Bioelectric Medicine Market Size, Share, Opportunities, And Trends By Type (Invasive Electroceutical Devices, Non-invasive Electroceutical Devices), By Application (Arrhythmia, Pain Management, Sensory Hearing Loss, Others), By End-user (Hospitals, Others), And By Geography - Forecasts From 2023 To 2028

The bioelectric medicine market is projected to show steady growth during the forecast period.

Bioelectronic medicine is a burgeoning field that seeks to transform disease treatment by harnessing electrical pulses instead of traditional pharmaceuticals. The core functionality of bioelectronic devices lies in their capacity to stimulate, regulate, or inhibit specific electronic signals between the brain and bodily functions, allowing for personalized medical interventions. Examples, range from cardiac pacemakers that actively modulate heart rates to robotic prostheses faithfully replicating human movement. Biosensors, like those integrated into blood glucose monitors, play a pivotal role in detecting enzymes, pathogens, or harmful substances.

The evolution of wearable bioelectronic devices has further intensified their impact, emerging as robust tools capable of monitoring vital signs, identifying biomarkers, and even harnessing energy from the skin's surface. The contemporary bioelectronic implants showcase cutting-edge features, including wireless and battery-free operation. Depending on the application, they exhibit versatility, being minimally invasive, ingestible, or fully resorbable. These advancements underscore significant strides in augmenting the effectiveness and adaptability of bioelectric medicine.

Market Drivers

• Rising chronic diseases

Globally, there is a discernible shift in lifestyle patterns, notably reflected in the increasing prevalence of chronic illnesses within the global population. In the United States, the demographic aged 50 years and older is anticipated to witness a substantial surge of 61.11%, projecting an increase from 137.25 million in 2020 to 221.13 million in 2050. Correspondingly, the incidence of chronic diseases within this age cohort is expected to soar by 99.5%, reaching an estimated 142.66 million by the year 2050. Of particular concern is heart disease, impacting the lives of over 79 million Americans and serving as a significant factor in 40% of all recorded deaths. Shifting focus to the European Union (EU), statistics from 2022 reveal that 36.1% of the population reported experiencing chronic health problems. Noncommunicable diseases (NCDs), encompassing cardiovascular diseases, cancer, diabetes, and chronic respiratory ailments, pose a considerable and expanding health burden in the Southeast Asia Region. These conditions collectively contribute to 62% of all deaths, amounting to a staggering 9 million individuals. As the prevalence of chronic diseases continues to rise globally, the market for bioelectronics devices is experiencing significant growth. These devices not only offer innovative solutions for disease management but also align with the growing emphasis on personalized and minimally invasive healthcare approaches. The intersection of technology and healthcare in the form of bioelectronics represents a transformative force in addressing the challenges posed by the epidemic of chronic diseases.

Advancement in technology and research

The field of bioelectronics is experiencing significant growth, propelled by advancements in technology and research. For instance, in September 2023, researchers achieved a milestone by developing a wearable bioelectronic system tailored for wound healing treatment delivery. The study revealed that the platform's architecture offers flexibility through the substitution of customizable components during manufacturing, establishing a repeatable and scalable procedure. This adaptability positions the system as a versatile tool for a diverse range of therapeutic applications. During the same period, an interdisciplinary research team, comprising members from PolyU’s School of Fashion and Textiles, Department of Biomedical Engineering, Department of Applied Biology and Chemical Technology, Research Institute for Intelligent Wearable Systems (RI-IWEAR), Research Institute for Smart Energy (RISE), City University of Hong Kong, and the Hong Kong Centre for Cerebro-Cardiovascular Health Engineering, made significant strides.

They successfully addressed several technical limitations, advancing the field of wearable technology. Moreover, they introduced a groundbreaking method for producing remarkably soft, stretchable, and permeable electrodes for implantable bioelectronics. These breakthroughs not only tackle critical challenges but also contribute significantly to the overall development of the bioelectronics market. The introduction of a wearable bioelectronic system for wound healing and the invention of soft, stretchable electrodes for implantable bioelectronics showcase the potential for transformative impacts in therapeutic applications and underscore the continuous evolution of bioelectronic technologies.

Market Challenges

The market faces considerable challenges stemming from stringent regulations, impeding market entry, and commercialization efforts. These regulations not only lead to delays but also contribute to increased costs associated with compliance. However, a particularly distinctive aspect of this field involves ethical concerns, especially concerning research that involves altering the brain and potentially impacting the mind. Ethical considerations become paramount, especially in a field that deals directly with neurological and cognitive aspects of the human body. A key ethical concern revolves around the potential impact on individuals' autonomy, privacy, and identity when using bioelectronic medical devices that interact with the brain. Ethical theories such as autonomy, beneficence, non-maleficence, and justice play crucial roles in guiding the ethical considerations in BEM research and development.

Moreover, engaging stakeholders, including patients, clinicians, ethicists, and regulatory bodies, in transparent and inclusive discussions becomes imperative. This collaborative approach ensures that diverse perspectives are considered in the ethical decision-making process. Establishing ethical guidelines and frameworks specific to bioelectronic medical devices can provide a structured approach to navigating ethical challenges and promote responsible innovation.

By type, bioelectronic devices market is segmented: invasive and non-invasive.

Bioelectronic devices can be categorized as either invasive, requiring implantation into the body, or non-invasive, worn on the body's surface. Invasive devices serve purposes such as monitoring deep tissues like the brain or heart and administering electrical stimulation for conditions like epilepsy or Parkinson's disease. On the other hand, non-invasive devices are employed for monitoring vital signs such as heart rate and blood pressure, or for delivering electrical stimulation to address issues like pain or muscle weakness.

North America is anticipated to hold a significant share of the bioelectric medicine market

North American bioelectric medical market is positioned to secure a notable share, buoyed by a surge in demand from various healthcare services and hospitals. The United States, a pivotal contributor to this market, observed a modest increase in its total number of hospitals, reaching 6,129 in 2023, marking a rise from 6,093 in the previous year. This underscores the overarching growth within the healthcare sector, as a vital role that hospitals play as central hubs for delivering medical services.

Commitment to the expansion of hospital infrastructure, there has been a significant upswing in hospital admissions across the U.S. The total hospital admissions surged to 34,011,386 in 2023, reflecting a notable increase from the 33,356,853 admissions reported in 2022. This surge in both hospital numbers and patient admissions signals the escalating demand for healthcare services throughout North America. In March 2023, a noteworthy development added to this landscape as a multidisciplinary team from UCLA introduced a new class of bioelectronics capable of flexing and bending within biological tissues without compromising their sensing and stimulation capabilities. This innovation represents a novel approach to constructing durable bioelectrodes using clinically proven high-performance materials, including those traditionally considered brittle.

Market Developments

• August 2022-   Medtronic plc, a prominent player in healthcare technology, announced that it had forged a strategic partnership with BioIntelliSense, a company specializing in continuous health monitoring and clinical intelligence. The collaboration granted Medtronic exclusive U.S. hospital and 30-day post-acute hospital-to-home distribution rights for the BioButton® multi-parameter wearable, emphasizing a shared commitment to patient safety. This partnership aligned with Medtronic's broader objectives and seamlessly integrated with the Medtronic Patient Monitoring business' HealthCast™ intelligent patient manager portfolio.
• July 2021- Merck, in collaboration with Inbrain Neuroelectronics, embarked on a joint venture to pioneer the next generation of bioelectronic therapies, marking a significant partnership in the realm of medical innovation. The Innovation Center project, initiated by Merck, was dedicated to the development of intelligent neurostimulators tailored for the targeted treatment of chronic diseases. This collaboration represented the second endeavor within Merck's Bioelectronics innovation field, concentrating on enhancing the selectivity and power efficiency of devices.
• September 2023- A research team led by the Hong Kong Polytechnic University (PolyU) accomplished a significant development in the field of implantable bioelectronics. The team successfully created microelectrodes characterized by softness, stretchability, and permeability, making them highly suitable for use in implantable bioelectronic devices. These electronic devices, designed to be attached to the skin or even implanted within the body, were anticipated to become increasingly prevalent in the evolving landscape of near-future technology.

Company Products

• DYNAGEN™ X4- The DYNAGEN X4 boasts 17 pacing vectors and incorporates EnduraLife™ Battery Technology for extended battery life. In terms of Brady Modes, it offers normal options such as DDD(R), DDI(R), VDD(R), VVI(R), AAI(R), and Off. Temporary modes include DDD, DDI, DOO, VDD, VVI, VOO, AAI, AOO, and Off. Within the AT/AF Management category, specific features encompass the ATR Mode Switch, Ventricular Rate Regulation (VRR) with MIN, MED, MAX settings, Atrial Flutter Response (AFR), PMT Termination, and Rate Smoothing.
• Intellis™ Platform- The high-performance neurostimulator, known as the lntellis™ with AdaptiveStim™ rechargeable neurostimulator, stands out with its innovative features. Powered by proprietary overdrive™ battery technology, this neurostimulator is specifically engineered to address limitations found in other spinal cord stimulation (SCS) systems.
• AspireSR™- The AspireSR™ system is designed to detect and respond to rapid increases in heart rate, a potential indicator of seizures. Through the innovative VNS Therapy™, it employs a three-pronged approach to control seizures. In Normal Mode, continuous stimulation is delivered at regular intervals throughout the day, offering proactive measures to help prevent seizures. The AutoStim Mode is responsive to sudden heart rate spikes, automatically administering an additional dose of therapy when such increases are detected, potentially linked to seizures.

Market Segmentation

• By Type
  • Invasive Electroceutical Devices
  • Non-invasive Electroceutical Devices
• By Application
  • Arrhythmia
  • Pain Management
  • Sensory Hearing Loss
  • Others
• By End-user
  • Hospitals
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Thailand
    • Others

1.  INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. BIOELECTRONIC MEDICINE MARKET BY TYPE

5.1. Introduction

5.2. Invasive electroceutical devices

5.3. Non-invasive electroceutical devices

6. BIOELECTRONIC MEDICINE MARKET BY APPLICATION

6.1. Introduction

6.2. Arrhythmia

6.3. Pain Management

6.4. Sensory Hearing loss

6.5. Others

7. BIOELECTRONIC MEDICINE MARKET BY END-USER

7.1. Introduction

7.2. Hospitals 

7.3. Others

8. BIOELECTRONIC MEDICINE MARKET BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. United States

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. United Kingdom

8.4.2. Germany

8.4.3. France

8.4.4. Spain

8.4.5. Others

8.5. The Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. UAE

8.5.3. Israel

8.5.4. Others

8.6. Asia Pacific

8.6.1. Japan

8.6.2. China

8.6.3. India

8.6.4. South Korea

8.6.5. Indonesia

8.6.6. Thailand

8.6.7. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

10. COMPANY PROFILES 

10.1. Boston Scientific Corporation

10.2. Medtronic 

10.3. Merck KGaA, Darmstadt

10.4. Koninklijke Philips N.V.

10.5. Livanova

10.6. Nurokor limited

10.7. Electrocore

10.8. Nevro Corp.

10.9. Stimwave LLC

10.10. Genreal Electricals

Boston Scientific Corporation

Medtronic

Merck KGaA, Darmstadt

Koninklijke Philips N.V.

Livanova

Nurokor limited

Electrocore

Nevro Corp.

Stimwave LLC

General Electricals