Electroceuticals/Bioelectric Medicine Market worth $33.6 billion by 2029
The report "Electroceuticals/Bioelectric Medicine Market by Product (Cardiac Pacemakers, ICD, Cochlear Implant, Neuromodulation (Deep Brain Stimulation)), Type (Implantable, Non-Invasive), Application (Arrhythmia, Heart Failure, Epilepsy) - Global Forecast to 2029", is projected to reach USD 33.6 billion by 2029 from USD 23.9 billion in 2024, at a CAGR of 7.0%.
Browse 457 market data Tables and 46 Figures spread through 400 Pages and in-depth TOC on "Electroceuticals/Bioelectric Medicine Market by Product (Cardiac Pacemakers, ICD, Cochlear Implant, Neuromodulation (Deep Brain Stimulation)), Type (Implantable, Non-Invasive), Application (Arrhythmia, Heart Failure, Epilepsy) - Global Forecast to 2029"
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The increasing elderly population and rising incidences of cardiovascular and neurological disorders worldwide are driving the market's growth. Bioelectric medicine employs deep brain, vagus sacral, and transcutaneous electric nerve stimulators to treat these conditions. Additionally, the growing prevalence of arrhythmia, which requires the use of implantable cardioverter-defibrillators and cardiac pacemakers, is another growth driver. The market is also benefiting from the growing demand for non-invasive medical treatments, technological advancements, and a growing body of research demonstrating the efficacy of this technology. The development of new, more advanced electroceutical devices and therapies, such as implantable neurostimulators and transcutaneous electrical nerve stimulation (TENS) devices, is further propelling market growth.
The cardiac pacemakers & implantable cardioverter defibrillators segment accounted for the largest share of the electroceuticals market, by product segment, in 2022
Based on product, the electroceuticals market is segmented into cardiac pacemakers & implantable cardioverter defibrillators, neuromodulators, cochlear implants, and retinal implants. The cardiac pacemakers & implantable cardioverter defibrillators segment accounted for the largest share of the electroceuticals market in 2022, primarily due to the increasing prevalence of cardiovascular disorders worldwide. Additionally, the rising incidence of sudden cardiac arrests, a growing elderly population, and advancements in product development are anticipated to drive market growth.
Non-invasive electroceutical devices segment to register the highest growth rate during the forecast period
The electroceuticals market is divided into two segments: implantable electroceutical devices and non-invasive electroceutical devices. In 2022, the noninvasive electroceutical devices segment experienced the highest growth rate. This growth is attributed to factors such as increased R&D investments by companies for novel product development and technological advancements in this segment.
Arrhythmia segment accounted for the largest share of the electroceuticals market, by product segment, in 2022
Based on application, the electroceuticals market is segmented into arrhythmia, chronic pain management, Parkinson’s disease, urine incontinence, depression, epilepsy, and others. In 2022, the arrhythmia segment emerged as the dominant force in the overall market. This dominance is fueled by the rising prevalence of arrhythmia, a condition often managed with implantable cardioverter-defibrillators and cardiac pacemakers.
North America is the largest regional market for electroceuticals market
The global electroceuticals market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, North America held the largest market share in the electroceuticals market in 2022. A significant share in North America can be attributed to the presence of major medical device manufacturers like Abbott and Boston Scientific Corporation. The region's well-established healthcare system and access to advanced products have further propelled market growth. Following North America, Europe secured the second position, fueled by the increasing demand for innovative medical devices for treatment. The region's robust healthcare infrastructure and the presence of major bioelectric medicine manufacturers are expected to continue driving market growth.
The major players in this market are Medtronic plc (Ireland), Boston Scientific Corporation (US), Abbott Laboratories, Inc. (US), LivaNova PLC (UK), Cochlear Ltd. (Australia), MicroPort Scientific Corporation (China), Sonova Group (Switzerland), Nevro Corp. (US), Axonics Modulation Technologies, Inc. (US), Neuronetics, Inc. (US), ElectroCore, Inc. (US), NeuroPace, Inc. (US), BIOTRONIK (Germany), Medico S.p.A. (Italy), Nurotron Biotechnology Co. Ltd. (US), MED-EL (Austria), Aleva Neurotherapeutics SA (Switzerland), NeuroSigma, Inc. (US), BioWave Corporation (US), Soterix Medical Inc. (US), Bioinduction (Amber Therapeutics) (UK), GiMer Medical (Taiwan), Cefaly (Belgium), BioControl Medical (Israel), and tVNS Technologies GmbH (Germany).
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