The bioelectric medicine global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Bioelectric Medicine Market, 2024report by The Business Research Company offers
comprehensive insights into the current state of the market and highlights
future growth opportunities.
Market Size - The bioelectric medicine market size has grown strongly in recent
years. It will grow from $22.68 billion in 2023 to $24.69 billion in 2024 at a
compound annual growth rate (CAGR) of 8.9%. The growth in the historic period
can be attributed to increasing geriatric population, increasing disposable
income, increasing demand for add-on therapy, increasing prevalence of
neurological disorders, and increasing demand for cutting edge therapeutics.
The bioelectric medicine market size is expected to see strong growth in the
next few years. It will grow to $35.00 billion in 2028 at a compound annual
growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed
to growing demand for non-invasive treatment, increasing healthcare
expenditure, growing patient population, high prevalence of chronic diseases,
and increasing awareness about healthcare innovations. Major trends in the
forecast period include technological advancements, integration of telemedicine
and digital health, increasing investment and funding, advancements in
implantable devices, and miniaturization of devices.
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Scope Of Bioelectric Medicine MarketThe Business Research Company's reports
encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Bioelectric Medicine Market Overview
Market Drivers -The increasing healthcare expenditure is expected to propel the
growth of the bioelectric medicine market going forward. Healthcare expenditure
is the total amount of money spent on healthcare services and resources within
a given time frame. The increase in healthcare expenditure is fueled by factors
such as population aging, advancements in medical technology, and rising
chronic disease prevalence. The increasing healthcare expenditure positively
impacts bioelectric medicine by fostering greater investment in research,
development, and adoption of innovative bioelectric therapies. For instance, in
2022, according to the Office for National Statistics, a UK-based national
statistical institute, UK healthcare expenditure reached approximately $354.88
billion (£283 billion) in 2022, reflecting an increase of 0.7% compared to
spending in 2021. Therefore, the increasing healthcare expenditure will drive
the bioelectric medicine market going forward.
Market Trends - Major companies operating in the bioelectric medicine market
are focusing on technological advancements such as software-enabled general
wellness bioelectric medicines to gain a competitive advantage. The
software-enabled general wellness medicine gives users precise guidance for
deep brain stimulation therapy procedures and aids in surgical planning,
intra-operative electrode placement, and customized programming for deep brain
stimulation therapy. For instance, In July 2023, Boston Scientific Corporation,
a US-based bioelectric medicine and wellness company, announced that Vercise
Neural Navigator 5 Software had received approval from the US FDA. This
software provides advanced features for precise targeting and programming of
deep brain stimulation (DBS) therapy. It integrates imaging data with
stimulation parameters, allowing for tailored treatment of neurological
disorders. This leads to accurate electrode placement, precise guidance in
surgical planning, and customized programming, ultimately enhancing treatment
outcomes and patient satisfaction.
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
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Regional Insights - 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 regions covered in the bioelectric medicine
market report are Asia-Pacific, Western Europe, Eastern Europe, North America,
South America, Middle East, Africa.
Key Companies - Major companies operating in the bioelectric medicine market
are 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
Table of Contents 1. Executive Summary2. Bioelectric Medicine Market Report
Structure3. Bioelectric Medicine Market Trends And Strategies4. Bioelectric
Medicine Market – Macro Economic Scenario5. Bioelectric Medicine Market Size
And Growth…..27. Bioelectric Medicine Market Competitor Landscape And Company
Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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