Global Electroceuticals/Bioelectric Medicine Market
Global Electroceuticals/Bioelectric Medicine Market Size By Type, By Product, By Application, By Geographic Scope And Forecast
According to Verified Market Research, The Global Electroceuticals/Bioelectric Medicine Market was valued at USD 24.32 Billion in 2018 and is projected to reach USD 47.20 Billion by 2026, growing at a CAGR of 8.9% from 2019 to 2026.
Electroceuticals is a coined term for an old therapeutic modality that broadly comprises all the bioelectronic medicines. It encompasses medical-related devices that utilize electrical impulses to affect change, thereby modifying bodily functioning as an alternative to drug-based remediation. These devices primarily recite and transform electrical signals passing along the nerves of the body containing irregular or different impulses that occur in association with a wide range of diseases. Electroceutical consists of neural implants such as cochlear implants, retinal implants or spinal cord stimulators for pain relief, cardiac pacemakers and implantable defibrillators. In recent times, this field has expanded to include deep brain stimulation and the electrical stimulation of the vagus nerve.
Advanced electroceuticals including implantable cardioverter defibrillators, cochlear implants, cardiac pacemakers, and spinal cord stimulators, are used by the aging population for the treatment of these conditions. Hence, the expanding geriatric population is expected to drive the market for electroceutical/bioelectric medicines. Moreover, increasing prevalence of chronic diseases such as cardiac and neurological disorders is expected to boost market growth.
However, despite the growing popularity of Electroceuticals/Bioelectric Medicines, the influx of funding and research regarding the innovation of electroceuticals can act as a potential opportunity for the market in the forecast period.
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