Electroceuticals/Bioelectric Medicine Market Overview
Electroceuticals/Bioelectric Medicine Market size is estimated to reach $33.85 billion by 2025, growing at a CAGR of 8.18% during the forecast period 2020-2025. Electroceuticals are the medical devices that affect changes in the body's functions through the use of electrical impulses. They work as an alternative to drug-based treatments, and is set to be the gold standard of the future for treating various diseases. Current treatment options in many neurological disorders and other conditions are dependent on drug-based drugs, which are associated with significant side effects and promises to deliver the results have not yet been fully fulfilled. Increasing investments in the development of bioelectric medicine is the major factor, which enhances the growth of the Electroceuticals/Bioelectric Medicine Market.
Electroceuticals/Bioelectric Medicine Market Report Coverage
The report: “Electroceuticals/Bioelectric Medicine Market Forecast (2020-2025)”, 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, Retinal Implants, and other Electrical Stimulators.
By Type of Device: Non-Invasive Electroceutical Devices, Implantable Electroceutical Devices.
By End User: Hospitals, Research Institutes, Individual Users, and other End Users.
By Application: Cardiac Pacemakers and Implantable Cardioverter Defibrillators, Spinal Cord Stimulators (SCS), Cochlear Implants, Deep Brain Stimulators (DBS), Transcutaneous Electrical Nerve Stimulators (RENS), Vagus Nerve Stimulators (VNS), Sacral Nerve Stimulators (SNS), Retinal Implants, and other Electrical Stimulators.
By Geography: North America, Asia-Pacific, Europe, and Rest of World.
- Geographically, North America’s Electroceuticals/Bioelectric Medicine Market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to increasing neurological and chronic diseases.
- Rising geriatric population, in need of electroceuticals have helped in significant growth of Electroceuticals/Bioelectric Medicine Market.
- Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Electroceuticals/Bioelectric Medicine Market report.
- Lack of adequate skilled professionals is acting as a challenge for the growth of the Electroceuticals/Bioelectric Medicine Market.
By Type of Device - Segment Analysis
The global Electroceuticals/Bioelectric Medicine Market based on type of device has Implantable Electroceutical Devices, Non-Invasive Electroceutical Devices. The implantable Electroceutical devices segment registers for highest market share in 2019 and is set to continue for the forecast period (2020-2025). The segment is set to emerge owing to the rising incidence of cardiovascular disease, deafness, spinal cord injury, brain injury, obesity, and depression.
By End User - Segment Analysis
The microbiology testing market is segmented on the basis of end user into Hospitals, Research Institutes, Individual Users, and other End Users. The hospitals segment registers for the highest market share in 2019 and is set to continue for the forecast period (2020-2025) owing to increasing disposable income and the presence of advanced medical devices to treat various severe diseases. The research institutes are estimated to witness significant CGAR over the forecast period 2020-2025 owing to the rising investment in R&D for new product development.
By Geography - Segment Analysis
The global Electroceuticals/Bioelectric Medicine Market by geography had the dominant share in North America in terms of revenue in 2019, owing to the rising prevalence of heart diseases, chronic diseases and increasing regulatory approvals of Electroceuticals devices. In addition, the shift in preference to those devices and the conventional techniques like drug therapy and surgeries are set to contribute to the market growth in the region. However, Asia-Pacific is estimated to outpace all the regions by clocking the highest CAGR during the forecast period 2020-2025 owing to increasing diabetic population and frequency of hearing loss in the region.
Drivers – Electroceuticals/Bioelectric Medicine Market
- Increased prevalence of chronic diseases
The demand for Electroceuticals is driving forward owing to increasing prevalence of chronic diseases such as cardiac and neurological disorders. Advanced electroceuticals including implantable cardioverter defibrillators, cardiac pacemakers, cochlear implants, and spinal cord simulators are used by the aging population to treat these conditions. Hence, the expanding geriatric population is estimated to drive the market.
Challenges – Electroceuticals/Bioelectric Medicine Market
- Lack of skilled workforce and high cost of implants
Lack of well-trained and skilled workforce is acting as a challenge for the Electroceuticals/Bioelectric Medicine Market. The other major restraining factor for the growth of the Electroceuticals/Bioelectric Medicine Market is the high cost of implants and surgeries. Stringent government rules and regulations for the development & manufacture of medical devices including cardiac pacemakers, neuromodulation devices, and cardioverter defibrillators are estimated to hinder the growth of the market for the forecast period 2020-2025.
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. Key companies of this market are Medtronic plc, St. Jude Medical Inc, Boston Scientific Corporation, Cochlear Limited, Sonova Holding AG, LivaNova PLC, Biotronik, Nevro Corporation, Oticon Medical and BioElectronics Corporation.
- In July 2020, Medtronic plc and Medicrea announced that they have entered into a tender offer agreement for the acquisition of all outstanding shares of Medicrea.
- In May 2019, Boston Scientific today announced that it has entered into a definitive agreement to acquire Vertiflex, which has developed and commercialized the Superion Indirect Decompression System.
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 Type of Device
2.4 Key trends by Application
2.5 Key trends by End User
2.6 Key trends by Geography
3. Electroceuticals/Bioelectric Medicine Market – Comparative Analysis
3.1 Product Benchmarking – Key Companies
3.2 Financial Analysis – Key Companies
3.3 Market Value Split by Key Companies
3.4 Patent Analysis – Key Companies
3.5 Pricing Analysis
4. Electroceuticals/Bioelectric Medicine Market - Startup Companies Scenario (Premium)
4.1 Key Startup Company Analysis by
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/$Billion)
8.2 Implantable Cardioverter Defibrillators
8.3 Cardiac Pacemakers
8.4 Spinal Cord Stimulators
8.5 Cochlear Implants
8.6 Deep Brain Stimulators
8.7 Transcutaneous Electrical Nerve Stimulators
8.8 Vagus Nerve Stimulators
8.9 Sacral Nerve Stimulators
8.10 Retinal Implants
8.11 Other Electrical Stimulators
9. Electroceuticals/Bioelectric Medicine Market - By Type of Device (Market Size –$Million/$Billion)
9.2 Implantable Electroceutical Devices
9.3 Non-Invasive Electroceutical Devices
10. Electroceuticals/Bioelectric Medicine Market - By Application (Market Size –$Million/$Billion)
10.2 Cardiac Pacemakers and Implantable Cardioverter Defibrillators
10.3 Spinal Cord Simulators (SCS)
10.3.1 Chronic Pain
10.3.2 Failed Back Syndrome (FBSS)
10.4 Cochlear Implants
10.4.1 Sensorineural Hearing loss
10.5 Deep Brain Simulators (DBS)
10.5.1 Parkinson’s Disease
10.5.4 Other Deep Brain Stimulation Applications
10.6 Transcutaneous Electrical Nerve Stimulators (RENS)
10.6.1 Treatment-Resistant Depression
10.6.2 Other Transcutaneous Electrical Stimulation Applications
10.7 Vagus Nerve Stimulators
10.7.2 Other Vagus Nerve Stimulation
10.8 Sacral Nerve Stimulators (SNS)
10.8.1 Urinary Incontinence
10.8.2 Fecal Incontinence
10.9 Retinal Implants
10.9.1 Retinitis Pigmentosa
10.10 Other Electrical Stimulators
10.10.5 Spinal Cord Injury
11. Electroceuticals/Bioelectric Medicine Market - By End User (Market Size –$Million/$Billion)
11.3 Research Institutes
11.4 Individual Users
11.5 Other End Users
12 Electroceuticals/Bioelectric Medicine Market - By Geography (Market Size –$Million/$Billion)
12.1 North America
12.2.6 Rest of Europe
12.3.4 South Korea
12.3.4 Australia & New Zealand
12.3.5 Rest of Asia-Pacific
12.4 Rest of the World
12.4.1 Middle East
12.4.3 South America
13. Electroceuticals/Bioelectric Medicine Market - Entropy
14. Electroceuticals/Bioelectric Medicine Market– Industry/Segment Competition Landscape (Premium)
14.1 Market Share Analysis
14.1.1 Global Market Share – Key Companies
14.1.2 Market Share by Region – Key companies
14.1.3 Market Share by Countries – Key Companies
14.1.4 Best Practices for Companies
15. Electroceuticals/Bioelectric Medicine Market – Key Company List by Country Premium (Premium)
16. Electroceuticals/Bioelectric Medicine Market Company Analysis
16.1 Company 1
16.2 Company 2
16.3 Company 3
16.4 Company 4
16.5 Company 5
16.6 Company 6
16.7 Company 7
16.8 Company 8
16.9 Company 9
16.10 Company 10 and more
"*Financials for private companies would be provided on a best efforts basis”.