Bioelectric Medicine Market To Generate $32,345.8 Million Revenue by 2030
- Published: February 2023
The bioelectric medicine market size is expected to advance at a CAGR of 5.2% during 2022–2030, to reach USD 32,345.8 million by 2030. This is ascribed to the rapid increase in the number of patients of hearing loss, surge in the prevalence of neurological disorders, growth in the geriatric population, and rise in capital investments. Additionally, the swift development of new therapies and technological advancements in diagnostics, due to the increasing research and development investment, and the rising disposable income in emerging economies are driving the market growth.
Moreover, the supportive government initiatives for patients with these illnesses will eventually help in the market expand over the forecast period.
Rising Investments in Research and Development Having Positive Impact on Market
In order to strengthen their reputation as suppliers of electroceuticals, market players are focusing on novel applications and development of efficient drugs, by raising their research funding. This has led to a rise in the regulatory approvals for advanced bioelectric medicines, thus positively influencing the growth of the industry. Additionally, manufacturers are focusing on launching smart devices to help people with the early detection of cardiac arrhythmias, a key demand of the population that remains largely unmet.
Similarly, various products have been launched to treat chronic neurological disorders. For instance, in January 2020, Medtronic plc acquired Stimgenics, which has developed a novel spinal cord stimulation therapy waveform, known as Differential Target Multiplexed spinal cord stimulation. This is a novel programming option for treating chronic pain.
Cochlear Implants Holds Significant Share in Market
The cochlear implants category holds significant share in the market, primarily on account of the increasing incidence of partial or complete hearing loss globally. According to the WHO, approximately 460 million people worldwide, who make up over 5% of the global population, need rehabilitation for disabling hearing loss. Additionally, it is estimated that more than 2.5 billion individuals will have some degree of hearing loss and over 700 million will need hearing rehabilitation by 2050.Moreover, the increasing research activities, government initiatives to raise awareness among potential cochlear implant users and set up advanced facilities, and the availability of proficient staff at hospitals will lead to the sector’s expansion.
For instance, the University of Texas Southwestern Medical Center has developed a new electrode array by utilizing shape memory polymers (SMP), designed to fit a person’s cochlea perfectly. The cochlear implant is prefabricated to self-coil when heated to a specific temperature.
Asia-Pacific Offering Lucrative Growth Potential to Electroceutical Providers
The Asia-Pacific region is expected to advance with a CAGR of about 7% during the forecast period. This is attributed to the presence of key players offering bioelectric medicine solutions in this region. Additionally, the rising population of the elderly, escalating per capita health expenditure, booming incidence of neurological disorders, and improving healthcare infrastructure are offering growth opportunities in this region.
The growth in the revenue of the Asia-Pacific market is also influenced by the rising prevalence of chronic disorders, such as arrhythmias and Parkinson’s disease, due to the sedentary lifestyles, and increasing number of hospitals and ambulatory care centers. In addition, the regional market is expected to benefit from the rising popularity of bioelectric medicine for better outcomes.
Moreover, revenue generation in Europe is expected to increase rapidly in the coming years, owing to the rising prevalence of hearing loss. Moreover, Europe is already home to an advanced healthcare sector, with a favorable ecosystem for R&D across all subspecialties.
The most-significant bioelectric medicine market players are Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, LivaNova PLC, Cochlear Ltd., Nevro Corp., Axonics Inc., Second Sight Medical Products Inc., and electroCore Inc.