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

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. Additionally, the growing adoption of new technology in the healthcare sector has significantly increased and increasing awareness about using new medicine such as pacemakers, defibrillators, and the benefits of using these devices is further expected to increase the demand for 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. Bioelectronic medicine is still a relatively new field, but there have already been several promising applications of this technology in a variety of medical specialties. Some of the most promising areas of research and development include Chronic pain affects millions of people around the world and can be difficult to treat with traditional pharmaceuticals. Bioelectronic devices that stimulate the nerves responsible for pain perception are showing promise as a new and effective treatment option for chronic pain. Bioelectronic medicine is also being explored as a potential treatment for a range of neurological disorders, including Parkinson's disease, epilepsy, and depression. By modulating the activity of specific neural circuits, bioelectronic devices may be able to restore normal brain function and alleviate symptoms. Bioelectronic medicine is being studied as a potential treatment for cardiovascular diseases such as hypertension and heart failure. By stimulating the nerves that control the cardiovascular system, bioelectronic devices may be able to improve heart function and reduce the risk of complications. Bioelectronic devices that stimulate the pancreas to produce insulin are being developed as a potential treatment for diabetes. By bypassing the need for insulin injections or oral medications, these devices may offer a more convenient and effective treatment option for patients with diabetes. Despite growing recognition of the potential of bioelectronic medicine, regulatory agencies around the world are still grappling with how to classify and regulate these devices. This can create uncertainty for manufacturers and investors, and slow down the development and approval of new devices. Developing reliable and effective bioelectronic devices that can be safely implanted in the body is a major technical challenge. Ensuring that devices can accurately and consistently stimulate the body's tissues and nerves, and that they can withstand the harsh environment of the human body, is crucial for the success of bioelectronic medicine. Bioelectronic devices can be expensive to develop and manufacture, which can make them less accessible to patients and limit their adoption. In addition, insurance companies and other payers may be hesitant to cover the cost of these devices until their effectiveness and safety have been fully established. As with any new technology, bioelectronic medicine raises ethical questions about privacy, informed consent, and the potential for unintended consequences. Ensuring that these issues are addressed in a responsible and transparent manner is crucial for building trust in the technology and ensuring its long-term success. While there are some promising early results from clinical trials of bioelectronic devices, there is still a limited amount of data available on the long-term safety and efficacy of these devices. More robust clinical data will be needed in order to convince regulators, payers, and patients of the benefits of bioelectronic medicine.

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 died because of heart disease in the United States, which is equal to 1 in every 5 deaths. So, the growth of this population group will assure 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. Chronic diseases such as diabetes, chronic pain, and neurological disorders are on the rise globally, driving demand for new and innovative treatment options. Bioelectronic medicine offers a promising alternative to traditional pharmaceuticals, with the potential to alleviate symptoms and improve quality of life for patients. Bioelectronic devices are often smaller and less invasive than traditional surgical tools, making them an attractive option for patients and healthcare providers. The trend towards minimally invasive procedures is expected to continue driving demand for bioelectronic medicine in the coming years.

Technological Advancements

The growing development of medical devices that help to target specific nerve fibres 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 defibrillators 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 trigger a brief seizure which will affect 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 leads in the brain and is connected to Implantable Pulse Generator. There have been several new bioelectronic devices and therapies that have been developed and brought to market in recent years. For example, in 2021, Galvani Bioelectronics announced the first clinical trial of its bioelectronic therapy for patients with rheumatoid arthritis. The device uses electrical signals to stimulate the body's immune system and reduce inflammation. There have been several recent regulatory approvals for bioelectronic devices, which is helping to drive the growth of the market. In 2020, the US Food and Drug Administration approved the first bioelectronic device for the treatment of asthma, which uses electrical stimulation to reduce inflammation in the airways. There has been a growing trend towards partnerships and collaborations between companies and institutions in the bioelectronic medicine market. For example, in 2021, Blackrock Neurotech announced a partnership with Mayo Clinic to develop a new brain-computer interface that can be used to treat movement disorders. There has been increasing interest in using bioelectronic devices for new applications beyond traditional medical conditions. For example, there is growing research into using bioelectronic devices for cognitive enhancement and improving athletic performance.

Recent Development

• Bioelectronics Corp launched ActiPatch® in 2019, which is a wearable device that uses electromagnetic fields to relieve pain and inflammation. The device is designed to be placed over the site of pain and delivers low-level electrical stimulation to the nerves, which has been shown to reduce pain.
• Nuvectra launched Algovita® in 2018, which is a spinal cord stimulation system used to treat chronic pain. The system uses electrical impulses to interrupt pain signals traveling along the spinal cord and has been shown to be effective in reducing pain in patients with chronic back and leg pain.
• Galvani Bioelectronics launched a bioelectronic implant for rheumatoid arthritis in 2021. The implant is designed to stimulate the vagus nerve, which has been shown to reduce inflammation in the body. The device is being tested in clinical trials and has the potential to offer a new treatment option for patients with rheumatoid arthritis.
• Boston Scientific launched the Vercise™ Genus Deep Brain Stimulation (DBS) System in 2020, which is designed to treat Parkinson's disease by using electrical stimulation to modulate the activity of the brain. The device uses a rechargeable battery and advanced programming capabilities to provide more personalized therapy options for patients.
• Medtronic launched the InterStim™ Micro Neurostimulator in 2020, which is used to treat bladder and bowel control problems. The device is implanted under the skin and uses electrical stimulation to modulate the nerves that control bladder and bowel function. The device is smaller and more easily implanted than previous versions, which can reduce the risk of complications for patients.

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Market Segmentation

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 v/s 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.

Market Players

Medtronic plc., Abbott Laboratories, Inc., Boston Scientific Corporation., Cochlear Ltd., LivaNova PLC., Soterix Medical Inc., Bioinduction Ltd., GiMer Medical., Cefaly., BioControl Medical. are some of the leading players operating in the Global Bioelectronic Medicine Market.

Report Scope:

In this report, the global bioelectronic medicine market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

            ·         Bioelectronic Medicine Market, By Type:

o   Implantable

o   Non-invasive

·         Bioelectronic Medicine Market, By Product:

o   Implantable cardioverter defibrillators

o   Cardiac pacemakers

o   Cochlear implants

o   Spinal cord stimulators

o   Deep brain stimulators

·         Transcutaneous electrical nerve stimulators

o   Sacral nerve stimulators

o   Vagus nerve stimulators

o   Others

·         Bioelectronic Medicine Market, By Application:

o   Arrhythmia

o   Pain management

o   Sensorineural hearing loss

o   Parkinson’s disease

o   Tremor

o   Depression

o   Treatment-resistant depression

o   Epilepsy

o   Urinary and fecal incontinence

o   Others

·         Bioelectronic Medicine Market, By End User:

o   Hospitals

o   Individual Users

o   Homecare Centers

o   Ambulatory Surgical Centers

o   Specialty Clinics

o   Others

·         Bioelectronic Medicine Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  Germany

§  United Kingdom

§  Italy

§  Spain

o   Asia Pacific

§  China

§  India

§  Japan

§  South Korea

§  Australia

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Bioelectronic Medicine Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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