Bioelectric Medicine Market: Industry Trends, Segments, Analysis and Forecast – 2030
Bioelectric Medicine Market
The bioelectric medicine market can
anticipate reaching USD 31.65 billion by 2030 while attaining a 6.46% CAGR from
2022 to 2030, reveals Market Research Future (MRFR).
Primary
Boosters and Restraints
By combining bioengineering, molecular medicine, and neurology,
bioelectric medicine creates nerve-stimulating devices for the control of
biological processes during disease treatment. The main factor projected to
drive the market is the increased prevalence of chronic diseases like cardiac
and neurological problems. According to the CDC, over 610 thousand Americans
per year pass away from cardiac problems. About 370 of them pass away from
coronary heart disease (CHDs). Due to the high demand for advanced bioelectric
medicine to treat these chronic diseases, the market is anticipated to grow
quickly.
The increased incidence of chronic and acute illnesses, the rapidly
aging population, product advancements, and initiatives by significant
businesses and organizations are some of the key growth drivers for the
worldwide market. For instance, the first Bioelectronic Medicine Day, which
featured a public health campaign, was instituted by the Alliance for Advancing
Bioelectronic Medicine in January 2022. The campaign helped to encourage
efforts and advancements in the field of bioelectronic medicine.
Cardiovascular Diseases (CVDs) are a significant cause of death in the
U.S., says the CDC study from 2017. It's probable that CVDs are to blame for
one-fourth of all fatalities. More than 80% of all CVD-related deaths are
caused by stroke and IHD. In addition, by 2030, the economic cost of CVDs is
projected to be over USD 1,044 billion. Other significant drivers of the
market's expansion are manufacturers' increasing R&D expenditures and the
rate at which new electroceuticals and bioelectric medications are approved by
regulatory agencies.
Major Key
Players:
Abbott, Cochlear
Ltd, LivaNova PLC, ElectroCore, Inc., Medtronic Plc, Sonova, Nevro Corp.,
Boston Scientific Corporation, Stimwave LLC, Biotronik SE & Co KG are a Bioelectric Medicine Market Players.
Segment Analysis
By Type
Implantable
Electroceutical Devices as well as Non-invasive Electroceutical Devices are the
major types of bioelectric medicines.
By Product
Cardiac
Pacemakers, Implantable Cardioverter Defibrillators, Spinal Cord Stimulators,
Cochlear Implants, Transcutaneous Electrical Nerve Stimulators, Deep Brain
Stimulators, Vagus Nerve Stimulators, Sacral Nerve Stimulators, and others are
the key products specified in the report.
By Application
Sensorineural
Hearing Loss, Epilepsy, Pain Management, and Arrhythmia are some of the main
applications of bioelectric medicines.
By End User
ASCs, Hospitals
& Clinics, and others are the market end-users listed in the study.
Regional Analysis
Out of all the regions, the bioelectric medicine market will perform
tremendously well in North America, given the increased prevalence of chronic
diseases like cardiovascular and neurological disorders. The CDC estimates that
heart disease causes about 610 thousand deaths in the US each year. The cause
of death for about 370 of them is coronary heart disease. Because of the
increased need for improved bioelectric therapy to treat these persistent
illnesses, the market is anticipated to develop. Additionally, North America
dominated the market in 2021 due to the presence of medical device producers
like Abbott (US) and Boston Scientific Corporation (US).
About Market Research
Future
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