Bioelectronic Medicine Market to be dominated by Implantable Cardioverter Defibrillators through 2028
The increasing prevalence of chronic disorders is
expected to drive the Global Bioelectronic Medicine Market during the forecast period,
2024-2028.
According to TechSci Research report, “Bioelectronic Medicine Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the global bioelectronic medicine market is anticipated to grow at an
impressive rate during the forecast period, 2024-2028. This can be
ascribed to the rising prevalence of neurological disorders along with the
growing focus on the healthcare sector by government organizations for
innovation and research and development projects for more efficient therapies across
the globe. Similarly, an increasing number of the elderly population are
susceptible to chronic diseases, and huge investments by some big companies in
the medical field will boost the opportunities in the market during the
forecast period. Additionally, the increasing approvals for advanced
bioelectric medicine and the presence of advanced medical devices for the
treatment of different types of chronic diseases are further expected to
increase the demand for the bioelectronic medicine market during the forecast
period.
However, high
costs related to the setup of medical devices and treatment may hamper the
global bioelectronic medicine market during the forecast period. Similarly, side
effects associated with the treatment and a lack of efficacy related to
treatment can restrict the growth of the global bioelectronic medicine market during
the forecast period. Additionally, the lack of skilled professionals and lack
of awareness about advanced treatment in the medical sector can restrict the
growth of the market during the forecast period.
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The Global Bioelectronic
Medicine market is segmented on the basis of type, product, application,
end-user, and by region. Based on type, the global bioelectronic medicine
market is bifurcated into implantable and non-invasive. The implantable segment
is expected to dominate the market in 2022 and maintain its dominance
throughout the forecast period. With the increasing development of advanced
products by major market players to overcome all different types of diseases
along with the growing demand of consumers, manufacturers are increasing their
investments to provide more and more devices.
Based on product, the global bioelectronic medicine
market is 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. The implantable cardiovascular defibrillators segment
is expected to dominate the market in 2022 and maintain its dominance
throughout the forecast period. This can be ascribed to the increasing geriatric
population. increase in cardiovascular diseases along with an increase in
lifestyle-induced disorders such as depression or even obesity across the globe
is also driving the growth of the market.
Major companies operating in the global bioelectronic
medicine market are:
- Medtronic plc.
- Abbott Laboratories,
Inc.
- Boston Scientific
Corporation.
- Cochlear Ltd.
- LivaNova PLC.
- Soterix Medical Inc.
- Bioinduction Ltd.
- GiMer Medical.
- Nevro Crop.
- BioControl Medical
Spark Biomedical, a leader in wearable
neurostimulation solutions, collaborated with The Feinstein Institutes for
Medical Research at Northwell Health which is New York’s largest health system to
develop a wearable neurostimulation solution focused on lessening excessive
blood loss.
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“North America is expected to register the highest growth in the global bioelectronic
medicine market owing to the increasing development in the healthcare sector
along with collaboration between pharmaceutical companies to develop new
treatments across the region. Similarly, the growing investment in research and
development in the healthcare sector for advanced treatment with the rapid
adoption of new technology is expected to further drive the market growth
during the forecast period. Additionally, the growing aging population pool
with improving healthcare infrastructure is expected to drive the demand for the
tendonitis treatment market during the forecast period. Similarly, the growing
industry of medical tourism
is
expected to drive the market growth till 2027,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Bioelectronic Medicine Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (Implantable
v/s Non-invasive), By Product (Implantable
cardioverter defibrillators, Cardiac pacemakers, Cochlear implants, Spinal cord
stimulators, Deep brain stimulators, Transcutaneous electrical nerve
stimulators, Sacral nerve stimulators, Vagus nerve stimulators, Others), By Application
(Arrhythmia, Pain management, Sensorineural hearing loss, Parkinson’s disease,
Tremor, Depression, Treatment-resistant depression, Epilepsy, Urinary and fecal
incontinence, Others), By End User (Hospitals, Individual Users, Homecare
Centers, Ambulatory Surgical Centers, Specialty Clinics, Others), By Region and
Competition”, has
evaluated the future growth potential of the global bioelectronic medicine market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global bioelectronic medicine market.
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