This Fact.MR survey places global electroceuticals/bioelectric medicine market valuation at US$24.5 billion at present and forecasts it to grow at a CAGR of 6.9% through 2026.
The high proliferation of technology in the medical industry and the increasing prevalence of chronic diseases are mainly expected to drive the growth of the electroceutical/bioelectric medicine market over the coming years. Growing investments in healthcare R&D sector, supporting government initiatives and high incidence of cardiac and neurological disorders are also expected to supplement the demand for electroceutical/bioelectric medicine in the coming years.
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Electroceutical/Bioelectric drug manufacturing companies are focused on expanding their market potential through mergers, collaborations, and partnerships that also allow them to broaden their research scope.
- In September 2021, Nu Eyne, a Korean medical R&D organization focused on the use of electroceutical technology, collaborated with STMicroelectronics, a leading semiconductor manufacturer, to develop a wearable therapy device for eye care. .
How investment-worthy is the US market?
“High research spending providing rewarding business opportunities”
The US electroceutical/bioelectric medicine market is expected to become a highly lucrative market for key companies as well as budding startups due to its developed healthcare infrastructure and rapid adoption of new technologies. High expenditure on research and development activities in the country is also expected to propel the sales of electroceutical and bioelectric drugs in the country through 2026. Supportive government initiatives are expected to further bolster the demand for electroceutical/bioelectric drugs.
The demand for advanced bioelectric drugs for treatments in the United States is expected to be driven by factors such as the growing geriatric population, rising incidence of cardiovascular disorders, and high healthcare expenditures.
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Key segments covered by the Electroceuticals and Bioelectrical Medicine industry survey
- By product type:
- Pacemakers and ICDs
- Cochlear implants
- Spinal cord stimulators
- Deep brain stimulators
- Other types of products
- Per end user:
- Ambulatory surgery centers
- Other end users
- By region:
- North America
- Latin America
Electroceutical/bioelectric medicine companies should focus on expanding their research scope through collaborations and acquisitions. Major market players are expected to increase the frequency of new product launches to gain a competitive advantage over others in the market.
All the key strategies adopted by market players have been mentioned in this latest market research report by analysts from Fact.MR, a market research and competitive intelligence provider.
Key players in the Electroceuticals/Bioelectric Medicine market
- Sonova Holding AG
- LivaNova PLC
- Soterix Medical Inc.
- NeuroPace Inc.
- Stimwave LLC
- Vomaris Innovations Inc.
- Nevro Company
- Second Sight Medical Products Inc.
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Key Findings from Electroceuticals and Bioelectrical Medicine Market Research
- By the end of 2022, the market is expected to reach a global market size of US$10.01 billion.
- Globally, North America accounted for more than 33.5% of revenue in 2022.
- Hardware-based digital transaction management systems will dominate the market in 2022, with a revenue share of over 40.5%
- Over 38.4% of market revenue was generated by the e-signature segment in 2021
- More than 55.5% of market revenue in 2022 will be represented by large companies.
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