Technology is changing the world and bioelectric medicine is fore front of technological revolution in medical sciences. The pharmaceutical industry’s history is based on therapies that target molecular mechanism. Bioelectric medicine has different treatment therapy that is based on electrical pulses instead of drugs to trigger the body. Bioelectric medicine develops nerve stimulating and sensors activation technologies to regulate biological functions and treat diseases by combining bioengineering, neuroscience, molecular medicines, electronics and computing these technologies may change the future of therapies for wide range of diseases. Bioelectric medicine act through targeted mechanism of action to treat diseases. Though the concept of using bioelectric medicines to treat the patient has been around decades, technological advancements are driving the market to grow in near future. Bioelectric medicine is the field where devices are made to treat various kind of diseases like rheumatoid arthritis, diabetes, paralysis and cancer as well.
Increasing research and development in bioelectric medicals with rising number of organizations investing for development of bioelectric medicines are primary driving factors for the growth of bioelectric medicine market. Bioelectric medicines or electroceuticals are new trend in therapy of treating disease. Though these therapies are expensive, often toxic and difficult to administer, continuous scope for technological advancement and ground breaking discipline is targeted at electronics with nerves to specially aim the biological processes to various diseases. Pharmaceutical companies, biotechnology entities, research institutes, and laboratories are increasingly adopting bioelectric medicine technology. As bioelectric medicine are small devices there is huge scope for companies having product pipeline into medical device industry.
Regionally, global bioelectric market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East Africa. North America is likely to dominate the bioelectric medicine market since there is presence of several organizations operating in these region. Rising prevalence of chronic diseases, expected approvals of retinal implant in the U.S., rising geriatric population are the other key factors responsible for the growth of market in North America. Additionally, Asia Pacific region is expected to grow at highest CAGR during the forecast period due to increasing diabetic population and frequency of hearing loss in region. There are substantial R&D projects carried out in institutes resulting its high demand, affecting the revenue growth significantly. Moreover, positive R&D outcomes encouraging the incorporation of bioelectric market is expected to impact this sector with potential opportunities for growth.
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Some of the key players in bioelectric market are GlaxoSmithKline, Medtronic Plc., Boston Scientific Corporation, Set Point Medical, Siemens AG, Biotronic, Nevro Corporation, Liva Nova Plc., Cochlear limited and Electro Core LLC. These companies are involved in research and development of bioelectric medicines along with the investment and marketing of the products. The increasing competition in key players will drive the market of bioelectric medicine in forecast period.