Bioelectric Medicine Market Scope
The growing geriatric population, which leads to an increase in the prevalence of neurological and cardiovascular disorders, as well as rising government support and funding for neurological disorders and increasing investments and funding for CRM device research, are all driving growth in the bioelectric medicine market. Increased investment in the development of enhanced bioelectric medicine boosting the growth of the market.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Bioelectric Medicine market throughout the predicted period.
Medtronic plc (Ireland), St. Jude Medical, Inc. (United States), Boston Scientific Corporation (United States), Cochlear Limited (Australia), Sonova Holding AG (Switzerland), LivaNova PLC (United Kingdom), Biotronik (Germany), Nevro Corporation (United States), Second Sight Medical Products, Inc. (United States), ElectroCore LLC (United States), BioElectronics Corporation (United States), MED-EL (Austria), Cefaly Technology (Belgium), Stimwave LLC (United States), Vomaris Innovations, Inc. (United States), EnteroMedics Inc. (United States), NeuroSigma, Inc. (United States) and Oticon Medical (France) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Bioelectric Medicine market by Type (Implantable Cardioverter-Defibrillators, Spinal Cord Stimulators, Cochlear Implants, Deep Brain Stimulators, Vagus Nerve Stimulators, Transcutaneous Electrical Nerve Stimulators, Sacral Nerve Stimulators and Other Bioelectric Medicines), by Application (Arrhythmia, Sensorineural Hearing Loss, Pain Management, Tremor, Depression, Epilepsy, Parkinson's Disease, Urinary and Fecal Incontinence and Others) and Region with country level break-up.
On the basis of geography, the market of Bioelectric Medicine has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In January 2020, Medtronic plc (Ireland) acquired Stimgenics, LLC (US), a pioneer of DTM, a novel spinal cord stimulation therapy.
In March 2021, Medtronic plc (Ireland) received US FDA approval for its Intellis Platform with Differential Target Multiplexed (DTM) programming to treat chronic intractable back and leg pain, and In January 2021, Boston Scientific Corporation (US) received US FDA approval for its Vercise Genus Deep Brain Stimulation System.
Market Trend
- Technological Advancements in Bioelectric Medicines
Market Drivers
- Increasing Research and Development in Bioelectric Medicals with the Rising Number of Organizations Investing for Development of Bioelectric Medicines
Opportunities
- Rising Demand from Emerging markets
Restraints
- Side Effect Associated with the Bioelectric Medicine Device
- Increased Regulatory Scrutiny
Challenges
- Product Recall and the Exorbitant Cost of Electroceuticals
Key Target Audience
New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others