Bioelectric Medicine Market Growth Strategies Adopted by Top Key Players in Global and Assessment to 2030

Bioelectric Medicine Industry Overview

The global bioelectric medicine market size was valued at USD 20.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030.

The growing prevalence of chronic and acute conditions, increasing geriatric population, product advancements, and initiatives by key companies and organizations are major factors driving the market. In January 2022, the Alliance for Advancing Bioelectronic Medicine launched the first Bioelectronic Medicine Day comprising a health awareness campaign. The campaign supported the efforts and advancements within the field of bioelectronic medicine.

Gather more insights about the market drivers, restrains and growth of the Global Bioelectric Medicine Market

Bioelectric medicine combines bioengineering, molecular medicine, and neuroscience to develop nerve-stimulating technologies for the regulation of biological processes during the treatment of disease. The rising prevalence of chronic diseases such as cardiac and neurological disorders is expected to be the major factor driving the market. As stated by the CDC, annually, around 610 thousand people die due to heart diseases in the U.S. Amongst them, about 370 people die because of coronary heart disease (CHDs). Thus, there is a high demand for advanced bioelectric medicine for the treatment of these chronic disorders, which is expected to boost market growth.

According to the CDC report 2017, Cardiovascular Diseases (CVDs) are a major cause of death in the U.S. One-fourth of all deaths are likely to be caused by CVDs. Stroke and IHD are major causes of more than 80% of all CVD-related deaths. Furthermore, the economic burden of CVDs is likely to be around USD 1,044 billion by 2030. Increasing investments in R&D by manufacturers and the growth rate of regulatory approvals for new electroceuticals/bioelectric medicines are other major factors contributing to the growth of the market. For instance, in December 2018, InterStim Smart Programmer was used with the InterStim System used for sacral neuromodulation therapy. Medtronic pioneered sacral neuromodulation and this product enhancement was expected to help the company strengthen its market foothold.

Stringent government rules and regulations for the development and manufacturing of medical devices including implantable cardioverter defibrillators, cardiac pacemakers, and neuromodulation devices could hinder the growth of the market. The devices undergo rigorous clinical trials before a PMA (premarket approval), which causes a significant rise in the costs incurred by the manufacturers. In addition, product recalls are a major challenge faced by manufacturers, which could adversely affect the market growth.

Browse through Grand View Research’s Medical Devices Industry Research Reports.

• Biosimilar Contract Manufacturing Market – The global biosimilar contract manufacturing market size was valued at USD 5.3 billion in 2021 and is anticipated to exhibit a compound annual growth rate (CAGR) of 18.5% over the forecast period.
• Preclinical Medical Device Testing Services Market – The global preclinical medical device testing services market size was valued at USD 2.3 billion in 2021 and is anticipated to exhibit a compound annual growth rate (CAGR) of 8.6% from 2022 to 2030.

Market Share Insights

• June 2019: Boston Scientific Corporation acquired Vertiflex, Inc. The acquired company is focused on minimally invasive technology that helps alleviate pain and restore the physical function of lumbar spinal stenosis.
• December 2018: ElectroCore Inc. received FDA Approval for gammaCore for the treatment of cluster headaches.

Key Companies profiled:

Some prominent players in the global bioelectric medicine market include

• Medtronic
• Abbott
• Boston Scientific Corporation
• Cochlear Ltd.
• LivaNova PLC
• Biotronik SE & Co KG
• electroCore, Inc.
• Sonova
• Nevro Corp.
• Stimwave LLC

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