According to a new report published by K D Market Insights, titled, “Market Insights, Trends, Opportunity & Forecast, 2023–2032,” the global bioelectric medicine market size is anticipated to witness moderate growth during the forecast period i.e., 2023-2032. The increasing adoption of bioelectric medicine for the treatment of various chronic conditions. Additionally, advancements in technology and a growing understanding of the body's electrical signaling system which are the major factors augmenting the growth of the global bioelectric medicine market.
The increasing prevalence of chronic diseases, such as cardiovascular disorders, neurological conditions, and chronic pain, fuels the demand for innovative and targeted therapies are further expected to create ample growth opportunities for the global bioelectric medicine market during the forecast period i.e., 2023-2032. Moreover, advancements in technology, such as miniaturization, wireless connectivity, and neurostimulation techniques has propelled market expansion. Rising geriatric population and subsequent growth in the prevalence of neurological and cardiovascular disorders, is expected to contribute towards the market growth during the period.
The North America region accounted for the largest share in the global bioelectric medicine market in 2022. The region is further projected to continue dominating in the market and also register the highest CAGR in the market during the forecast period. This can be attributed to the presence of advanced healthcare infrastructure, high healthcare expenditure, and a large patient population.
According to end user, the hospitals segment accounted for the largest market share in the bioelectric medicine market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
The global bioelectric medicine market is segmented into product type, type, application, end user and region. Based on product type, the market is bifurcated into implantable cardioverter defibrillators, cardiac pacemakers, transcutaneous electrical nerve stimulators sacral nerve stimulators, vagus nerve stimulators, cochlear implants, spinal cord stimulators, deep brain stimulators. Based on type, it is classified into implantable, noninvasive. Based on application, it is classified into arrhythmia, depression, epilepsy, pain management, tremor, urinary and fecal incontinence, sensorineural hearing loss, Parkinson’s disease, others. Based on end user, it is classified into hospitals, individual users, homecare centers, ambulatory surgical centers, specialty clinics, others
The global bioelectric medicine market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).
Key Insights of Bioelectric medicine Market
- On the basis of end user, the hospitals segment accounted for the largest market share in the bioelectric medicine market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
- On the basis of region, North America accounted for the largest share in the global bioelectric medicine market in 2022. The region is further projected to continue dominating in the market during the forecast period.
- On the basis of region, Asia-Pacific is estimated to account for the second largest share in the market during the forecast period.
Some of the major bioelectric medicine companies profiled in the report include SetPoint Medical, Sky Medical Technology, Cala Health, Boston Scientific Corporation, Abbott Laboratories, Medtronic, Biotronik SE & Co. KG, Cochlear Ltd., Sonova, LivaNova PLC., ElectroCore Inc., NeuroPace, Inc., Koninklijke Philips N.V., NEVRO CORP., and WEINMANN Emergency Medical Technology GmbH + Co. KG.
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