Global Electroceuticals/Bioelectric Medicine Market Size

Electroceuticals/Bioelectric Medicine Market Analysis

The electroceuticals/bioelectric medicine market is projected to register a CAGR of 7.8% during the forecast period (2022-2027).

The COVID-19 epidemic has had a significant impact on the market. Due to the high rate of infection and the lack of treatment, many countries were suffering and continue to burden their economies and health care systems. Elective procedures have been postponed indefinitely during the COVID-19 pandemic to provide capacity to deal with the emergency caseload and avoid exposing elective patients to COVID-19. Also, as per the article published in August 2021 titled "Impact of COVID-19 pandemic on cardiac electronic device implantations in Northwestern Greece", The coronavirus disease (COVID-19) pandemic seems to have a significant impact on cardiovascular-related hospital visits and admissions. During the first lockdown period, both de novo implantations and replacements decreased significantly, while there was no significant change during the second lockdown period.

Globally, the rising prevalence of chronic disorders is a major factor driving the market forward. For instance, as per the April 2021 report of the World Health Organization (WHO), non-communicable diseases (NCDs), also known as chronic diseases, are long-duration diseases and are the result of a combination of genetic, physiological, environmental, and behavioral factor. According to the article titled ' Prevalence of Non-Communicable Diseases Among Indiands is 116 per 1,000 : Report' published in July 2021 Prevalence of non-communicable diseases in India is 11 per 1,000 population with hypertension, digestive diseases and diabetes leading the burden. Additionally, an increase in the geriatric population at risk of neurological and CVD diseases is expected to fuel market growth over the forecast period.

Bioelectronic Medicine promises to bring new insights into diagnosing and treating diseases and conditions as varied as cancer, rheumatoid arthritis, inflammatory bowel disease, obesity, diabetes, asthma, paralysis, blindness, bleeding, ischemia, and organ transplantation, cardiovascular disease, neurodegenerative diseases, and others. Building on a surge of progress in the past decade, the field is rapidly expanding. Technical innovations are making devices smaller and less invasive, with companies bringing new applications to market in the next several years, including for peripheral neuropathy, arthritis, chronic obstructive pulmonary disease, heart failure, and Type 1 diabetes.

Bioelectric Medicine is being developed by market participants as well. For example, GE Research's bioelectronic medicine team is using ultrasound to demonstrate potentially groundbreaking non-invasive methods to regulate dysfunction in the body's metabolic or inflammatory control systems. Bioelectronic medicine research traditionally relied on implanted devices to stimulate nerves and achieve therapeutic results. The GE Research team demonstrates the precise stimulation of nerve features directly within target organs using a non-invasive ultrasound technique. The preliminary findings of the GE Research team indicate that more investment and research into the use of ultrasound for peripheral neuromodulation is warranted and that increased collaboration between ultrasound device engineers and neuroscientists will be required. Hence, showing potential and simultaneously the need for investment in the biomedicine market.

Researchers are now looking into developing various bioelectronics-based therapeutic devices for tumor stimulation and neural modulation. This allows for the control of cancer signaling pathways, the restoration of healthy electrical impulse patterns, and the prevention of cancer progression. Recent advancements in bioelectric Medicine may prove to be a more natural and safe approach to cancer treatment than chemotherapy and surgery, both of which have numerous side effects. In today's world, patients with certain types of cancer are given electric field therapies in addition to chemotherapy to improve survival and safety. For instance, Bryne et al. showed that a high concentration of localized drugs could be forced deep inside the tumors using low direct current electric fields, referred to as "iontophoretic chemotherapy".

Also," per the article published in December 2020, "Core Concept: The rise of bioelectric medicine sparks interest among researchers, patients, and industry," the ph,"maceutical industry is also on board. Johnson & Johnson's portfolio now includes several bioelectronic devices. This is likely to boost the market growth over the forecast period.

Thus the above mentioned factors are expected to drive the growth of the market during the forecast period.