Market Overview:

As an alternative to drug-based intervention, bioelectric medicine refers to medical devices that use electrical pulses to modulate the neural circuits of the body. Bioelectric medicine, also known as electroceuticals, is a branch of medicine that combines bioengineering, molecular medicine, and neuroscience to discover and develop nerve stimulation and sensing technologies that can be used to control biological processes and treat diseases. Bioelectric medicine is a branch of medicine that combines bioengineering, molecular medicine, and neuroscience to develop nerve-stimulating devices for controlling biological processes during illness treatment. The bioelectric sector has recently advanced due to the development of more complicated devices and innovative materials that have been developed down to the nanoscale.

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Key market players:

Boston Scientific Corporation, Medtronic plc, Cochlear Limited, Sonova Holding AG, Biotronik, ElectroCore LLC, St. Jude Medical, Inc., LivaNova plc, Second Sight Medical Products, Inc., Nevro Corporation, MED-EL, Cefaly Technology, BioElectronics Corporation, Vomaris Innovations, Inc., EnteroMedics Inc., Stimwave LLC, Oticon Medical, and NeuroSigma, Inc.

  • Chronic Disease Prevalence is on the Rise

Rising cost pressures on drug-based medicines, growing interest in bioelectric medicine from major pharmaceutical players, and rising incidence and prevalence of neurological disorders and cardiac diseases globally are some of the factors expected to drive the global bioelectric medicine market growth during the forecast period. According to the Centers for Disease Control and Prevention, over 610 thousand people die in the United States each year as a result of heart disease. Approximately 370 people die as a result of coronary heart disease (CHD). As a result, improved bioelectric medicine is in high demand for treating a variety of chronic illnesses, which is expected to drive market growth. GlaxoSmithKline plc and other major corporations have made significant investments in the bioelectric medicine industry, while other institutions, such as the National Institutes of Health (NIH) in the United States, have expressed strong interest in the subject.

Bioelectric medicine is a branch of medicine that combines bioengineering, molecular medicine, and neuroscience to develop nerve-stimulating devices for controlling biological processes during illness treatment. According to the Centers for Disease Control and Prevention, cardiovascular diseases (CVDs) are the leading cause of death in the United States (CDC). CVDs are responsible for one-fourth of all deaths. Stroke and IHD account for more than 80% of all CVD-related deaths. Furthermore, the economic cost of CVDs is expected to exceed USD 1,044 billion by 2030.

Other important drivers of the sector’s growth include manufacturers’ increasing R&D investments and the increasing rate of regulatory approvals for novel electroceuticals. In December 2018, for example, the InterStim Smart Programmer was used in conjunction with the InterStim System for sacral neuromodulation therapy. Medtronic was the first company to develop sacral neuromodulation, and this new device was meant to help the company increase its market share.

Government regulations governing the development and manufacture of medical devices such as cardiac pacemakers, implantable cardioverter defibrillators, and neuromodulation devices may stifle the growth of the bioelectric medicine market. Prior to receiving a PMA, the devices must undergo extensive clinical testing, which significantly raises the producers’ costs. Furthermore, product recalls are a significant burden for manufacturers and may have a negative impact on the growth of the sector.

The Impact of COVID-19 on the Global Bioelectric Medicine Market:

Drug and biotech companies are working together with governments all over the world to combat the COVID-19 outbreak, from immunisation testing to anticipating bottlenecks in the drug supply network.

Furthermore, commonly used medications such as hydroxychloroquine have grown in popularity for the treatment of COVID-19. Because many affluent countries are running low on these pharmaceuticals, the increased interest in COVID-19 administration prescriptions has created a huge opportunity for architects of COVID-19 administration prescriptions. The pharmaceutical and biotechnology industries are expected to grow significantly in the future due to the demand for COVID-19 vaccines and treatment prescriptions. Coronavirus – 19 is expected to have a significant impact on the electroceuticals/bioelectric medicines market as a result of these considerations.

Regional Dominance:

  • The Asia Pacific region dominates the global market for bioelectric medicine.

North America held the largest share of the global bioelectric pharmaceutical market in 2020, accounting for approximately 41% of the total. Europe accounted for approximately 28.0 percent of the total market in the same year, trailing only North America. The presence of large bioelectric drug manufacturers, primarily in Germany, Switzerland, the United Kingdom, and France, as well as a well-developed medical care framework, are expected to be major market drivers. The Asia Pacific region is expected to have the highest CAGR of 8.5 percent over the projection period due to the ageing population in Asian countries such as China and India.

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