PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182890
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182890
The Electroceuticals/Bioelectric Medicine Market size was valued at USD 19,807.3 Million in 2021, expanding at a CAGR of 6.7% from 2022 to 2028.
Bioelectric medicine, also known as electroceuticals, refers to medical devices that use electrical impulses and signaling in the neurological system. It brings together molecular medicine, neuroscience, and bioengineering to provide nerve-stimulating technology for biological processes during disease treatment.
As global disposable income and urbanization rise, more individuals are adopting sedentary lifestyles. Obesity, hypertension, and diabetes are on the rise as a result of this. Around 39% of the global adult population is overweight, and 9.8% has diabetes. Furthermore, hypertension affects 26% of the population, with a projected increase to 29% by 2025. This is causing a rapid increase in cardiovascular problems, which is increasing demand. In the United States, for instance, around 659,000 people die each year as a result of heart disease. According to the World Health Organization, ischemic heart disease is responsible for 16% of all fatalities globally, making it the top cause of mortality.
Additionally, in 2020, there were around 727 million people over the age of 65, accounting for 9.3% of the total population. By 2050, the geriatric population is expected to reach 16%. As the geriatric population is more prone to ailments such as cardiovascular disease, hearing loss, and neurological diseases, this is expected to drive the market throughout the forecast period. For instance, the average age of diagnosis for Parkinson's disease is 60 years old, whereas the average age for a heart attack is 64.5 for men and 70.3 for women. Furthermore, the National Institute of Health (NIH) reports that about 25% of those aged 65 to 74, and 50% of those aged 75 and beyond, in the United States have debilitating hearing loss.
The Global Electroceuticals/Bioelectric Medicine Market is segmented based on product, device type, end user, and Region.
Based on the end user, the market is bifurcated into Hospitals, Research Institutes, Individual Users, and Others. In 2020, the Hospitals category held the largest market share. The segment's quick expansion is due to the fact that hospitals usually provide screening, diagnostics, consultation, medicines, surgical procedures, and post-surgery rehabilitation all in one location. This makes it more convenient for the patient and lowers treatment costs. Furthermore, hospitals are more likely to have advanced surgical and diagnostic technology, which improves implant procedure success and lowers the chance of post-surgery problems. Furthermore, because of the huge patient intake and the presence of specialized divisions, hospitals have highly experienced medical experts.
Regionally, the market is segmented into North America, Europe, Asia Pacific, Latin America, and The Middle East and Africa. The North American region is expected to dominate the Electroceuticals/Bioelectric Medicine market during the forecast period, owing to the region's highly developed healthcare infrastructure, favorable reimbursement policies, high patient awareness levels, rising healthcare expenditure, growing geriatric population, and rising lifestyle disorders. Furthermore, the presence of significant industry players in the region such as Abbott Laboratories, Boston Scientific Corporation, Medtronic, St. Jude Medical, and Nevro Corporation provides lower costs, higher innovation, and more options for end-user industries. Furthermore, the Asia Pacific area is expected to develop at the quickest CAGR because to increases in disposable income and public healthcare funding in major growing nations such as China and India.
In February 2021, Pulse Biosciences, Inc. announced that the CellFX System has been used to treat the first clinic patients. The CellFX System's initial commercial application signals the start of the Company's controlled launch program, with product shipments to acknowledged dermatology leaders in the United States and Europe.
The scope of this report covers the market by its major segments, which include as follows: