The growth of the market is attributed to the increasing geriatric population across the globe and its associated disorders
According to a recent estimate by Emergen Research, the global market for bioelectric medicine would be valued USD 31.06 billion by 2027. The key driver projected to drive market expansion during the forecast period is the rising elderly population, which has led to a need for bioelectric medicine. Additionally, physical conditions like cardiac arrhythmias, Alzheimer’s disease, epilepsy, Parkinson’s disease, and depression are frequently transmitted to older people. Heart pacemakers, implantable cardioverter defibrillators, cochlear implants, and spinal cord stimulators are a few examples of the technical developments that have received increased attention in recent years and are utilised to treat these disorders.
The market is primarily driven by the growth in the appearance of critical wounds, rising surgical rates, trauma, and burn cases, high consumer disposable income, and rising consumer awareness of the need of complex wound diagnostics. Positive market growth factors include the rising curve in per capita disposable incomes across all major countries and the affordability of advanced items in developing economies.
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The risk of neurologic or cardiovascular problems is higher in the senior population. Geriatrics are a significant portion of the entire patient population due to their increased vulnerability to these illnesses. In order to treat cardiovascular and neurological problems, the rise of this demographic segment will guarantee a sustained and increased need for electroceutical devices including cardiac pacemakers, implantable cardioverter defibrillators, deep brain stimulators, and spinal cord stimulators.
In especially in price-sensitive regions like the Asia Pacific, Latin America, and Africa, the high cost of electroceutical devices like cochlear implants and neurostimulators is a major problem impeding market expansion. Healthcare providers, particularly in developing nations like Brazil and Mexico, lack the financial resources to make complex technological investments. Additionally, the crew needs intensive training in order to maintain and handle electroceutical devices effectively. To develop technologically cutting-edge electroceutical products like cochlear implants, considerable R&D operations are necessary. The cost of production consequently rises significantly as a result. As a result, only established or significant market participants can afford the enormous financial investments needed to carry out such activities.
Key participants include Medtronic; Boston Scientific Corporation; St. Jude Medical; Cochlear Ltd.; LivaNova PLC; Sonova; BIOTRONIK; SECOND SIGHT; Nevro Corp among others.
For the purpose of this report, Emergen Research has segmented into the global Bioelectric Medicine Market on the product type, application, end user and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Cardioverter defibrillators
- Cardiac pacemakers
- Cohlear implants
- Spinal cord stimulators
- Brain stimulators
- Sacral and vagus nerve stimulators
Application Outlook (Revenue, USD Billion; 2017-2027)
- Pain Management
- Sensorineural hearing loss
- Parkinson’s disease
End User Outlook (Revenue, USD Billion; 2017-2027)
- Ambulatory Surgery Centers
- Diagnostic Centers
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Regional Outlook (Revenue: USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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