Global Bioelectric Medicine Market Strategies 2024, Forecast To 2033
11 Jul, 2024
The bioelectric medicine market has demonstrated strong growth, rising from $22.68 billion in 2023 to $24.69 billion in 2024 at a CAGR of 8.9%. This growth in the historic period is driven by factors such as an aging population, increasing disposable income, rising demand for adjunctive therapies, growing prevalence of neurological disorders, and heightened interest in cutting-edge therapeutics. Moving forward, the market is expected to grow to $35.00 billion by 2028, with a CAGR of 9.1%. Key trends anticipated include technological advancements, integration of telemedicine and digital health solutions, increased investment and funding, advancements in implantable devices, and the miniaturization of bioelectric medicine devices.
Major Driver In The Bioelectric Medicine Market
The growth of the bioelectric medicine market is anticipated due to increasing healthcare expenditure. Healthcare expenditure, fueled by aging populations, medical advancements, and rising chronic diseases, drives investments in bioelectric therapies. For instance, UK healthcare spending reached $354.88 billion (£283 billion) in 2022, reflecting sustained growth. Thus, escalating healthcare expenditure supports bioelectric medicine market expansion, forecasted to continue through 2028.
Request A Free Sample Of The Global Bioelectric Medicine Market ReportGlobal Bioelectric Medicine Market Segmentation
The bioelectric medicine market covered in this report is segmented –
1) By Type: Implantable Electroceutical Devices, Non-Invasive Electroceutical Devices
2) By Product: Implantable Cardioverter-Defibrillators, Cardiac Pacemakers, Cochlear Implants, Spinal Cord Stimulators, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators (TENS), Sacral Nerve Stimulators, Vagus Nerve Stimulators, Other Products
3) By Application: Arrhythmia, Pain Management, Sensorineural Hearing Loss, Parkinson’s Disease, Tremor, Depression, Treatment-Resistant Depression, Epilepsy, Other Applications
4) By End Use: Hospitals, Other End Uses
By Geography:The regions covered in the bioelectric medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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 Bioelectric Medicine Global Market Report 2024 furnishes information about the global bioelectric medicine market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
Bioelectric Medicine Market Competitive Landscape
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
Purchase The Global Bioelectric Medicine Market Report Directly And Get A Swift DeliveryBioelectric Medicine Market Overview
Bioelectric medicine, also known as electroceuticals, uses electrical signals to modulate the body's nervous system, promoting healing and treating various diseases.
Bioelectric Medicine Global Market Report 2023 provides data on the global bioelectric medicine market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bioelectric medicine market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.