DUBLIN–(BUSINESS WIRE)–The “Electroceuticals / Bioelectric Medicine – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Electroceuticals / Bioelectric Medicine Market to Reach US$20.8 Billion by the Year 2026
The heightened pace of research in the area of bioelectric medicine is also likely to boost future business. Companies are exploring on non-surgical methods of implantation and improved features of electrode technologies for making the embedding process of the biomedicines possible through the skin. Such non-invasive electroceutical devices also show a promising future due to the comfort factor attached to them for patients who do not have to incur surgical costs and inconvenience of post-surgery recovery.
Amid the COVID-19 crisis, the global market for Electroceuticals / Bioelectric Medicine, estimated at US$15 Billion in the year 2020, is projected to reach a revised size of US$20.8 Billion by 2026, growing at a CAGR of 5.6% over the analysis period. Cardiac Pacemakers & ICDs, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$13.5 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cochlear Implants segment is readjusted to a revised 4.6% CAGR for the next 7-year period. This segment currently accounts for a 14.8% share of the global Electroceuticals / Bioelectric Medicine market.
Cardiac diseases have increased globally, fueling the market growth of the cardiac pacemaker. A cardiac pacemaker when placed in the chest uses electrical pulses to control arrhythmia or abnormal heart rhythm of patients. Cochlear implants are one of the most common electroceuticals for substituting that damaged ear part and providing hearing ability.
The U.S. Market is Estimated at $6.9 Billion in 2021, While China is Forecast to Reach $1.7 Billion by 2026
The Electroceuticals / Bioelectric Medicine market in the U.S. is estimated at US$6.9 Billion in the year 2021. The country currently accounts for a 44.6% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$1.7 Billion in the year 2026 trailing a CAGR of 6.7% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.9% and 5.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR while Rest of European market (as defined in the study) will reach US$1.8 Billion by the end of the analysis period. North America, with its well-developed healthcare infrastructure, is a widespread adopter of new technologies, thus providing favorable growth outlook for the electroceuticals/ bioelectric medicine technology.
The growing number of people suffering from a range of chronic medical conditions like cardiovascular disease, neurological ailments, cancer, arrhythmia, and hearing loss are propelling growth in the region. The presence of leading medical device makers including Boston Scientific Corporation, Medtronic and BIOTRONIK in the region augurs well for the market.
In Europe, the substantial infrastructure for healthcare, high demand for innovative medical solutions and the presence of several major healthcare companies in Germany, the UK, Switzerland, and France, are presenting robust growth opportunities.
Spinal Cord Stimulators Segment to Reach $2.9 Billion by 2026
A spinal cord stimulator is an implanted device that sends low levels of electricity directly into the spinal cord. Spinal cord stimulators consist of electrodes, or leads, placed in the epidural space around the spinal cord. The electrodes are connected to and powered by a pulse generator or batteries. In the global Spinal Cord Stimulators segment, USA, Canada, Japan, China and Europe will drive the 4.8% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$1.9 Billion in the year 2020 will reach a projected size of US$2.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$205.4 Million by the year 2026.
Select Competitors (Total 50 Featured)
- Abbott Laboratories
- Biotronik SE & Co. KG
- Boston Scientific Corporation
- Cochlear Ltd.
- electroCore, Inc.
- LivaNova PLC
- Medtronic PLC
- Nevro Corp.
- Second Sight Medical Products, Inc.
- Sonova Holding AG
Key Topics Covered
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession
- 2020: A Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
- COVID-19 Impact on the Electroceuticals/Bioelectric Medicine Market
- Researchers Demonstrate Role of Electroceutical Fabric in Eradicating Coronaviruses
- An Introduction to Electroceuticals/Bioelectric Medicine
- Using Electrical Stimulation in Nerves: Historical Perspective
- Types of Electroceutical Devices
- Major Applications of Electroceuticals/Bioelectric Medicine
- Global Market Prospects & Outlook
- Implantable Electroceutical Devices: The Leading Category
- Cardiac Pacemakers & Implantable Cardioverter Defibrillators Segment Lead the Global Market
- Developed Regions Lead, Developing Economies to Spearhead Growth
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Electroceutical/Biomedical Medicine Emerges to Overcome Drawbacks of Traditional Treatments
- Faster Healing: A Key Benefit Fueling Growth in Electroceuticals Market
- Ineffectiveness of Drug Therapy and Issues with Side Effects Present Opportunities for Electroceuticals Market
- Disease-specific Electroceuticals to Drive Future Gains
- Aging Global Population Raises Risk of Neurological & Cardiovascular Diseases, Fueling Market Outlook
- Growing Prevalence of Cardiovascular Diseases and Need for Effective Treatments Supports Market Growth
- Cardiac Pacemaker: A Solution for Cardiac Arrythmias
- Transcatheter Cardiac Pacemakers: Benefits Fuel Market Growth
- Technological Advancements to Transform Cardiac Pacemaker Devices Marketplace
- Rising Incidence of Neurological Disorders and Need for Novel Therapies to Spur Market Growth
- Bioelectronic Medicine Emerges as a Vital Therapy for Targeted Neuromodulation
- Deep Brain Stimulators: Useful in Treatment of Neurodegenerative Diseases
- Select Available Deep Brain Stimulation Devices Available in the Market
- Increasing Cases of Epilepsy Drive the Demand for Vagus Nerve Stimulation Devices
- Developments in Vagal Nerve Stimulation (VNS) Devices
- Spinal Cord Injuries Propel the Demand for Spinal Cord Stimulation Devices
- TENS (Transcutaneous electrical nerve stimulation devices) Market Witnesses Rapid Growth
- Biodegradable Devices For Nerve Recovery
- Bioelectric Medicine: A Potential Treatment Approach for Crohn’s Disease
- Growing Prevalence of Hearing Loss Boosts Opportunities in the Cochlear Implants Market
- Vendors Focus on Innovations in Cochlear Implants
- Developing Economies to Boost Long-term Prospects
- Electroceutical Acupuncture: Emerging Pain Therapy
- Neuropuncture – The Electroceutical Technology to Treat Pain & Injury
- Bioelectronics Technology Fuels Advances in Next-Generation of Device Therapeutics
- Market Benefits from the Significant Advantages of Bioelectronics
- Overcoming the Challenges
- Increasing Research Activity in Bioelectric Medicine Drives Market Opportunities
- Market Poised to Benefit from the Development of New Bioelectronic Devices
- Technological Advancements to Boost Growth Prospects
- Rise in Healthcare Expenditure to Drive Growth
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- Total Companies Profiled: 50
For more information about this report visit https://www.researchandmarkets.com/r/9qjs6b
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