The global bioelectric medicine market is anticipated to grow at a significant CAGR of 7.2% during the forecast period (2022-2028). Bioelectric medicine is a type of medicine that combines all branches of science such as material science, biochemistry, biophysics, molecular medicine, neuroscience, immunology, bioengineering, electrical engineering, mechanical engineering, etc. This has proved effective in the treatment of not to so easy disease for which therapeutics was not available. This medicine involves inducing electrical signaling in the nervous system. Regulatory functions of the nervous system are first seen and neural signaling is recorded in dealing with nervous disorders.
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Medical agencies are giving their insights on bioelectric medicine so that they can be put to use as a better therapeutic technique and treatment of diseases. For instance, in March 2021, the Food and Drug Administration of Unites States approved Clear Up, which is a bioelectric device. This bioelectric device is use full for sinus pain relief. This can be used in case of congestion due to allergies and flu.
Apart from these, fund programs are offered by government organization to cater the development of bioelectric medicine. For instance, in Nov 2020, the National Institutes of Health (NIH) and the Defense Acquisition Research Agency (DARPA) are working to make investments in the field of bioelectric medicine. These agencies are doing international coalitions in this regard.
Some major players in the marketinclude Boston Scientific Corp, Cochlear Ltd, Liva Nova PLC, and Nevro Corp. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in May 2020, As per the research done by biologists at Tufts University, it is discovered that bioelectric drugs can help in repairing and preventing defects in developing frog brains. Researchers are of the view that this discovery can be beneficial in exploring drugs for birth-related defects in the human body.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Product
- By Application
- By End-User
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape-St. Jude Medical, Boston Scientific Corp, Cochlear Ltd, Liva Nova PLC, Nevro Corp., electro Core LLC., and Others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Bioelectric Medicine Market Report by Segment
By Product
- Implantable Cardioverter Defibrillators
- Cardiac Pacemakers
- Cochlear Implants
- Others
By Application
- Arrhythmia
- Parkinson’s Disease
- Depression
- Epilepsy
- Urinary and fecal incontinence
- Others
By End-User
- Hospital
- Clinic
- Others
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