Bioelectric Medicine Market (2024-2033) | Insights, Industry Outlook, Growing Trends And Top Key Players

Overview and Scope
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.

Sizing and Forecast
The bioelectric medicine market size has grown strongly in recent years. It will grow from $22.68 billion in 2023 to $24.69 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to increasing geriatric population, increasing disposable income, increasing demand for add-on therapy, increasing prevalence of neurological disorders, and increasing demand for cutting edge therapeutics.

The bioelectric medicine market size is expected to see strong growth in the next few years. It will grow to $35.00 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to growing demand for non-invasive treatment, increasing healthcare expenditure, growing patient population, high prevalence of chronic diseases, and increasing awareness about healthcare innovations. Major trends in the forecast period include technological advancements, integration of telemedicine and digital health, increasing investment and funding, advancements in implantable devices, and miniaturization of devices.

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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

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.

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Major Driver Impacting Market Growth
The increasing healthcare expenditure is expected to propel the growth of the bioelectric medicine market going forward. Healthcare expenditure is the total amount of money spent on healthcare services and resources within a given time frame. The increase in healthcare expenditure is fueled by factors such as population aging, advancements in medical technology, and rising chronic disease prevalence. The increasing healthcare expenditure positively impacts bioelectric medicine by fostering greater investment in research, development, and adoption of innovative bioelectric therapies. For instance, in 2022, according to the Office for National Statistics, a UK-based national statistical institute, UK healthcare expenditure reached approximately $354.88 billion (£283 billion) in 2022, reflecting an increase of 0.7% compared to spending in 2021. Therefore, the increasing healthcare expenditure will drive the bioelectric medicine market going forward.

Key Industry Players
Major companies operating in the bioelectric medicine market are Abbott Laboratories, Medtronic PLC, Koninklijke Philips N.V., Boston Scientific Corporation, Biotronik SE & Co. KG, Cochlear Ltd., LivaNova PLC, Bioventus LLC, Inspire Medical Systems Inc., Nevro Corporation, Axonics Inc., Zynex Inc., NeuroPace Inc., Stimwave LLC, Setpoint Medical Corporation, ReShape Lifesciences Inc., ElectroCore Inc., NeuroMetrix Inc., Soterix Medical Inc., Galvani Bioelectronics, MicroTransponder Inc., BioElectronics Corporation, Cerbomed GmbH

The bioelectric medicine market report table of contents includes:

1. Executive Summary

2. Bioelectric Medicine Market Characteristics

3. Bioelectric Medicine Market Trends And Strategies

4. Bioelectric Medicine Market – Macro Economic Scenario

5. Global Aluminum Die Casting Market Size and Growth

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32. Global Bioelectric Medicine Market Competitive Benchmarking

33. Global Bioelectric Medicine Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Bioelectric Medicine Market

35. Bioelectric Medicine Market Future Outlook and Potential Analysis

36. Appendix