BIOELECTRIC MEDICINE MARKET ANALYSIS

Market Challenges And Opportunities

Global Bioelectric Medicine Market- Drivers

• Growing prevalence of chronic diseases across the globe: Growing prevalence of chronic diseases across the globe is one of the major factors fuelling the growth of the global bioelectric medicine market. Chronic illnesses like cardiovascular diseases, diabetes, cancer and others have been rising significantly over the past few decades owing to changing lifestyle patterns, increasing life expectancy and other factors. According to the data published by World Health Organization (WHO) in 2020, cardiovascular diseases accounted for over 17.9 million deaths globally in 2019 which is a rise of over 12% since 2010. Similarly, the number of people diagnosed with diabetes has also increased dramatically with 463 million adults suffering from this disease in 2019, according to the International Diabetes Federation, as compared to just 108 million in 1980. Bioelectric medicine provides a promising alternative to conventional pharmaceutical interventions by modulating electrical signals in the body to treat various chronic diseases. This emerging field utilizes neurostimulation therapies through implantation of small devices that regulate electrical impulses in nerves and cells. For example, vagus nerve stimulation that is delivered through bioelectric implants has proven effective in reducing seizure frequency in epileptic patients and symptoms of depression. Pacemaker-like devices are also being tested for regulating heart functions in heart failure. Similarly, spinal cord stimulation and transcutaneous electrical nerve stimulation aim to reduce pain through modifying sensory pathways.
• Increased product approvals: Increased product approvals is one of the key factors augmenting the growth of the global bioelectric medicine market substantially. Bioelectric medicine involves the use of electrical impulses and signals to diagnose, restore, and monitor organ functions as well as treat various medical conditions. Over the years, the number of products receiving approval from regulatory bodies for commercial use has grown significantly. For instance, several neuromodulation devices delivering pulses of electricity to targeted nerves and tissues have received approvals for treating chronic pain, depression, movement disorders and sleep disorders recently. In 2021, the U.S. FDA approved a nerve stimulation system for treating chronic knee osteoarthritis pain. A nerve block stimulation system to treat chronic lower back pain got the breakthrough device designation from the U.S. FDA in 2022. Vagus nerve stimulation therapy by using an implantable pulse generator received European approval for treating major depressive episodes in 2020. These approvals enable commercialization and adoption of these innovative bioelectronic therapies. Furthermore, the approval pipeline remains strong with many clinical-stage bioelectronic medicine candidates under review for conditions like heart failure, inflammatory bowel disease, rheumatoid arthritis to name a few. According to clinical trial data provided by the gov, over 250 bioelectronic clinical studies were underway globally till July 2022 covering various therapeutic areas. The approvals and promising clinical pipelines indicate the therapies will keep getting validated and available for different patient populations over time.

Global Bioelectric Medicine Market- Opportunities

• Untapped emerging markets: Untapped emerging markets present a tremendous opportunity for growth in the global bioelectric medicine market. Many regions across Asia, Africa, Latin America and the Middle East have little market penetration for new bioelectric therapies and technologies. These areas are home to massive patient populations suffering from conditions that could potentially be treated by using bioelectric approaches. As healthcare systems in these developing economies continue to advance and citizens gain greater access to insurance and care, the demand for innovative therapeutic solutions will rapidly increase. Two key emerging markets ripe for expansion are India and Brazil. The population of India of over 1.3 billion people makes it one of the largest pharmaceutical markets globally. However, to date bioelectric therapies have barely made inroads, with fewer than 5 approved devices or therapies available. With economic growth of over 7% annually projected through 2025 and a burgeoning middle class IBEF 2022, more Indians will be able to afford and access novel treatment options. This represents a huge untapped patient pool of hundreds of millions for conditions like chronic pain, neurological disorders, and cardiac issues. Brazil similarly has over 200 million residents but witnesses minimal utilization of bioelectric solutions. As Gross domestic product (GDP) growth averages around 2.5% yearly through 2024 (IMF, 2022) and healthcare infrastructure expands nationwide, Brazilians will increasingly demand cutting edge therapeutics like bioelectric medicines to improve quality of life.
• Wearable/Home healthcare devices: Wearable and home healthcare devices have huge potential to revolutionize the global bioelectric medicine market in the near future. With advanced technologies like internet-of-things (IoT), artificial intelligence (AI) and miniaturization, modern medical devices have become smarter, smaller and non-invasive. This allows continuous monitoring of vital health statistics without hospital visits. Portable devices that can check electrocardiogram (ECG), blood pressure, blood sugar, pulse oximeter and other parameters remotely are helping to manage chronic diseases more effectively. The data collected via these devices provide deeper insights into medical conditions which help doctors customize treatment plans for each patient. Real-time health tracking also enables early detection of abnormalities prompting timely interventions. This is improving health outcomes and quality of life for millions around the world. Devices which can stimulate brain waves or nerves via mild electric pulses are showing promise in conditions like depression, chronic pain, epilepsy and more.

Global Bioelectric Medicine Market - Restraints

• High cost of bioelectric medicine devices: The high cost of bioelectric medicine devices is significantly restraining the growth of the global bioelectric medicine market. Bioelectric medicine devices such as neurostimulators and neuromodulation devices involve advanced technology in manufacturing which drives their cost up substantially. These technologies are meant to precisely stimulate specific areas of the nervous system which requires sophisticated hardware design and bioengineering. As a result, the costs of developing and manufacturing such niche medical devices have remained prohibitively high. This high cost poses adoption challenges for both patients and healthcare systems worldwide. For patients, despite the clinical efficacy these devices offer in treating chronic conditions like depression, chronic pain etc., the inability to afford such costly treatments acts as a major barrier. As per WHO data, in 2019 approx. 900 million people spent at least 10% of their household budgets on healthcare, pushing them below the poverty line or further impoverishing them. This indicates that a significant portion of global population lacks the financial means to access high-cost technologies like bioelectric medicine.
• Counterbalance – Government subsidies or incentives aimed at reducing the financial burden on patients could help counterbalance the high cost of bioelectric medicine devices, making them more accessible and affordable for those in need. Moreover, Collaborations between medical device companies and insurance providers to negotiate discounted rates or develop reimbursement programs could alleviate the financial strain on patients and healthcare systems associated with purchasing bioelectric medicine devices.