Bioelectric
Medicine Market Size and Growth Rate:
Bioelectric Medicine Market was valued at
USD 16 billion in 2016 and projected to reach USD 32.5 billion by 2025 growing with
a good CAGR during 2016 to 2025.
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Bioelectric
Medicine Market Overview:
Bioelectric drugs are not only an
alternative to treatment, but also a revolution in development that can change
the demographics of the pharmaceutical industry. Bioelectric drugs without side
effects are affordable because they depend on the mode of treatment by
electrical stimulation.
Bioelectric
Medicine Market Growth Drivers and Restraints:
Several crucial factors can affect the
growth of the bioelectronic medicine market. The global pharmaceutical market
has experienced strong growth in recent years. This increasing growth of the pharmaceuticals
will affect the development of the market for bioelectric medicine. The
patterns of disease in the world are changing. Developed health economies, such
as the United States and Europe, are struggling with problems such as rising
drug prices, the inclusion of medical care and an increase in the number of
cancer and heart patients. In addition, large and aging population, exposed to
diseases such as Parkinson's disease and Alzheimer's disease, is also
consolidating the future of the market. The market for bioelectric drugs can
take hold in this empty space because the medication has minimal side effects
and can be cured in a short period of time. Multiple research and key
collaborations are eroding the pharmaceutical segment, which is another
critical element that can play a catalytic role in the growth of this market.
Geographical
Segmentation of Bioelectric Medicine Market:
North America has dominated the global bioelectric
drugs sector with the largest share of revenues due to the presence of many
large medical device companies such as Medtronic, Boston Scientific Corporation,
etc., in this region. In addition, the highly developed medical care and the
availability of advanced products in this region boosted growth. North America
was followed by Europe, which accounted for more than 20% of the total market
in 2016. The growing demand for innovative medical devices for the treatment
and presence of leading manufacturers of biologically based medicines, mainly
in Germany and the UK. Switzerland, the United Kingdom and France, combined
with well-developed health infrastructures, must remain key factors for the
market. The Asia-Pacific region is expected to publish its highest compound
annual growth rate during the forecast period due to the increase in the
geriatric population in its countries such as China and India. In addition, the
prevalence of chronic diseases such as cardiac arrhythmias, Alzheimer's
disease, Parkinson's disease and epilepsy is increasing in this region, which
should lead to the adoption of bioelectric medicines.
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Key
Players of Bioelectric Medicine Market:
Boston Scientific Corporation; Medtronic;
Cochlear Ltd.; St. Jude Medical; Sonova; LivaNova PLC; SECOND SIGHT; BIOTRONIK;
electroCore, LLC and Nevro Corp. are the prominent players of the market.
Bioelectric
Medicine Market Segmentation:
By
Product:
·
Pacemakers
·
Cochlear Implants
·
Spinal Cord Stimulators
·
Implantable Cardioverter
Defibrillators
·
Deep Brain Stimulators
·
Transcutaneous Electrical Nerve
Stimulators
·
Vagus Nerve Stimulators
·
Sacral Nerve Stimulators
·
Retinal Implants
By
Application:
·
Arrhythmia
·
Depression
·
Migraine
By
Region:
·
North America
·
South America
·
Europe
·
Asia Pacific
·
Middle East and Africa
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