The global electroceuticals/bioelectric medicine market size was estimated at USD 17.2 billion in 2016. Rising prevalence of chronic disorders globally is a major factor contributing toward the growth of the market.
Bioelectric medicine combines bioengineering, molecular medicine, and neuroscience to develop nerve-stimulating technologies for the regulation of biological processes during treatment of disease. Rising prevalence of chronic diseases such as cardiac and neurological disorders is expected to be the major factor driving the 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 high demand for advanced bioelectric medicine for the treatment of these chronic disorders, which is expected to boost the market.
U.S. electroceuticals/bioelectric medicine market by application, 2014-2025 (USD million)
Increasing investments in R&D by manufacturers and growing rate of regulatory approvals for new electroceuticals are other major factors contributing toward growth of the sector. For instance, in September 2015, Medtronic received the approval from the FDS for an implantable cardioverter defibrillator (ICD) system, Evera MRI SureScan ICD System for application with Magnetic Resonance Imaging (MRI) scans. This system can be used for conducting MRI scans on any part of the patient’s body without any positioning restriction. However, product recalls and lack of skilled personnel could hinder the market growth.
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 market. The devices undergo rigorous clinical trials prior to a PMA (premarket approval), which cause 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.
The arrhythmia segment dominated the overall market in terms of revenue in 2016. This is due to rising prevalence of arrhythmia patient base that involves use of implantable cardioverter-defibrillators and cardiac pacemakers for the treatment.
The chronic pain application segment is expected to grow at a significant rate during the study period. Several factors such as high blood pressure, thyroid, unhealthy dietary habits, drug abuse, stress, and diabetes lead to chronic diseases. Thus, there is an increasing demand for advanced therapeutic products including electroceuticals, which is expected to drive the growth.
Sensorineural hearing loss is another major segment, which accounted for a profitable revenue-share in 2016. The high prevalence of patients suffering from hearing loss is the major growth driver of this segment. According to the WHO, in 2012, around 360 million people in the world were suffering from disabilities relating to hearing loss.
The U.S., Germany, France, U.K., China, and India are projected to account for the highest application of bioelectric medicines. Availability of these products in these countries along with the presence of a well-developed healthcare infrastructure in the U.S. and Europe are also anticipated to contribute toward market growth.
In 2016, the implantable cardioverter defibrillators segment was the largest revenue grossing segment due to 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 spinal cord stimulators segment is expected to witness lucrative CAGR during the forecast period due to an increase in the patient base suffering from chronic disorders including chronic pain, Failed Back Syndrome (FBSS), and ischemia.
North America bioelectric medicine market share, by product, 2016 (%)
The deep brain stimulators segment is expected to showcase lucrative growth over the forecast period owing to escalating prevalence of Parkinson's disease and lifestyle induced disorders such as obesity and depression. According to the European Parkinson's Disease Association (EPDA), around 6.3 million patients are suffering from Parkinson’s worldwide, of which1.2 million patients are located in Europe.
The sacral nerve stimulators segment accounted for significant revenue share, owing to product advancement and launch by companies. For instance, in March 2016, Medtronic launched its new minimally-invasive neuromodulation system, NURO for the treatment of overactive bladder syndrome in patients with urinary incontinence.
Based on the type, the bioelectric medicine market has been segmented into implantable and noninvasive electroceutical devices. Implantable electroceutical devices was the highest revenue generating segment in 2016 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 September 2016, Cochlear announced the introduction of Cochlear Nucleus Profile implant with a slim modiolar electrode that allows enhanced hearing and protects the structure of the inner ear.
The noninvasive electroceutical devices segment is projected to showcase highest growth during the study period. This is due to the technological advancements and rising investments in R&D by companies for innovative product development.
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. The governments of these countries are taking enormous efforts to provide good quality healthcare facilities & products, which supports the adoption of advanced bioelectric medicine market.
The hospitals segment held the largest revenue share due to rising burden of chronic diseases including arrhythmias, epilepsy, Alzheimer’s, retinitis pigmentosa, chronic pain, and depression. 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 growing number of car accidents & other traumatic injuries.
The epilepsy application segment is projected to have lucrative CAGR over the forecast period due to advancement in 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.
Increasing population and developing healthcare infrastructure have spurred the demand for bioelectric medicines. Increasing disposable income and 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, National Institutes of Health declared the funding of around USD 20 million for electroceuticals research.
North America dominated the bioelectric medicines industry with the largest revenue share due to the presence of many large medical devices companies such as Medtronic, Boston Scientific Corporation, and BIOTRONIK in this region. 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 20% of the total market in 2016. 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 highest CAGR during the forecast period, due to rising geriatric population in Asian countries such as China and India. In addition, the prevalence of chronic diseases including cardiac arrhythmias, Alzheimer's disease, Parkinson's disease, and epilepsy is rising in this region, which is expected to drive the adoption of electroceuticals.
The bioelectric medicine market is highly fragmented with the presence of a large number of manufacturers. Several big corporations 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 August, 2016, Boston Scientific Corporation received FDA approval for its EMBLEM MRI Subcutaneous Implantable Defibrillator System. This system provides protection to patients who are at risk of sudden cardiac deaths and even allows them to undergo an MRI examination.
Base year for estimation
Actual estimates/Historic data
2014 - 2015
2017 - 2025
Revenue in USD Million & CAGR from 2017 to 2025
North America, Europe, Asia Pacific, Latin America & MEA
U.S., Canada, UK, Germany, Japan, India, China, Brazil, Mexico, South Africa
Revenue forecast, company share, competitive landscape, growth factors and trends
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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 2025. For the purpose of this study, Grand View Research has segmented the global electroceuticals/bioelectric medicine market on the basis of product, type, application, end-use, and region:
Product Outlook (Revenue, USD Million; 2014 - 2025)
Implantable cardioverter defibrillators
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 - 2025)
Implantable electroceutical devices
Non-invasive electroceutical devices
Application Outlook (Revenue, USD Million; 2014 - 2025)
Sensorineural hearing loss
Urinary and fecal incontinence
End-use Outlook (Revenue, USD Million; 2014 - 2025)
Regional Outlook (Revenue, USD Million; 2014 - 2025)
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