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Electroceuticals/Bioelectric Medicine Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024

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Electroceuticals are medical devices that affect changes in body functions by utilizing electrical impulses. Electroceuticals act as an alternative to drug-based remedies, and are expected to be the future gold standard of treatment of various diseases. Unlike other stimulators of the muscles or tissues, electroceuticals act on the basis of neurostimulation, which is the modulation of the nervous systems using electrical impulses. Current treatment options in several neurological disorders and other disease states depend upon drug-based medications, which are associated with considerable side effects and promises of delivery of results are not yet totally fulfilled. Electroceuticals have found applications in various diseases and disorders and are effective in treatment of these conditions in both invasive and non-invasive methods. These are considered a genuine replacement of drug-based medications in future. 

The global electroceuticals/bioelectric medicine market is segmented based on product, device type, end-user, application, and region. In terms of product, the global electroceuticals/bioelectric medicine market is segmented into cardiac pacemakers, deep brain stimulators, implantable cardioverter defibrillators, cochlear implants, spinal cord stimulators, vagus nerve stimulators, and others. The implantable cardioverter defibrillators segment accounted for the largest share of the global electroceuticals/bioelectric medicine market. Based on end-user, the global electroceuticals/bioelectric medicine market is segmented into hospitals, clinics, home care settings, and others. In terms of device type, the global electroceuticals/bioelectric medicine market is segmented into non-invasive electroceuticals and implantable electroceuticals. The implantable electroceuticals segment is expected to account for the largest share of the market. However, the non-invasive electroceuticals segment is projected to expand at a higher CAGR during the forecast period. Based on application, the global electroceuticals/bioelectric medicine market is segmented into arrhythmias, epilepsy, Parkinson’s disease, spinal cord disorders, and other applications. 

Increasing global geriatric population, rising cost pressures of drug based medicines, growing interest from major pharmaceutical players in the electroceuticals segment, and increasing incidence and prevalence of neurological disorders and chronic diseases across the world are some of the factors likely to boost the growth of the global electroceuticals market during the forecast period. Major players such as GlaxoSmithKline plc have made significant investments in the electroceuticals segment and other organizations such as the National Institutes of Health (NIH) in the U.S. have shown great interest in the field of electroceuticals. Increasing incidence of neurological disorders such as epilepsy, Parkinson’s diseases, and other chronic diseases are expected to augment the electroceuticals/bioelectric medicine market during the forecast period from 2016 to 2024. 

In terms of region, the global electroceuticals/biomedicine market is segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to expand at the fastest CAGR during the forecast period due to higher prevalence of chronic diseases such as diabetes and hearing loss due to rapidly increasing geriatric population in China, Japan, and India, increasing incidence of neurological disorders, and rising adoption of neurostimulation techniques. North America dominated the global electroceuticals/bioelectric medicine market in 2015 owing to factors such as increasing adoption of neurostimulation techniques, new and technologically advanced products being introduced, rising awareness about electroceuticals/bioelectric medicine, and increasing neurological and chronic diseases. 

Key players in the electroceuticals/bioelectric medicine market are Boston Scientific Corporation, Cochlear Limited, Medtronic plc, St. Jude Medical, Inc., Biotronik, Sonova Holding AG, LivaNova plc, ElectroCore LLC, Nevro Corporation, and Second Sight Medical Products, Inc. Other pharmaceutical companies such as GlaxoSmithKline plc have invested in the electroceuticals market, with increased focus on bringing new miniaturized electroceutical devices in the market.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
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  • Recommendations to companies for strengthening their foothold in the market  

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