This Fact.MR survey places the global electroceuticals / bioelectric medicine market valuation at US$ 24.5 billion at present and projects it to rise at a CAGR of 6.9% through 2026.
High proliferation of technology in the medical industry and growing prevalence of chronic diseases are anticipated to primarily favor electroceuticals / bioelectric medicine market growth over the coming years. Rising investments in the healthcare R&D sector, supportive government initiatives, and high incidence of cardiac & neurological disorders are also expected to complement electroceutical / bioelectric medicine demand over the years to come.
Electroceutical / bioelectric medicine manufacturing companies are focusing on expanding their business potential through mergers, collaborations, and partnerships that are also allowing them to enhance their research scope as well.
In September 2021, Nu Eyne, a Korean medical R&D organization focused on the utilization of electroceutical technology, collaborated with STMicroelectronics, a leading semiconductor manufacturer, to develop a wearable therapy device for eye care.
Key Takeaways from Market Study
- The global electroceuticals / bioelectric medicine market accounts for a valuation of US$ 24.5 billion.
- Sales of electroceuticals / bioelectric medicines are expected to surge at a CAGR of 6.9% through 2026.
- By 2026, the electroceuticals / bioelectric medicine market is set to be valued at US$ 32.1 billion.
- Increasing investments in research, supportive government initiatives, rising prevalence of chronic diseases, rapid adoption of novel technologies, and high demand for alternative medicines are prominent factors driving market growth potential.
- High costs, strict regulatory norms, and frequent product recalls are expected to hamper market growth to some extent.
- North America currently accounts for a dominant market share of around 30%.
- Demand for cardiac pacemakers & ICDs is expected to be high over the coming years owing to rising incidence of cardiovascular illnesses.
“Growing aging population is expected to act in favor of electroceuticals / bioelectric medicine market growth over the coming years years and will provide market players with new opportunities,”says a Fact.MR analyst
Electroceutical / bioelectric medicine companies are expected to focus on the expansion of their research scope through collaborations and acquisitions. Key market players are expected to increase the frequency of new product launches to gain a competitive edge over others in the market.
All the key strategies adopted by market players have been mentioned in this latest market research report by analysts at Fact.MR, a market research and competitive intelligence provider.