Electroceuticals/Bioelectric Medicine Market is expected to grow in upcoming years due to factors such as rise in geriatric population across the world, increase in regulatory approvals for new and advanced electroceuticals and rise in investment and funds for the development in new therapies.
Electroceuticals/bioelectric medicine includes molecular medicine, bioengineering and neuroscience for development of nerve stimulating technology for biological parameters during the treatment. It affects changes in body function by use of electrical impulses. These medicines are an alternative used for drug- based treatment. Electroceuticals/Bioelectric Medicine works on basis of neuro stimulation, which is the modulation of nervous system of electrical impulses. It can treat various diseases by both invasive and non-invasive methods. It is expected to be replacement for drug based therapy in upcoming years. The therapy includes neural implants such as retinal implant, cochlear implant or spinal cord stimulators for pain relief, cardiac pacemakers and implantable defibrillators.
COVID-19 scenario analysis:
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicines supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as Hydroxychloroquine have witnessed dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunity for manufacturers of COVID-19 management drugs, as many developed countries are short of these drugs. Owing to the demand for vaccine and treatment drugs for COVID-19, the pharmaceutical and biotechnology industry is expected to witness a significant growth in the future. Considering these factors, COVID -19 is expected to have a significant impact on the electroceuticals/bioelectric medicine market.
Top Impacting factors:
- Factors such as rise in number of chronic diseases and increase in geriatric population across the world has resulted in adoption for innovative and new therapeutic devices, which is expected to boost the growth for the electroceuticals/bioelectric medicine market.
- Advancements made in technology of electroceutical devices and adoption for collaboration and merger/acquisitions among the players are rising the opportunity for the electroceuticals/bioelectric medicine market growth.
- Rise in new approvals for advanced electroceuticals/bioelectric medicine and increase in investment and funding for the development of new therapies and electroceuticals is expected to rise the growth for electroceuticals/bioelectric medicine market.
- However, factors such as stringent government rules and regulations for development and manufacture of new devices, product recalls, high price of cochlear implantation and lack of skilled professionals are expected to hamper the growth for electroceuticals/bioelectric medicine market during the forecast period.
New Product Launch / News:
- In April 2019, ReShape Lifesciences Inc. announced that company has successfully implanted its first patient in the ENDURE II trial to support CE Marking of the ReShape Vest to treat obesity and metabolic diseases where the clinical results shows 85% excess weight loss at one year.
- In 2018, InterStim Smart Programmer was used with the InterStim System used for sacral neuromodulation therapy. Medtronic pioneered sacral neuromodulation and this product enhancement was expected to help the company strengthen its market foothold.
- In 2016, GlaxoSmithKline and Google parent Alphabet’s life sciences unit are creating a new company focused on fighting diseases by targeting electrical signals in the body, jump-starting a novel field of medicine called bioelectronics.
Key benefits of the report:
- This study presents the analytical depiction of the electroceuticals/bioelectric medicine market along with the current trends and future estimations to determine the investments.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the electroceuticals/bioelectric medicine market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed electroceuticals/bioelectric medicine market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Electroceuticals/Bioelectric Medicine Market Report:
- What are the leading market players active in Electroceuticals/Bioelectric Medicine Market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the electroceuticals/bioelectric medicine market?
- What are the projections for the future that would help in taking further strategic steps?
- What Segments and region will drive the electroceuticals/bioelectric medicine market growth & why?
Electroceuticals Bioelectric Medicine Market Report Highlights
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Key Market Players
Nevro Corporation, BioElectronics Corporation, Biotronik, Oticon Medical., Cochlear Limited, Stimwave LLC, Cefaly Technology, NeuroSigma, Inc., Medtronic plc., Second Sight Medical Products, Inc., Sonova Holding AG, Vomaris Innovations, Inc., Boston Scientific Corporation, St. Jude Medical, MED-EL, LivaNova PLC, EnteroMedics Inc., ElectroCore LLC