Global Bioelectric Medicine Market Share Estimated to Reach USD 36 Billion by 2026: Facts & Factors
A new research report entitled Bioelectric Medicine Market by Product (implantable defibrillators for cardioverter, pacemakers, cochlear implants, deep brain stimulators, transcutaneous electrical nerve stimulators, vagus nerve stimulators, non-sacral electrical stimulators) for delivery (relief, arrhythmia, Parkinson’s disease, tremor, depression, epilepsy, urinary and fecal incontinence, and others), end-user (hospitals and diagnostic centers) and by region (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa): Global perspective and region, full analysis and forecasts, 2021-2026”.
According to the recent research report, demand for the size and share of global bioelectric medicine will reach $36.79 billion in 2026 and $36.79 billion in 2020, with a compound annual growth rate (CAGR) of 7.9% in the forecast period 2021-2026”.
Global Bioelectric Medicine Market: Overview:
Bioelectric medicine refers to medical devices that use electrical impulses to modulate the body’s neural circuits as an alternative to drug intervention. Bioelectrical medicine, also known as electromedicine, is a branch of medicine that integrates bioengineering, molecular medicine, and neuroscience to discover and create nerve stimulation and sensing technologies to control biological processes and treat disease.
Bioelectrical medicine is a field that integrates bioengineering, molecular medicine, and neuroscience to create nerve stimulation devices to control biological processes during disease therapy. With the development of more advanced devices and innovative materials developed at the nanoscale, the bioelectric sector has been able to make progress recently.
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• Increased incidence of chronic diseases
The increasing cost pressures of drugs and the increasing interest of the major pharmaceutical industry players in bioelectric drugs and the increasing incidence and prevalence of neurological and heart disease worldwide are some factors that may influence the global drug market. during the forecast period. More than 610,000 people die of heart disease in the United States each year, according to the CDC.
About 370 people die from coronary artery disease (CHD). As a result, there is a strong demand for enhanced bioelectricity to treat various chronic diseases, which should drive market expansion. Major companies such as GlaxoSmithKline plc have made significant investments in the bioelectric medicine industry, while other institutions such as the National Institutes of Health (NIH) in the United States have shown great interest in the topic.
Bioelectrical medicine is a field that integrates bioengineering, molecular medicine, and neuroscience to create nerve stimulation devices to control biological processes during disease therapy. According to the Centers for Disease Control and Prevention (CDC), cardiovascular disease (CVD) is a leading cause of death in the United States. Cardiovascular disease probably causes a quarter of all deaths. Stroke and DIC are the leading causes of death related to cardiovascular disease and are responsible for more than 80% of all deaths. In addition, the economic cost of CVDs will exceed $1044 billion by 2030.
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Manufacturers’ growing investment in research and development and the growing number of regulatory approvals for new electrical products are two other key drivers of industry growth. For example, in December 2018, the InterStim Smart Programmer was used in conjunction with the InterStim System for Sacral Neuromodulator Therapy. Medtronic was the first to develop sacral neuromodulation.