The global Electroceutical / Bioelectric Medicine market was valued at USD 20,249.6 million in 2019 and is expected to reach USD 37,109.9 million by 2027, growing at a CAGR of 7.94% from 2020 to 2027.
For a better understanding of the Electroceutical / Bioelectric Medicine market, a better grip over the macroeconomic and microeconomic factors are needed as they are impacting the market towards progress. Those factors can ensure a swift helming of the market by rough patches of economic crisis and help in averting plummeting results. With real-time data, the report captures the essence of the market and provides a close reading of demographic changes. Report would assist key players in assessing growth opportunities and optimally use resources provided by growth pockets.
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Electroceuticals is referred as old therapeutic modality which broadly comprises all the bioelectric medicines. These are medical related devices which utilize electrical impulses to affect change, thereby modifying bodily functioning as an alternative to drug-based remediation.
Increase in geriatric population is the key driving factor which is expected to boost the global electroceuticals/Bioelectric medicine market growth. Furthermore, increase in investments and funds for the development of Novel Therapies and electroceuticals will have the positive impact on market growth. Moreover, rise in prevalence of neurological disorders will drive the market growth. In addition to that, increase in prevalence of hearing loss will fuel the market growth.
Growing adoption of electroceuticals for treatment of various neurological and cardiac disorders such as Obsessive-Compulsive Disorder (OCD), Parkinson’s disease, dystonia, essential tremor, epilepsy, and Alzheimer’s disease is a key factor driving this market. In addition, increase in geriatric population at risk of neurological and CVD diseases is a factor expected to fuel market growth over the forecast period.
Arrhythmia is a disorder most commonly treated using electroceuticals. The high worldwide prevalence of the disorder and the need for regular care are major factors leading to increased adoption of electroceuticals for treatment of such heart diseases. They are more effective than other treatment options, which is a major factor responsible for the largest market share held by this segment. This segment is expected to grow at a CAGR of 7.1% over the forecast period.
North America held the largest share in the overall market in 2019. This can be attributed to factors such as presence of favorable reimbursement policies and sophisticated healthcare infrastructure. Increasing awareness about applications of electroceuticals and their associated benefits is a factor contributing to the large share of the regional market.
Drivers: Increasing chronic disease incidences
Cardiac disorders are one of the leading causes of death globally, such as Ischemic Heart Disease (IHD). According to CDC, the prevalence of cardiac diseases and related deaths has remained constant, with almost 31% people dying of these diseases in 2017. According to a report published by CDC in 2017, these conditions account for about 800,000 deaths in the U.S. In addition, Coronary Heart Disease (CHD) accounted for a major portion of deaths due CVDs, followed by heart failure, and stoke. According to CDC, the economic burden of CVDs is likely to be around USD 1,044 billion by 2030.
According to Parkinson’s foundation, in 2018, the prevalence of the disease is increasing, and it is estimated that 1.2 million of the U.S. population will be living with the disease by 2030. According to the U.S. National Library of Medicine, NIH, 2017 publication, more than 80, 000 of people are receiving deep brain stimulation for Parkinson’s diseases globally. Furthermore, increasing prevalence of tremors, depression, and similar disorders are further expected to raise demand for electroceutical devices. For instance; according to the WHO 2018 publication, around 300 million people worldwide are suffering from depression. Above factors would in turn support the demand for bioelectric medicines globally
Challenges: Technology Trend Analysis
According to the European Union (EU) data, more than 49% of the population in EU countries uses prescription medicine. However, electroceuticals are expected to replace pills for some conditions. These implanted devices work to replace, repair, or restore the parts of our body and have been in use since 1950. Since then, devices have been created to restore various functions and senses, such as sight and hearing and others. These devices can be external, wearable, or can be implanted into the body, such as pacemaker. One of the most popular applications of electroceuticals is chronic headache.
According to a company, ElectroCore, almost 325,000 people in the U.S. experience cluster headache every year. Hence, the company had developed a product specifically focusing on this disease. Furthermore, the company obtained FDA clearance in 2018 for gammaCore, which is a noninvasive VNS therapy, to help prevent such small, but painful headaches in adults. As per a clinical trial result, about 40% of the patients who have used this handheld instrument, which delivers a minor electrical pulse at the neck area, experienced more than 50% reduction in cluster attacks.
However, lack of skilled professionals and high cost of cochlear implants are the restraining factors for market which are expected to hamper the global electroceuticals/bioelectric medicine market growth. Also, unfavorable reimbursement scenario will affect the market growth.
Electroceutical / Bioelectric Medicine market share by Medicine Type:
Based on type the electroceutical/bioelectric medicine market has been segmented into implantable and non-invasive electroceutical devices. Implantable devices commanded the major market share in 2019 owing to the various factors including Increasing application and implantation of various electroceutical devices such as ICDs, pacemaker, and various other implants. Furthermore, rising prevalence of diseases which require continuous monitoring is another major factor propelling the growth of the market
Electroceutical / Bioelectric Medicine market share by Application
Based on application the electroceutical/bioelectric medicine market has been segmented into Pain Management, Arrhythmia, Sensorineural Hearing Loss, Tremor, Depression, Epilepsy, and others. Arrhythmia accounted for the largest market share in 2019.
Market Key Players
Various key players are discussed in this report such as Medtronic PLC, Cochlear Limited, Boston Scientific Corporation, St. Jude Medical, Inc., Sonova Holding AG, Livanova PLC, Biotronik, Nevro Corp, and Electrocore LLC
• Cardiac Pacemaker
• Cochlear Implants
• Deep Brain Stimulators
• Vagus Nerve Stimulators
By Medicine Type
• Implantable Electroceutical Devices
• Noninvasive Electroceutical Devices
• Pain Management
• Sensorineural Hearing Loss
• North America
• Latin America
• Asia Pacific
• Middle East & Africa
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