This Fact.MR survey places the global electroceuticals / bioelectric medicine market valuation at US$ 24.5 billion at present and projects it to rise at a CAGR of 6.9% through 2026.
High proliferation of technology in the medical industry and growing prevalence of chronic diseases are anticipated to primarily favor electroceuticals / bioelectric medicine market growth over the coming years. Rising investments in the healthcare R&D sector, supportive government initiatives, and high incidence of cardiac & neurological disorders are also expected to complement electroceutical / bioelectric medicine demand over the years to come.
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Electroceutical / bioelectric medicine manufacturing companies are focusing on expanding their business potential through mergers, collaborations, and partnerships that are also allowing them to enhance their research scope as well.
- In September 2021, Nu Eyne, a Korean medical R&D organization focused on the utilization of electroceutical technology, collaborated with STMicroelectronics, a leading semiconductor manufacturer, 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
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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.
