The Road Ahead for the Bioelectric Medicine Market: Key Growth Trends and Opportunities to Watch
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What CAGR is Anticipated for the Bioelectric Medicine Market During the Forecast Period, and Why?
The scale of the bioelectric medicine market has experienced robust growth over the past years. The market is predicted to expand from $24.69 billion in 2024 to $27.01 billion in 2025, with a compound annual growth rate (CAGR) of 9.4%. The phenomenal growth seen historically is due to factors such as a rise in the aging population, an increase in disposable income, heightened demand for supplementary therapy, a growing prevalence of neurological diseases, and an elevated demand for innovative therapeutics.
In the coming years, a robust expansion is anticipated in the bioelectric medicine market, with its size predicted to reach $38.16 billion by 2029, increasing at a compound annual growth rate (CAGR) of 9.0%. This growth during the projected period can be ascribed to rising requirements for non-invasive therapy, escalating healthcare costs, expanding patient base, widespread occurrence of chronic ailments, and heightened awareness about advancements in healthcare. The forecasted period will witness key trends like technological innovation, incorporation of telemedicine and digital health, increasing finance and investment in the sector, progress in implantable devices, and reduction in device size.
Which Drivers Are Expected to Have the Greatest Impact on the Bioelectric Medicine Market’s Growth?
Advancements in the bioelectric medicine market are anticipated to be spurred by the escalating expenses in healthcare. This refers to the cumulative monetary resources spent on healthcare utilities and services during a specific period of time. Factors like rising chronic illness rates, improvements in medical technology, and the aging of the population are behind the growth in healthcare spending. This hike in healthcare outlay has a positive effect on bioelectric medicine, stimulating increased outlay in research, innovation, and the application of bioelectric therapies. For instance, the Office for National Statistics, a national statistical body in the UK, reported that UK’s healthcare spending for the year 2022 reached around $354.88 billion (£283 billion), which is a 0.7% rise from the 2021 expenditures. Hence, the escalating healthcare expenses are projected to steer the growth of the bioelectric medicine market in the future.
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Which Companies Are Poised to Shape the Future of the Bioelectric Medicine Market?
Major companies operating in the bioelectric medicine market are:
• Abbott Laboratories
• Medtronic PLC
• Koninklijke Philips N.V.
• Boston Scientific Corporation
• Biotronik SE & Co. KG
What Are the Latest Innovations and Trends Influencing the Bioelectric Medicine Market?
Major players in the bioelectric medicine market are honing in on technological innovations, including new software programs for general wellness bioelectric medicines, to stay competitive. This type of software provides users with detailed instructions for conducting deep brain stimulation therapy procedures, assists with surgical preparation, implanting electrodes during surgery, and personalizing the programming for deep brain stimulation therapy. One such example is Boston Scientific Corporation, a U.S. wellness and bioelectric medicine firm. In July 2023, they announced that their product, “Vercise Neural Navigator 5 Software,” had obtained approval from the US FDA. This tool offers enhanced features for accurately targeting and programming deep brain stimulation (DBS) therapy. It combines imaging data with stimulation settings to provide individualized treatment for neurological disorders, leading to improved accuracy in electrode placement, surgical planning, and personalized programming. This, in turn, improves treatment results and patient contentment.
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What Are the Key Components of the Bioelectric Medicine Market, and How Do Its Segments Perform?
The bioelectric medicine market covered in this report is segmented –
1) By Type: Implantable Electroceutical Devices, Non-Invasive Electroceutical Devices
2) By Product: Implantable Cardioverter-Defibrillators, Cardiac Pacemakers, Cochlear Implants, Spinal Cord Stimulators, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators (TENS), Sacral Nerve Stimulators, Vagus Nerve Stimulators, Other Products
3) By Application: Arrhythmia, Pain Management, Sensorineural Hearing Loss, Parkinson’s Disease, Tremor, Depression, Treatment-Resistant Depression, Epilepsy, Other Applications
4) By End Use: Hospitals, Other End Uses
Subsegments:
1) By Implantable Electroceutical Devices: Cochlear Implants, Deep Brain Stimulation (DBS) Devices, Spinal Cord Stimulation (SCS) Devices, Vagus Nerve Stimulation (VNS) Devices, Retinal Implants, Neuromodulation Devices
2) By Non-Invasive Electroceutical Devices: Transcranial Magnetic Stimulation (TMS) Devices, Transcutaneous Electrical Nerve Stimulation (TENS) Devices, Electrotherapy Devices, Pulsed Electromagnetic Field (PEMF) Therapy Devices, Electroceutical Wearables
What Regions Are Contributing Significantly to the Growth of the Bioelectric Medicine Market?
North America was the largest region in the bioelectric medicine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioelectric medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is the Definition of the Bioelectric Medicine Market Impacting Future Growth?
Bioelectric medicine, also known as electroceuticals or bioelectronic medicine, is a medical science field that focuses on using electrical signals to modulate the body’s nervous system to treat various diseases and conditions. This approach involves devices that generate precise electrical impulses to influence nerve activity, restore normal function, and promote healing in targeted body areas.
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