According to a new report, published by KBV research, The Global Bioelectric Medicine Market size is expected to reach $31.7 billion by 2030, rising at a market growth of 6.1% CAGR during the forecast period.
The Implantable Electroceutical Devices segment is generating the highest revenue in the Global Bioelectric Medicine Market by Type in 2022; thereby, achieving a market value of $24.7 billion by 2030. Ongoing advancements in implantable device technologies have played a significant role in driving the growth of this segment. Innovations in materials, miniaturization, and energy efficiency have enabled the development of more sophisticated and reliable implantable electroceutical devices. The versatility of implantable electroceutical devices has expanded their use across various therapeutic applications. These factors will pose lucrative growth prospects for the segment.
The Others segment is experiencing a CAGR of 7.1% during (2023 - 2030). The growth of outpatient clinics and ambulatory surgical centers has provided alternative settings for delivering bioelectric medicine interventions. These facilities offer a more flexible and efficient environment for specific procedures, allowing patients to receive bioelectric therapies without needing prolonged hospital stays. Therefore, the other segment will expand rapidly in the coming years.
The Implantable Cardioverter Defibrillators & Cardiac Pacemakers segment is registering maximum revenue in the Global Bioelectric Medicine Market by Product in 2022; thereby, achieving a market value of $17.3 billion by 2030. Advances in implantable cardioverter defibrillator technologies have contributed to their increased adoption. Continuous innovation has led to developing of smaller, more efficient devices with enhanced capabilities, improved battery life, and sophisticated algorithms for accurate arrhythmia detection and therapy delivery. These factors will boost the demand in the segment.
The Arrhythmia segment would exhibit a CAGR of 5.1 % during (2023 - 2030). The prevalence of arrhythmias, including atrial fibrillation and ventricular arrhythmias, has been on the rise globally. The aging population and the increasing burden of cardiovascular diseases contribute to the higher incidence of arrhythmias, creating a demand for innovative and effective treatment options. Therefore, the segment will witness increased demand in the coming years.
The North America region dominated the Global Bioelectric Medicine Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $12.9 billion by 2030. The Europe market is anticipated to grow a CAGR of 5.7% during (2023 - 2030). Additionally, The Asia Pacific market would witness a CAGR of 7% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/bioelectric-medicine-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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