Electroceuticals/Bioelectric Market Size, Share & Growth Analysis Report by 2025

As per credible estimates, the global electroceuticals/bioelectric market is predicted to accrue substantial proceeds over 2020-2025. Rising prevalence of cardiovascular or neurological disorders among geriatric population is a major factor driving the electroceuticals/bioelectric market growth. Bioelectric medicine merges neuroscience, molecular medicine, and bioengineering to develop leading edge nerve-stimulating technologies for regulating biological processes while treating diseases. Thus, rising adoption of bioelectric medicine for treating numerous disorders such as essential tremor, dystonia, and Parkinson’s diseases has amplified revenue inflows for market participants across the globe.

Several market majors are focusing on R&D activities in order to develop technologically advanced bioelectric medicine, which in turn is fostering the demand for electroceuticals across the globe. However, adverse side effects and high costs associated with electroceuticals may hinder the market growth. Adding to this, strict government regulations pertaining to development of neuromodulation devices, cardiac pacemakers, and implantable cardioverter defibrillators may further inhibit the electroceuticals/bioelectric market growth in the approaching time.

As per product type, the electroceuticals/bioelectric market is categorized into non-invasive electroceutical devices and implantable electroceutical devices. The implantable electroceutical devices market is expected to register substantial growth during the forecast period. This product type is extensively used for treating disorders such as hearing loss, tremor, depression, ischemia, chronic pain, and arrhythmia. Thus, rising frequency of such disorders among baby boomers is fueling the segmental growth.

Based on the application spectrum, the electroceuticals/bioelectric market is classified into arrhythmia, pain management, sensorineural hearing loss, and others. The market share of arrhythmia application is presumed to expand significantly during the estimated timeframe. Rising number of patients suffering from arrhythmia has enhanced the adoption rates of implantable electroceutical devices, thereby facilitating the business scenario. On the other hand, electroceuticals/bioelectric market from pain management application segment will witness lucrative growth in the subsequent years. Growing occurrences of chronic pain such as arthritis, headaches, muscle pain, and back pain are contributing towards the market growth from pain management applications.

As per regional analysis, the electroceuticals/bioelectric market is divided into Europe, North America, South America, Middle East & Africa, and Asia-Pacific regions. Estimates claim that North America holds the significant share of the overall market owing to increased pervasiveness of chronic and neurological disorders, availability of advanced healthcare infrastructure, and high concentration of key industry players in the region.

Nevro, LivaNova, Sonova, ElectroCore, Abbott, BIOTRONIK, Boston Scientific, Cochlear, Second Sight, and Medtronic are the prominent companies operating in the electroceuticals/bioelectric medicine market.

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