14 January 2019: The Global Electroceuticals/Bioelectric Medicine Market size was estimated at USD 17.2 billion in 2016 and is anticipated to reach USD 35.5 billion by 2025. Electroceuticals/Bioelectronics is the branch of emerging medicine that utilizes electrical impulses to control the body’s neural circuits as a substitute to drug-based interventions. These electroceutical devices primarily recite and transform electrical signals passing along the nerves of the body comprising irregular or different impulses that occur in association with a wide range of diseases.
The factors that propel the growth of the global Electroceuticals/Bioelectrical Medicine Market include high-tech advancements, increase in disposable income, increasing incidences of hearing loss, expanding geriatric population, development of new therapies, rising prevalence of neurological disorders, and increasing capital investment. On the other hand, there are also factors that hamper the growth of the global Electroceuticals/Bioelectrical Medicine Market like the dearth of trained professionals.
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The global Electroceuticals/Bioelectrical Medicines Market is classified on the basis of product, type of device, end-user, application, and geography On the basis of products, the global Electroceuticals/Bioelectrical Medicine Market is classified as Cochlear Implants, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators, Vagus Nerve Stimulators, Cardiac Pacemakers, Spinal Cord Stimulators, Sacral Nerve Stimulators, Retinal Implants, Implantable Cardioverter Defibrillators, and the other Electrical Stimulators. In 2016, the Implantable Cardioverter Defibrillators sector is projected to hold the largest share of the global Electroceuticals/Bioelectrical Market. Nevertheless, during the forecast period, the Retinal Implants are anticipated to grow at the highest rate.
On the basis of type of device, the global Electroceuticals/Bioelectrical Medicine Market is classified into two major classes: Implantable Electroceuticals Devices and Non-Invasive Electroceuticals Devices. As of 2016, the Implantable Electroceuticals Devices dominate the largest share of the Electroceuticals/Bioelectrical Medicine Market. On the other hand, during the forecast period, the Non-Invasive Electroceuticals Devices is estimated to grow at the highest rate.
On the basis of end-user, the global Electroceuticals/Bioelectrical Medicine Market is classified as Hospitals, Individual Users, and Research Institutes. In 2016, the largest market share was dominated by hospitals. However, during the forecast period the individual users are anticipated to hold the highest share. On the basis of application, the global Electroceuticals/Bioelectrical Medicine Market is classified as Cardiac Pacemakers, Implantable Cardioverter Defibrillators. Transcutaneous Electrical Nerve Stimulators, Sacral Nerve Stimulators, Spinal Cord Stimulators, Cochlear Implants, Deep Brain Stimulators, Vagus Nerve Stimulators, and the other Electrical Stimulators, On the basis of geography, the global Electroceuticals/Bioelectrical Medicine Market is classified as North America, Europe, Asia Pacific, and Rest of the World. North America is projected to dominate the largest share of the global Electroceuticals/Bioelectrical Market.
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The factors that attribute to the large market share by North America are growing incidences of diabetes and cancer, rising occurrence of hearing loss, increasing prevalence of arrhythmia, high frequency of chronic diseases, and so on. Nevertheless, during the forecast period, Asia Pacific region is anticipated to rise at the highest growth rate owing to factors like increasing geriatric population, rising prevalence of diabetes, growing occurrence of loss in hearing, and so on.
Some of the prominent players that fuel the growth of the global Electroceuticals/Bioelectrical Medicine Market include Cefaly Technology, Stimwave LLC, Vomaris Innovations, Inc., EnteroMedics Inc., NeuroSigma, Inc., Second Sight Medical Products, Inc., ElectroCore LLC, BioElectronics Corporation, MED-EL, Oticon Medical, Medtronic plc, St. Jude Medical, Inc., Boston Scientific Corporation, Cochlear Limited, Sonova Holding AG, LivaNova PLC, Biotronik, and Nevro Corporation.
Product Outlook (Revenue, USD Million; 2014 – 2025)
• Implantable cardioverter defibrillators
• Cardiac pacemakers
• Cochlear implants
• Spinal cord stimulators
• Deep brain stimulators
• Transcutaneous electrical nerve stimulators
• Sacral nerve stimulators
• Vagus nerve stimulators
• Other bioelectric medicines
Type Outlook (Revenue, USD Million; 2014 – 2025)
• Implantable electroceutical devices
• Noninvasive electroceutical devices
Application Outlook (Revenue, USD Million; 2014 – 2025)
• Pain management
• Sensorineural hearing loss
• Parkinson’s disease
• Treatment-resistant depression
• Urinary and fecal incontinence
End-Use Outlook (Revenue, USD Million; 2014 – 2025)
Regional Outlook (Revenue, USD Million; 2014 – 2025)
• North America
• Asia Pacific
• Latin America
• South Africa
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