NEW YORK, Feb. 28, 2023 /PRNewswire/ -- The value of the bioelectric medicine market was USD 21,532.1 million in 2022, and it will power at a rate of 5.2% in the future, to touch USD 32,345.8 million by 2030, as claimed by P&S Intelligence in its latest report.
Implantable Cardioverter Defibrillators Are Most Used
- Implantable cardioverter defibrillators are the most used of all the products, because of their extensive range of applications. Their electrical stimulation capability makes them necessary for the treatment of atrial fibrillation, ventricular tachycardia, and atrial flutter.
- Furthermore, they are employed in conjunction with other treatments, including medications or surgery.
- The increasing occurrence of cardiac arrests and neurological ailments in the elderly population is pushing the growth of this category.
- This part of society has a mounting requirement for implantable devices, including cardioverter defibrillators, deep-brain stimulators, cardiac pacemakers, and spinal cord stimulators.
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Bioelectric Medicine Need Highest among Arrhythmia Patients
The arrhythmia category dominates the industry with around 60% of the revenue, and it will attain the highest CAGR in the future. This is because of the growing patient pool with the issue of arrhythmias, which widely uses implantable cardioverter defibrillators and cardiac pacemakers.
Moreover, several players are stressing over the increase of their business prospects, via collaborations, mergers, and partnerships, which will allow them to upgrade their research scope too.
Bioelectric Medicine Demand Is Highest in North America
North America had the largest revenue share, of above 40%, in the past, because of the high R&D investments, rising acceptance of technologically progressive devices, existence of major players, and large hospital count. Furthermore, the increasing healthcare spending is a key factor powering the regional industry.
Moreover, APAC will grow the fastest because of the increasing prevalence of numerous health ailments, including, Alzheimer's disease, epilepsy, spinal cord injuries, and cardiac arrhythmias; increasing government expenditure on the healthcare infrastructure, and wide accessibility of clinical labs and new diagnostic technologies.
Increasing Acceptance of Implantable Electroceutical Devices
The implantable electroceutical devices category had the largest share, of about 80%, in the past. This is mainly credited to the increasing prevalence of numerous cardiovascular and neurological illnesses and the increasing count of product approvals.
Browse detailed report on Bioelectric Medicine Market Size, Growth, Development and Demand Forecast to 2030
Hospitals To Grow Fastest as End Users
Hospitals will have the fastest growth, of around 7%, in the years to come. This will be because of the availability of cutting-edge devices for the detection and treatment of neurological and hearing ailments and skilled healthcare providers at these institutions.
Several chronic ailments, for example, Alzheimer's, arrhythmias, epilepsy, chronic pain, and retinitis pigmentosa, result in the hospitalization of the patient. In 2022, as per the Alzheimer's Association, about 6.5 million Americans aged over 65 years and about 73% of those aged 75 or more had Alzheimer's.
Bioelectric Medicine Market Segmentation Coverage in The Report
Bioelectric Medicine Market by End User
- Hospitals
- Clinics
- Ambulatory Surgery Centers
Bioelectric Medicine Market by Application
- Arrhythmia
- Pain Management
- Parkinson's Disease
- Depression
- Ischemia
- Epilepsy
Bioelectric Medicine Market by Device Type
- Implantable
- Non-Invasive
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
Bioelectric Medicine Market Regional Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
- U.A.E.
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