases, such as a pacemaker and defibrillator so, which can reduce pain. This type of therapy can be used in the method of spinal cord stimulation and implantation, such as for the cochlea and retina. For instance, electroconvulsive therapies are used for the treatment of major chronic disorders, and this device-controlled electrical stimulation triggers a brief seizure which affects neurons in the brain.
In January 2021, Boston Scientific Corporation, a U.S.-based manufacturer of medical devices, received authorization from the U.S. FDA for fourth generation Vercise Genus Deep Brain Stimulation (DBS) System. This device is equipped with Bluetooth enabled and rechargeable or non-rechargeable, preference by doctor and patient. It can be helpful for the treatment of Parkinson's disease by providing electrical impulses which lead to the brain and is connected to Implantable Pulse Generator.
Market Segmentation
The global bioelectronic medicine market can be segmented by type, product, application, end-user, and by region.
Based on type, the market can be divided into implantable vs. non-invasive.
Based on product, the market can be segmented into implantable cardioverter defibrillators, cardiac pacemakers, cochlear implants, spinal cord stimulators, deep brain stimulators, transcutaneous electrical nerve stimulators, sacral nerve stimulators, vagus nerve stimulators, and others.
Based on application, the market can be differentiated into arrhythmia, pain management, sensorineural hearing loss, Parkinson's disease, tremors, depression, treatment-resistant depression, epilepsy, urinary and fecal incontinence, and others.
Based on end-user, the market is split into hospitals, individual users, homecare centers, ambulatory surgical centers, specialty clinics, and others.
On the basis of region, the market is divided into North America, Asia Pacific, Europe, Middle East & Africa, and South America, among which North America dominated the market.
On the basis of country, the United States dominated the global bioelectronic medicine market on account of the increasing geriatric population along with an increase in the frequency of neurological and cardiovascular disorder problems in the country.
Key Topics Covered
1. Product Overview 2. Research Methodology 3. Executive Summary 4. Voice of Customer 5. Global Bioelectronic Medicine Market Outlook 6. North America Bioelectronic Medicine Market Outlook 7. Europe Bioelectronic Medicine Market Outlook 8. Asia-Pacific Bioelectronic Medicine Market Outlook 9. South America Bioelectronic Medicine Market Outlook 10. Middle East & Africa Bioelectronic Medicine Market Outlook 11. Market Dynamics 12. Market Trends & Developments 13. Clinical Trial Analysis 14. Global Bioelectronic Medicine Market: SWOT Analysis 15. Porter's Five Forces Analysis 16. Competitive Landscape 17. Strategic Recommendations
A selection of companies mentioned in this report includes:
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