Bioelectric medicine is a new and innovative approach to diagnose and treat injuries and diseases. All major organs of the body are connected to the nerves, which allows the brain to monitor and regulate the functions of the organs. Bioelectric medicine refers to the usage of a device to modulate and read the electrical activity within the body’s nervous systems. Nerve blocking devices or nerve stimulating devices that are held against the skin or implanted on a nerve have the potential to regulate specific nerve activity, make specific changes in organ function, and also restore health, without much complicated side effects of pharmaceutical agents. Bioelectric medicine technology is used to record, block, and stimulate neural signals to change the way diseases and injuries are treated. It is also used for the treatment of conditions such as cancer, paralysis, rheumatoid arthritis, and diabetes. Electroceuticals are alternatives to drug based remedies.
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Bioelectric Medicine Market Drivers:
Mergers and acquisitions, advancements in technology, and innovations such as non-invasive devices in the field of bioelectric medicines are the major factors driving growth of the bioelectric medicine market. For instance, in 2016, GlaxoSmithKline Plc. (GSK) merged with Google’s parent company Alphabet to set up a new bioelectric company called Galvani Bioelectronics, which will benefit over 2 billion people who are suffering from chronic diseases. GSK invested around US$ 615 million for the development of Galvani Bioelectronics. In 2015, Synapse Electroceutical Technology, a UK-based company launched a new product Accel-Heal, which is a non-invasive class 2A medical device. The device also promotes healing of leg ulcers by using electrical energy. Accel-Heal delivers a sequence of low level, pre-programmed and sub sensory electrical energy through surface of the skin. Synapse Electroceutical Technology has a product for venous leg ulcer management in the pipeline, which is expected to fuel growth of the bioelectric medicine market over the forecast period.
Bioelectric Medicine Market Regional Analysis:
Europe is expected to witness significant growth in the global bioelectric medicine market due to mergers and acquisitions and advancements in R&D. For instance, in 2015, GSK had over 50 research collaborations in the field of bioelectric medicine. In 2013, GSK invested in a start-up company called Set Point, who is involved in the development of implantable devices that would stimulate the vagus nerve in the neck with electrical impulses. North America is also expected to witness significant growth in the bioelectric medicine market due to advancements in research and development. For instance, Electro Core, a U.S.-based company is working on a device to treat headaches related to migraines by stimulating vagus nerve on the neck with electrical impulses. In 2017, Reshape Lifesciences launched minimally invasive medical devices ReShape Balloon, ReShape VBloc, and ReShape Vest to treat obesity and metabolic diseases. In 2014, the U.S. FDA approved Inspire Medical Systems’ Sleep Apnea Treatment to treat sleep apnea by implanting a device that stimulates air way muscles.
Bioelectric Medicine Market Key Players:
Key players operating in the global bioelectric medicine market include Medtronic PLC, Sonava, Boston Scientific Corporation, St Jude Medical, Liva Nova PLC, Biotronic, Second Sight Medical Products, Nevro Corp, and Electrocare among others.
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Bioelectric Medicine Market Taxonomy:
The global bioelectric medicine market is segmented on the basis of products, product type, application, and region.
- Cardiac Pacemakers
- Cochlear Implants
- Implantable Cardioverter Defibrillators
- Spinal cord Stimulators
- Retinal Implants
- Vagus Nerve Stimulators
- Sacral Nerve Stimulators
- Deep brain Stimulators
- Transcutaneous Electrical Nerve Stimulators
By Product Type
- Implantable Electroceutical Devices
- Non-Invasive Electroceutical Devices
- Pain Management
- Parkinson’s Disease
- Sensorineural Hearing Loss
- North America
- Latin America
- Asia Pacific
- Middle East
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