In 2022, the bioelectric medicine market was worth around USD 21,532.1 million, and it is projected to advance at a 5.2% CAGR from 2022 to 2030, hitting USD 32,345.8 million in 2030, according to P&S Intelligence.
This growth can be credited to the increasing frequency of hearing conditions, neurological disorders, and cardiovascular disorders, Furthermore, the rising government and private healthcare investments, including in bioelectric medicine as well as electroceuticals research, are projected to boost the market growth.
Based on the product, implantable cardioverter defibrillators are most commonly used, mainly because of their extensive variety of applications. Such medical devices use electrical stimulation and are widely utilized in the treatment of arrhythmias, such as ventricular tachycardia, atrial flutter, and atrial fibrillation. Furthermore, they are also utilized in combination with other treatments, like operations or medications.
In 2022, North America led the bioelectric medicine market, with a market share, of approximately 40%. This can be credited to the high R&D expenditure, the existence of key players, increasing acceptance of technologically enhanced machines, and the huge number of infirmaries in the continent. Furthermore, the increasing healthcare investment is the main contributor to regional growth.
Moreover, the APAC industry is projected to experience the fastest development in the coming few years. This can be accounted for by the snowballing occurrence of several health syndromes, including cardiac arrhythmias, epilepsy, cardiac arrhythmias, Alzheimer’s illness, and spinal cord injuries, increasing government expenditure in order to improve healthcare infrastructure, and the presence of many clinical labs in the region.
In 2022, the implantable electroceutical devices category had approximately 80% market share. Mainly due to the snowballing occurrence of numerous cardiovascular and neurological sicknesses.
Hence, the increasing frequency of hearing conditions, neurological disorders, and cardiovascular disorders, are the major factors propelling the bioelectric medicine industry.