The increasing prevalence of chronic disorders is expected to drive the Global Bioelectronic Medicine Market during the forecast period, 2024-2028.
According to TechSci Research report, “Bioelectronic Medicine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the global bioelectronic medicine market is anticipated to grow at an impressive rate during the forecast period, 2024-2028. This can be ascribed to the rising prevalence of neurological disorders along with the growing focus on the healthcare sector by government organizations for innovation and research and development projects for more efficient therapies across the globe. Similarly, an increasing number of the elderly population are susceptible to chronic diseases, and huge investments by some big companies in the medical field will boost the opportunities in the market during the forecast period. Additionally, the increasing approvals for advanced bioelectric medicine and the presence of advanced medical devices for the treatment of different types of chronic diseases are further expected to increase the demand for the bioelectronic medicine market during the forecast period.
However, high costs related to the setup of medical devices and treatment may hamper the global bioelectronic medicine market during the forecast period. Similarly, side effects associated with the treatment and a lack of efficacy related to treatment can restrict the growth of the global bioelectronic medicine market during the forecast period. Additionally, the lack of skilled professionals and lack of awareness about advanced treatment in the medical sector can restrict the growth of the market during the forecast period.
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The Global Bioelectronic Medicine market is segmented on the basis of type, product, application, end-user, and by region. Based on type, the global bioelectronic medicine market is bifurcated into implantable and non-invasive. The implantable segment is expected to dominate the market in 2022 and maintain its dominance throughout the forecast period. With the increasing development of advanced products by major market players to overcome all different types of diseases along with the growing demand of consumers, manufacturers are increasing their investments to provide more and more devices.
Based on product, the global bioelectronic medicine market is segmented into implantable cardioverter defibrillators, cardiac pacemakers, cochlear implants, spinal cord stimulators, deep brain stimulators, transcutaneous electrical nerve stimulators, sacral nerve stimulators, vagus nerve stimulators, and others. The implantable cardiovascular defibrillators segment is expected to dominate the market in 2022 and maintain its dominance throughout the forecast period. This can be ascribed to the increasing geriatric population. increase in cardiovascular diseases along with an increase in lifestyle-induced disorders such as depression or even obesity across the globe is also driving the growth of the market.
Major companies operating in the global bioelectronic medicine market are:
- Medtronic plc.
- Abbott Laboratories, Inc.
- Boston Scientific Corporation.
- Cochlear Ltd.
- LivaNova PLC.
- Soterix Medical Inc.
- Bioinduction Ltd.
- GiMer Medical.
- Nevro Crop.
- BioControl Medical
Spark Biomedical, a leader in wearable neurostimulation solutions, collaborated with The Feinstein Institutes for Medical Research at Northwell Health which is New York’s largest health system to develop a wearable neurostimulation solution focused on lessening excessive blood loss.
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“North America is expected to register the highest growth in the global bioelectronic medicine market owing to the increasing development in the healthcare sector along with collaboration between pharmaceutical companies to develop new treatments across the region. Similarly, the growing investment in research and development in the healthcare sector for advanced treatment with the rapid adoption of new technology is expected to further drive the market growth during the forecast period. Additionally, the growing aging population pool with improving healthcare infrastructure is expected to drive the demand for the tendonitis treatment market during the forecast period. Similarly, the growing industry of medical tourism is expected to drive the market growth till 2027,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Bioelectronic Medicine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (Implantable v/s Non-invasive), By Product (Implantable cardioverter defibrillators, Cardiac pacemakers, Cochlear implants, Spinal cord stimulators, Deep brain stimulators, Transcutaneous electrical nerve stimulators, Sacral nerve stimulators, Vagus nerve stimulators, Others), By Application (Arrhythmia, Pain management, Sensorineural hearing loss, Parkinson’s disease, Tremor, Depression, Treatment-resistant depression, Epilepsy, Urinary and fecal incontinence, Others), By End User (Hospitals, Individual Users, Homecare Centers, Ambulatory Surgical Centers, Specialty Clinics, Others), By Region and Competition”, has evaluated the future growth potential of the global bioelectronic medicine market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global bioelectronic medicine market.
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