BIOELECTRIC MEDICINE MARKET ANALYSIS

Bioelectric Medicine MarketSize and Trends

Global bioelectric medicine market was valued US$ 23.23 Bn in 2023 and is expected to reach US$ 42.55 Bn by 2031 exhibiting a compound annual growth rate (CAGR) of 9% from 2024 to 2031.

The market is expected to witness high growth over the forecast period. There is an increasing prevalence of neurological disorders such as chronic pain, parkinson's disease and epilepsy worldwide. This has led to the demand for effective treatment options for such conditions. Bioelectric medicine which involves modulating electrical impulses in the body is emerging as a viable treatment alternative. With rising investment in research and clinical trials, the efficacy and safety profile of bioelectric medicine devices and therapeutics is improving. Many new players are entering the market with innovative products. If successfully commercialized, these products will drive higher adoption and growth in the near future. Overall, the growing burden of neurological conditions and technological advancements in bioelectric medicine are expected to propel the market forward.

Global Bioelectric Medicine Market – Trends

• Miniaturization of devices: Miniaturization of devices has significantly impacted the global bioelectric medicine market. With advancements in micro and nanotechnologies, it has become possible to develop highly miniaturized implantable and wearable devices for biological monitoring and therapeutic applications. Many startups and large medical device companies are investing heavily in designing miniaturized biosensors, neural interfaces, and stimulators that can be implanted or worn on the body non-invasively. One of the most notable impacts of device miniaturization can be witnessed in the neuromodulation segment. Earlier devices used for neuromodulation like deep brain stimulators were quite large in size and required invasive brain surgery. However, recent innovations have led to the development of ultra-miniaturized neural implants that can be implanted by using minimally invasive techniques. For instance, in 2021, Mayo Clinic, nonprofit American academic medical center focused on integrated health care, education, and research.  Researchers have designed a miniaturized spinal cord stimulator that is 30% smaller than previous models. At 4mm wide and 2.5mm thick, it can be implanted near the spinal cord through a small incision and help to treat chronic pain conditions. Similarly, startup Synchron, a medical device start-up has developed a small implant the size of a grain of rice that can be placed near the brain to deliver stimulations for treating neurological and psychiatric disorders.