The North America Bioelectric Medicine Market would witness market growth of 5.5% CAGR during the forecast period (2023-2030).
The scope of the market is broad and dynamic, encompassing a wide array of medical specialties and therapeutic areas. Neurology, pain management, cardiology, and endocrinology are prominent fields where bioelectric interventions are making significant inroads. The versatility of bioelectric therapies positions them as potential solutions for an extensive range of diseases and conditions, from central nervous system disorders to metabolic and cardiovascular ailments.
Furthermore, chronic pain is a pervasive and challenging condition that often requires long-term management. Bioelectric interventions, such as spinal cord and peripheral nerve stimulation, offer alternative approaches to alleviate pain and improve patient's quality of life without relying solely on pharmaceutical interventions. Stimulation of the spinal cord is accomplished via implantation of a miniature apparatus, commonly known as a neurostimulator, which supplies the spinal cord with electrical impulses.
Moreover, as the Canadian population ages, there is a higher incidence of chronic and age-related health conditions such as chronic pain, neurodegenerative disorders, and cardiovascular diseases. Bioelectric medicines, with their potential applications in pain management, neurological interventions, and cardiovascular health, become increasingly relevant in addressing the unique healthcare needs of the elderly. As per Statistics Canada, in 2022, there were 7,330,605 people aged 65 and older in Canada. Moreover, over 861,000 people aged 85 and older were counted in the 2021 Census, more than twice the number observed in the 2001 Census. Thus, the rising number of arrhythmia cases and the aging population in North America will boost the demand for bioelectric medicines in the region.
The US market dominated the North America Bioelectric Medicine Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9,240.1 million by 2030. The Canada market is registering a CAGR of 7.8% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 6.9% during (2023 - 2030).
Based on Type, the market is segmented into Implantable Electroceutical Devices, and Non-invasive Electroceutical Devices. Based on End-use, the market is segmented into Hospitals, and Others. Based on Product, the market is segmented into Implantable Cardioverter Defibrillators & Cardiac Pacemakers, Spinal Cord Stimulators, Cochlear Implants, Deep Brain Stimulators, Transcutaneous Electrical Nerve Stimulators, Sacral & Vagus Nerve Stimulators, and Others. Based on Application, the market is segmented into Arrhythmia, Pain Management, Sensorineural Hearing Loss, Tremor & Epilepsy, Parkinson’s Disease, Depression, Treatment-resistant Depression, Urinary & Fecal Incontinence, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Bioelectric Medicine Market is Predict to reach $31.7 billion by 2030, at a CAGR of 6.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Medtronic PLC, Abbott Laboratories, Boston Scientific Corporation, Cochlear Ltd., LivaNova PLC, Koninklijke Philips N.V., Biotronik SE & Co. KG, Sonova Holding AG, Nevro Corporation, and electroCore, Inc.
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