According to Fact.MR, the global electroceuticals / bioelectric medicine market is currently valued at US$ 24.5 billion and is expected to grow at a CAGR of 6.9% through 2026. The rapid advancement of technology in the medical industry, as well as the rising prevalence of chronic diseases, are expected to favour electroceuticals / bioelectric medicine market growth in the coming years. Rising investments in the healthcare R&D sector, supportive government initiatives, and the high prevalence of cardiac and neurological disorders are all expected to supplement demand for electroceutical / bioelectric medicine in the coming years.
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Companies that manufacture electroceutical / bioelectric medicine are focusing on expanding their business potential through mergers, collaborations, and partnerships, which also allows them to broaden their research scope.
- Nu Eyne, a Korean medical R&D organisation focused on the use of electroceutical technology, will collaborate with STMicroelectronics, a leading semiconductor manufacturer, in September 2021 to develop a wearable therapy device for eye care.
Electroceuticals / Bioelectric Medicine Industry Research Segmentations
- By Product Type :
- Cardiac Pacemakers & ICDs
- Cochlear Implants
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Other Product Types
- By End User :
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Other End Users
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
Key Takeaways from Market Study
- The global electroceuticals / bioelectric medicine market accounts for a valuation of US$ 24.5 billion.
- Sales of electroceuticals / bioelectric medicines are expected to surge at a CAGR of 6.9% through 2026.
- By 2026, the electroceuticals / bioelectric medicine market is set to be valued at US$ 32.1 billion.
- Increasing investments in research, supportive government initiatives, rising prevalence of chronic diseases, rapid adoption of novel technologies, and high demand for alternative medicines are prominent factors driving market growth potential.
- High costs, strict regulatory norms, and frequent product recalls are expected to hamper market growth to some extent.
- North America currently accounts for a dominant market share of around 30%.
- Demand for cardiac pacemakers & ICDs is expected to be high over the coming years owing to rising incidence of cardiovascular illnesses.
