Global Bioelectric Medicine Market, by Product Type (Implantable Cardioverter Defibrillators, Cochlear Implants, Spinal Cord Stimulators, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, and Other Bioelectric Medicines), by Application (Arrhythmia, Pain Management, Sensorineural Hearing Loss, Parkinson’s Disease, Tremor, Depression, Epilepsy, Urinary and Fecal Incontinence, and Others), by End User (Hospitals, Ambulatory Care Centers, and Diagnostic Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 12.3 billion in 2017, and is estimated to exhibit a CAGR of 7.2% over the forecast period (2018-2026), as highlighted in a new report published by Coherent Market Insights.
Key players in the global bioelectric medicine market are focusing on adopting mergers and acquisitions strategies, in order to strengthen their market position. For instance, GlaxoSmithKline completed a merger with Google's parent company Alphabet to set up a new bioelectric company called Galvani Bioelectronics to develop bioelectric medicines in 2016. Furthermore, GlaxoSmithKline invested around US$ 615 million for the development of Galvani Bioelectronics Company, in 2016. Similarly, in 2015, Synapse Electroceutical Technology launched Accel-Heal, which is a non-invasive class 2A medical device. The device promotes healing of leg ulcers by using electrical energy. Accel-Heal delivers a sequence of low level, pre-programmed, and sub sensory electrical energy through surface of the skin.
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Moreover, increasing number of investments for the development of advanced bioelectric medicine is another major factor that is expected to drive the market growth over the forecast period. For instance, according to press release of GlaxoSmithKline, GSK invested US$ 50 million in a start-up company called Set Point in 2013, which is engaged in the development of implantable devices that would stimulate the vagus nerve in the neck with electrical impulses to treat epilepsy and depression.
Browse 35 Market Data Tables and 23 Figures spread through 180 Pages and in-depth TOC on "Bioelectric Medicine Market”, by Product Type (Implantable Cardioverter Defibrillators, Cochlear Implants, Spinal Cord Stimulators, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, and Other Bioelectric Medicines), by Application (Arrhythmia, Pain Management, Sensorineural Hearing Loss, Parkinson’s Disease, Tremor, Depression, Epilepsy, Urinary and Fecal Incontinence, and Others), by End User (Hospitals, Ambulatory Care Centers, and Diagnostic Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2026"
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Additionally, ElectroCore, Inc., a U.S.-based company, offers devices in global bioelectric medicine market, such as gammaCore. This is non-invasive vagus nerve stimulator that provides a mild electrical stimulation to the vagus nerve and runs through the neck and carries information to the central nervous system. Moreover, each stimulation with gammaCore lasts 2 minutes and delivers up to 30 stimulations in a 24-hour period. This device is utilized for the treatment of migraine or cluster headache pain.
Key Takeaways of the Global Bioelectric Medicine Market:
• The global bioelectric medicine market is expected to exhibit a CAGR of 7.2% over the forecast period (2018-2026), attributed to increasing number mergers and acquisitions and advancements in technology by key players
• Among product type, implantable cardioverter defibrillators segment is expected to account for major market share, in terms of revenue in 2026. This is attributed to increasing application of these products for the treatment of arrhythmia. For instance, according to the Centers for Disease Control and Prevention (CDC), around 2.7-6.1 million people in the U.S. had arrhythmia, in 2017.
• Key players operating in the global bioelectric medicine market include GlaxoSmithKline, Medtronic Plc., Boston Scientific Corporation, Liva Nova Plc, Electrocore, Nevro, and St. Jude Medical
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