Global Electroceuticals/Bioelectric Medicine Market Research and Industry Forecast Report, 2019-2026 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Global Electroceuticals/Bioelectric Medicine Market


The global electroceuticals/bioelectric medicine market size was estimated at USD 16.1 billion in 2018. The rising prevalence of chronic disorders globally is a major factor contributing to the growth of the market. Growing adoption of electroceuticals for treatment of various neurological and cardiac disorders such as Obsessive-Compulsive Disorder (OCD), Parkinsons disease, dystonia, essential tremor, epilepsy, and Alzheimers disease arrhythmia is a key factor driving this market. Additionally, an increase in the geriatric population at risk of neurological and CVD diseases is a factor expected to fuel market growth over the forecast period.

Bioelectric medicine combines bioengineering, molecular medicine, and neuroscience to develop nerve-stimulating technologies for the regulation of biological processes during the treatment of disease. Rising prevalence of chronic diseases such as cardiac and neurological disorders is expected to be the major factor driving market growth. As stated by the CDC, annually, around 610 thousand people die due to heart diseases in the U.S. Amongst them about 370 people die because of coronary heart diseases (CHD). Thus, there is a high demand for advanced bioelectric medicine for the treatment of these chronic disorders, which is expected to boost the market growth.

According to the CDC in 2017, Cardiovascular Diseases (CVDs) are a major cause of deaths in the U.S. One-fourth of all deaths are likely to be caused by CVDs. Stroke and IHD are major causes of more than 80% of all CVD-related deaths. Furthermore, the economic burden of CVDs is likely to be around USD 1,044 billion by 2030.

Increasing investments in R&D by manufacturers and growing rate of regulatory approvals for new electroceuticals are other major factors contributing towards the growth of the sector. For instance, in December 2018, InterStim Smart Programmer was used with the InterStim System used for sacral neuromodulation therapy. Medtronic pioneered sacral neuromodulation and this product enhancement was expected to help the company strengthen its market foothold.

Stringent government rules and regulations for the development & manufacture of medical devices including implantable cardioverter defibrillators, cardiac pacemakers, and neuromodulation devices could hinder the growth of the electroceuticals/bioelectric medicine market. The devices undergo rigorous clinical trials prior to a PMA (premarket approval), which causes a significant rise in the costs incurred by the manufacturers. In addition, product recalls are a major challenge faced by manufacturers, which could adversely affect the sector growth.

Product Insights of Global Electroceuticals/Bioelectric Medicine Market

In 2018, the implantable cardioverter defibrillators segment was the largest revenue grossing segment due to the high application of these products for arrhythmia. In addition, increasing incidence of sudden cardiac arrests, rising geriatric population, and advance product development is expected to boost the market growth.

The deep brain stimulators segment is expected to showcase lucrative growth over the forecast period owing to the escalating prevalence of Parkinsons disease and lifestyle-induced disorders such as obesity and depression. According to the European Parkinsons Disease Association (EPDA), around 6.3 million patients are suffering from Parkinsons worldwide, of which1.2 million patients are located in Europe.

The sacral nerve stimulators segment accounted for the significant revenue share, owing to product advancement and new product launch by companies. In August 2018, Nevro Corp. received an FDA approval for the new Senza II SNS System. This launch is expected to help the company expand its product portfolio in neuromodulation and pain treatment segments.

Type Insights of Global Electroceuticals/Bioelectric Medicine Market

Based on the type, the bioelectric medicine market has been segmented into implantable and noninvasive electroceutical devices. Implantable electroceutical devices were the highest revenue-generating segment in 2018 owing to the large application of these products for the treatment of arrhythmia, chronic pain, ischemia, depression, tremor, and sensorineural hearing loss.

Manufacturers are focusing on launching advanced products to cater unmet needs of the customers. For instance, in August 2018, Biotronik advances arrhythmia detection and diagnosis with MoMe cardiac monitor designed to increase early detection and diagnosis of cardiac arrhythmias.

The noninvasive electroceutical devices segment is projected to showcase the highest growth during the study period. This is due to technological advancements and rising investments in R&D by companies for innovative product development. Moreover, increasing healthcare awareness and popularity of electroceuticals in developing countries such as India, China, South Africa, and Argentina are expected to propel the sector growth.

Application Insights of Global Electroceuticals/Bioelectric Medicine Market

The arrhythmia segment dominated the overall market in terms of revenue in 2018. This is due to the rising prevalence of arrhythmia patient base that involves the use of implantable cardioverter-defibrillators and cardiac pacemakers for the treatment.

The epilepsy application segment is projected to have lucrative CAGR over the forecast period due to advancement in treatment options such as vagus nerve stimulators. The companies and research institutes are focusing on innovative product development. For instance, in January 2017, Hennepin County Medical Center (HCMC) launched clinical trials for the treatment of brain injury by using vagus nerve stimulation.

Sensorineural hearing loss is another major segment, which accounted for a profitable revenue-share in 2018. The high prevalence of patients suffering from hearing loss is the major growth driver of this segment. According to NIH, in 2018, almost one in every three people in the age group of 65 to 74 has hearing loss, while nearly half of the population older than 75 has hearing difficulty.

End-Use Insights

The hospital segment held the largest revenue share due to the rising burden of chronic diseases including arrhythmia, epilepsy, Alzheimers, retinitis pigmentosa, chronic pain, and depression, needing frequent or seldom hospitalization. For instance, as stated by the WHO, approximately 50 million people in the world are suffering from epilepsy and this number is expected to increase in the near future owing to a growing number of car accidents & other traumatic injuries. Increasing population and developing healthcare infrastructure have spurred the demand for bioelectric medicines. Increasing disposable income and the presence of advanced medical devices for the treatment of different severe diseases are expected to drive the application of electroceuticals in hospitals.

The other end-use segment includes research institutes and homecare. This segment is projected to witness significant CAGR over the forecast period due to the rising investment in R&D for new product development. In addition, rising funding by government for bioelectric medicine supports the market growth. For instance, in October 2016, the National Institutes of Health declared the funding of around USD 20 million for electroceuticals research.

Regional Insights of Global Electroceuticals/Bioelectric Medicine Market

North America dominated the bioelectric medicines industry with the largest revenue share due to the presence of medical device manufacturers such as Medtronic, Boston Scientific Corporation, and BIOTRONIK. Moreover, the highly developed healthcare and availability of advanced products in this region have fueled growth.
North America was followed by Europe, which accounted for over 28.0% of the total market in 2018. Growing demand for innovative medical devices for the treatment and presence of big bioelectric medicine manufacturers mainly in Germany, Switzerland, UK, and France coupled with highly developed healthcare infrastructure are expected to remain major driving factors for the market.

Asia Pacific region is projected to exhibit the highest CAGR during the forecast period, due to the rising geriatric population in Asian countries such as China and India. In addition, the prevalence of chronic diseases including cardiac arrhythmias, Alzheimers disease, Parkinsons disease, and epilepsy is rising in this region, which is expected to drive the adoption of electroceuticals.

Electroceuticals/Bioelectric Medicine Market Insights

The bioelectric medicine market is highly fragmented with the presence of a large number of manufacturers. Multinational giants such as Medtronic; Boston Scientific Corporation; St. Jude Medical; Cochlear Ltd.; LivaNova PLC; Sonova; BIOTRONIK; SECOND SIGHT; Nevro Corp.; and electroCore, LLC share market with medium- and small-sized vendors. Major manufacturers provide an extensive range of advanced electroceuticals through their strong distribution channels across the globe. It has resulted in intense competition amongst manufacturers and led to high pressure on pricing strategies of vendors, which is expected to affect the profit margin.

The leading players are involved in new product development, collaborations, mergers & acquisitions, and regional expansions to gain maximum revenue share in the sector. New product development & launches help companies to expand their existing product portfolio and geographical reach. For instance, In December 2018, ElectroCore Inc received FDA Approval for gammaCore for treatment of cluster headache. The product is the only FDA-approved pharmacological treatment for the disorder. Moreover, in June 2019, Boston Scientific Corporation acquired Vertiflex, Inc. The acquired company is focused on minimally invasive technology that helps alleviate pain and restore the physical function of lumbar spinal stenosis. The deal is anticipated to strengthen spinal cord stimulation and radiofrequency ablation portfolio.

p2 Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2026. For the purpose of this study, this market research report has segmented the global electroceuticals/bioelectric medicine market report on the basis of product, type, application, end-use, and region:

Product Outlook (Revenue, USD Million; 2014 - 2026)

  
Implantable cardioverter defibrillators
  
Cardiac pacemakers
  
Cochlear implants
  
Spinal cord stimulators
  
Deep brain stimulators

Transcutaneous electrical nerve stimulators

  
Sacral nerve stimulators
  
Vagus nerve stimulators
  
Other bioelectric medicines

Type Outlook (Revenue, USD Million; 2014 - 2026)

  
Implantable electroceutical devices
  
Noninvasive electroceutical devices

Application Outlook (Revenue, USD Million; 2014 - 2026)

  
Arrhythmia
  
Pain management
  
Sensorineural hearing loss
  
Parkinsons disease
  
Tremor
  
Depression
  
Treatment-resistant depression
  
Epilepsy
  
Urinary and fecal incontinence
  
Others

End-use Outlook (Revenue, USD Million; 2014 - 2026)

  
Hospitals
  
Others