Electroceuticals/Bioelectric Medicine Market - Forecast(2021 - 2026)

Report Code: HCR 0543 Report Format: PDF + Excel (Delivery in 48 Hrs)

Electroceuticals/Bioelectric Medicine Market Overview

The Electroceuticals /Bioelectric Medicine market size is estimated to reach $21.1 billion by 2026, growing at a CAGR of 4.7% during the forecast period 2021-2026. Electroceuticals are a category of therapeutic agents that are used to stimulate, block and record signals to alter body functions. They are usually done with the aid of electronic devices that are either implanted or worn externally by the patient. Electroceuticals can be used to treat a wide range of conditions such as neurological disorders, cardiovascular illnesses, and renal diseases. some of the commonly used electroceutical devices include cardiac pacemakers, cochlear implants, and spinal-chord stimulators. An increase in public and private investment in the development of electroceuticals is anticipated to drive the market during the forecast period. However, the lack of skilled medical professionals acts as a major challenge for the Electroceuticals/Bioelectric Medicine industry.

Report Coverage

The report: “Electroceuticals/Bioelectric Medicine Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Electroceuticals/Bioelectric Medicine Market.

By Product: Implantable Cardioverter Defibrillators, Cardiac Pacemakers, Spinal Cord Stimulators, Cochlear Implants, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators, Vagus Nerve Stimulators, Sacral Nerve Stimulators, and Gastric Electrical Stimulators, Retinal Implants, and Other Electrical Stimulators.
By Device Type: Non-Invasive Electroceutical Devices and Implantable Electroceutical Devices.
By End User: Hospitals, Research Institutes, Individual Users and Others.
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, and Rest of South America) and Rest of World (the Middle East and Africa).

Key Takeaways

  • Geographically, the North American Electroceuticals/Bioelectric Medicine market accounted for the largest share in 2020 owing to the presence of well-developed healthcare infrastructure.
  • An increase in the global geriatric population is driving the market for electroceuticals. However, the high cost of the device act as a key challenge for the market, especially in developing regions.
  • Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Electroceuticals/Bioelectric Medicine Market Report.
Electroceuticals/Bioelectric Medicine Share, By Geography, 2020(%)
 Electroceuticals/Bioelectric Medicine Market

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Electroceuticals/Bioelectric Medicine Market Segment Analysis-By Product

Based on Product, the Electroceuticals/Bioelectric Medicine Market is segmented into Implantable Cardioverter Defibrillators, Cardiac Pacemakers, Spinal Cord Stimulators, Cochlear Implants, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators, Vagus Nerve Stimulators, Sacral Nerve Stimulators, and Gastric Electrical Stimulators, Retinal Implants, and Other Electrical Stimulators. The Cardiac Pacemaker segment is anticipated to have the largest revenue share of the market and is poised to dominate the market during the forecast period 2021-2026. This is attributed to the global surge in cardiovascular disorders owing to rapid urbanization and a shift in lifestyle. The pacemaker generates electrical signals that cause the heart muscles to contract and thereby, ensure blood circulation. The Cochlear Implant segment is projected to grow the fastest at a CAGR of 5.2% owing to the rising global geriatric population. The implant electrically stimulates the cochlear nerve to provide a modified sense of sound to the patient suffering from hearing loss.

Electroceuticals/Bioelectric Medicine Market Segment Analysis-By End User

The Electroceuticals/Bioelectric Medicine Market based on End User can be further segmented into Hospitals, Research Institutes, Individual Users, and Others. The Hospitals segment accounted for the largest share of the market in 2020. The rapid growth of the segment is owing to the fact that hospitals usually provide screening, diagnostics, consultation, medication, surgical procedures, and post-surgery therapy in one location. This becomes more convenient for the patient and also reduces treatment costs. Moreover, hospitals are more likely to have more advanced surgical and diagnostic equipment which increases the success rate of the implant procedure and reduces the risk of post-surgery complications. Furthermore, hospitals have highly experienced medical professionals owing to the high patient inflow and presence of specialized departments. The Research Institute segment is anticipated to witness the fastest growth during the forecast period at a CAGR of 5.4% owing to the rising investment in R&D for new product development.

Electroceuticals/Bioelectric Medicine Segment Analysis-By Geography

The Electroceuticals/Bioelectric Medicine Market based on Geography can be segmented into North America, Europe, Asia Pacific, South America, and the Rest of the World. The North American segment is projected to dominate the Electroceuticals/Bioelectric Medicine market during the forecast period 2021-2026 with a market share of 33% owing to the presence of highly developed healthcare infrastructure, favorable reimbursement policies, high patient awareness levels, rising healthcare expenditure, growing geriatric population and rising lifestyle disorders in the region. Moreover, the presence of key industry players such as Abbott Laboratories, Boston Scientific Corporation, Medtronic, St. Jude Medical, and Nevro Corporation in the region ensures lower costs, higher innovation, and more options for the end-user industries. The Asia Pacific region is predicted to register the fastest growth at a CAGR owing to the increase in disposable income and growth in public healthcare funding in major emerging economies like China and India.

Electroceuticals/Bioelectric Medicine Market Drivers

Increase in Geriatric Population is Projected to Drive Market Growth

There were around 727 million persons over the age of 65 in 2020 and constituted 9.3% of the overall population. The geriatric population is predicted to reach 16% by 2050. This is anticipated to drive the market during the forecast period as the geriatric population is more prone to various conditions such as cardiovascular diseases, hearing loss, and neurological diseases. For instance, the average age of Parkinson's disease diagnosis is 60 years old while the average age for a heart attack is 64.5 for men, and 70.3 for women. Furthermore, according to the National Institute of Health (NIH), nearly 25 percent of those aged 65 to 74 and 50 percent of those who are 75 and older in the US have disabling hearing loss.

The rise in Lifestyle disorders is Anticipated to Boost Demand

Owing to the growth of global disposable income and urbanization, more people are following a sedentary lifestyle. This is causing an increase in lifestyle diseases such as obesity, hypertension, and diabetes. Around 39% of the global adult population is overweight and 9.8% suffer from diabetes. Furthermore, 26% of the population suffers from hypertension and this is projected to reach 29% by 2025.  This is leading to a rapid rise in cardiovascular disorders, thereby driving demand. For instance, about 659,000 people in the US die from heart disease annually. According to WHO, Ischaemic heart disease is responsible for 16% of the world’s total deaths, making it the leading cause of death worldwide.

Electroceuticals/Bioelectric Medicine Market Challenges 

The High Cost of Electroceutical Devices is Anticipated to Hamper Market Growth

The high cost of electroceutical devices acts as a major challenge, especially in developing regions. For instance, the average cost of a pacemaker surgery in India is between Rs. 275,000 and Rs. 300,000 while the average cost of a cochlear implant is Rs. 430,000. The average per capita income of the country was only around Rs.135,050. This makes the electroceutical devices unaffordable to the vast majority of the population and thereby, reducing demand.

Covid-19 Pandemic and Subsequent Restrictions is Projected to Limit Growth Opportunities

The rapid spread of the Covid-19 virus and the increased cases of hospitalizations have led to hospitals diverting funds and manpower from other departments including Cardiology, Neurology, and Urology. The low priority given to these departments combined with the reduction in patient footfall owing to the fear of the virus is anticipated to challenge demand growth. For instance, according to the American Hospital Association (AHA), Covid-19 resulted in around $202.6 billion in lost revenue for US hospitals, while developing countries need around $52 billion every 4 weeks to combat the spread of the pandemic. 

Electroceuticals/Bioelectric Medicine Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Electroceuticals/Bioelectric Medicine Market. The top 10 companies in of the industry are-
  1. Medtronic plc
  2. St. Jude Medical Inc
  3. Boston Scientific Corporation
  4. Cochlear Limited
  5. Sonova Holding AG
  6. LivaNova PLC
  7. Biotronik
  8. Nevro Corporation
  9. Oticon Medical
  10. BioElectronics Corporation.

Partnerships/Product Launches:

  • In January 2021, Boston Scientific Corporation announced that they received the US Food and Drug Administration (FDA) approval of its fourth-generation Vercise Genus Deep Brain Stimulation (DBS) System. The Vercise Genus System can treat the symptoms of Parkinson’s by delivering targeted electrical stimulation via surgically implanted leads in the brain connected to an implantable pulse generator (IPG).
  • In November 2020, Medtronic announced that it has completed its friendly tender offer for France-based Medicrea International. As a result of this, Medtronic currently owns more than 90% of Medicrea's share capital and voting rights. Medicrea International primarily pioneers in the transformation of spinal surgery through AI, predictive modeling, and patient-specific implants.

Relevant Links:

Report Code: HCR 0621

Report Code: HCR 0139

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1. Electroceuticals/Bioelectric Medicine Market - Overview
    1.1 Definitions and Scope
2. Electroceuticals/Bioelectric Medicine Market - Executive Summary
    2.1 Market Revenue and Key Trends by Company
    2.2 Key trends by Product
    2.3 Key trends by End User
    2.4 Key trends by Geography
3. Electroceuticals/Bioelectric Medicine Market – Comparative Analysis
    3.1 Company Benchmarking – Key Companies
    3.2 Financial Analysis – Key Companies
    3.3 Market Value Split by Key Companies
    3.4 Patent Analysis
    3.5 Pricing Analysis – Average Selling Price
4. Electroceuticals/Bioelectric Medicine Market - Startup Companies Scenario Premium
    4.1 Key Startup Company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Venture Capital and Funding Scenario
5. Electroceuticals/Bioelectric Medicine Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of Successful Ventures
6. Electroceuticals/Bioelectric Medicine Market - Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Electroceuticals/Bioelectric Medicine Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. Electroceuticals/Bioelectric Medicine Market – By Product (Market Size –$Million/$Billion)
    8.1 Implantable Cardioverter Defibrillators
    8.2 Cardiac Pacemakers
    8.3 Spinal Cord Stimulators
        8.3.1 Chronic Pain
        8.3.2 Failed Back Surgery Syndrome
        8.3.3 Failed Back Surgery Syndrome
    8.4 Cochlear Implants
    8.5 Deep Brain Stimulators
        8.5.1 Parkinson’s Disease
        8.5.2 Tremors
        8.5.3 Depression
        8.5.4 Others
    8.6 Transcutaneous Electrical Nerve Stimulators
        8.6.1 Treatment-resistant Depression
        8.6.2 Other TENS Applications
    8.7 Vagus Nerve Stimulators
        8.7.1 Epilepsy
        8.7.2 Others
    8.8 Sacral Nerve Stimulators and Gastric Electrical Stimulators
        8.8.1 Urinary Incontinence
        8.8.2 Fecal Incontinence
        8.8.3 Gastroparesis
    8.9 Retinal Implants
    8.10 Other Electrical Stimulators
9. Electroceuticals/Bioelectric Medicine Market – By Device Type (Market Size –$Million/$Billion)
    9.1 Non-Invasive Electroceutical Devices
    9.2 Implantable Electroceutical Devices.
10. Electroceuticals/Bioelectric Medicine Market - By End User (Market Size –$Million/$Billion)
    10.1 Hospitals
    10.2 Research Institutes
    10.3 Individual Users
    10.4 Others.
11. Electroceuticals/Bioelectric Medicine Market - By Geography (Market Size –$Million/$Billion)
    11.1 North America
        11.1.1 U.S.
        11.1.2 Mexico
        11.1.3 Canada
    11.2 Europe
        11.2.1 U.K.
        11.2.2 France
        11.2.3 Germany
        11.2.4 Italy
        11.2.5 Spain
        11.2.6 Russia
        11.2.7 Rest of Europe
    11.3 Asia Pacific
        11.3.1 China
        11.3.2 India
        11.3.3 Japan
        11.3.4 South Korea
        11.3.5 Australia & New Zealand
        11.3.6 Rest of Asia Pacific
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
        11.5.2 Africa
12. Electroceuticals/Bioelectric Medicine Market - Entropy
13. Electroceuticals/Bioelectric Medicine Market – Industry/Segment Competition Landscape Premium
    13.1 Market Share Analysis
        13.1.1 Global Market Share – Key Companies
        13.1.2 Market Share by Region – Key companies
        13.1.3 Market Share by Countries – Key Companies
        13.1.4 Competition Matrix
        13.1.5 Best Practices for Companies
14. Electroceuticals/Bioelectric Medicine Market – Key Company List by Country Premium Premium
15. Electroceuticals/Bioelectric Medicine Market Company Analysis
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10
"*Financials for private companies would be provided on a best-efforts basis”.