Global Bioelectric Medicine Market Report 2024

The bioelectric medicine market size has grown strongly in recent years. It will grow from $22.68 billion in 2023 to $24.69 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The historic period's growth can be attributed to several factors, including the rising geriatric population, increasing disposable income, growing demand for add-on therapy, higher prevalence of neurological disorders, and an increased demand for advanced therapeutics.

The bioelectric medicine market size is expected to see strong growth in the next few years. It will grow to $35.0 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. In the forecast period, growth can be attributed to factors such as the increasing demand for non-invasive treatments, rising healthcare expenditure, growing patient population, high prevalence of chronic diseases, and a growing awareness of healthcare innovations. Major trends during this period include technological advancements, the integration of telemedicine and digital health, increased investment and funding, advancements in implantable devices, and the miniaturization of devices.

The growth in healthcare spending is expected to drive the expansion of the bioelectric medicine market in the foreseeable future. Healthcare expenditure refers to the total amount of money allocated to healthcare services and resources during a specific period. This increase in healthcare spending is driven by factors such as an aging population, advancements in medical technology, and the rising prevalence of chronic diseases. The rising healthcare expenditure positively impacts bioelectric medicine by encouraging increased investment in research, development, and adoption of innovative bioelectric therapies. For example, in 2022, the UK's Office for National Statistics reported that UK healthcare spending reached approximately $354.88 billion (£283 billion) in 2022, marking a 0.7% increase compared to 2021 spending. Therefore, the rising healthcare expenditure is set to propel the bioelectric medicine market forward.

Key players in the bioelectric medicine market are concentrating on technological advancements, including software-enabled general wellness bioelectric medicines, to gain a competitive edge. Software-enabled general wellness medicine provides users with precise guidance for procedures such as deep brain stimulation therapy and supports surgical planning, intra-operative electrode placement, and customized programming for deep brain stimulation therapy. For instance, in July 2023, Boston Scientific Corporation, a US-based bioelectric medicine and wellness company, announced FDA approval for Vercise Neural Navigator 5 Software. This software offers advanced features for precise targeting and programming of deep brain stimulation (DBS) therapy. By integrating imaging data with stimulation parameters, it enables tailored treatment for neurological disorders, ensuring accurate electrode placement, precise surgical planning guidance, and customized programming for improved treatment outcomes and patient satisfaction.

In April 2021, ZOLL Medical Corporation, a US-based medical device manufacturer, acquired Respicardia Inc. to enhance its medical device portfolio, particularly in addressing sleep-disordered breathing. This strategic acquisition aims to strengthen ZOLL Medical Corporation's market position and enhance patient outcomes in critical care through bioelectric medicine solutions. Respicardia Inc. is a US-based company specializing in bioelectric medicine.

Major companies operating in the bioelectric medicine market are Abbott Laboratories, Medtronic PLC, Koninklijke Philips N.V., Boston Scientific Corporation, Biotronik SE & Co. KG, Cochlear Ltd., LivaNova PLC, Bioventus LLC, Inspire Medical Systems Inc., Nevro Corporation, Axonics Inc., Zynex Inc., NeuroPace Inc., Stimwave LLC, Setpoint Medical Corporation, ReShape Lifesciences Inc., ElectroCore Inc., NeuroMetrix Inc., Soterix Medical Inc., Galvani Bioelectronics, MicroTransponder Inc., BioElectronics Corporation, Cerbomed GmbH.

North America was the largest region in the bioelectric medicine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioelectric medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bioelectric medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Bioelectric medicine, also known as electroceuticals or bioelectronic medicine, is a branch of medical science that focuses on utilizing electrical signals to modulate the nervous system of the body for treating various diseases and conditions. This approach involves employing devices that produce precise electrical impulses to influence nerve activity, restore normal bodily functions, and facilitate healing in specific areas of the body.

The primary types of bioelectric medicine are implantable electroceutical devices and non-invasive electroceutical devices. Implantable electroceutical devices are devices that are surgically placed inside the body to deliver therapeutic electrical stimulation for medical purposes. These devices include implantable cardioverter-defibrillators, cardiac pacemakers, cochlear implants, spinal cord stimulators, deep brain stimulators, transcutaneous electrical nerve stimulators (TENS), sacral nerve stimulators, vagus nerve stimulators, among others. They are utilized for applications such as treating arrhythmia, managing pain, addressing sensorineural hearing loss, managing Parkinson's disease and tremors, treating depression and treatment-resistant depression, among others. End users of these devices include hospitals and other medical facilities.

The bioelectric medicine research report is one of a series of new reports that provides bioelectric medicine market statistics, including the bioelectric medicine industry's global market size, regional shares, competitors with a bioelectric medicine market share, detailed bioelectric medicine market segments, market trends and opportunities, and any further data you may need to thrive in the bioelectric medicine industry. This bioelectric medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The bioelectric medicine market consists of sales of peripheral nerve stimulation (PNS) devices, neuroprosthetics, functional electrical stimulation (FES) Devices, electroretinography (ERG) devices. This market includes electroceutical devices for wound healing, non-invasive brain stimulation devices, and wearable bioelectric monitoring devices. Values in this market represent the factory gate values, including the goods sold by manufacturers or creators to downstream entities or directly to end customers. It encapsulates the value of goods and related services offered by the creators of these medicinal devices.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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