Global Bioelectric Medicine Market was Worth US$ 12.3 Billion, and it is Predicted to Grow at a CAGR of 7.2% from 2019 to 2026

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Bioelectric medicine uses an electrical pulse instead of a medication to trigger treatment. Bioelectric medicine combines bioengineering, neuroscience, molecular medicine, electronics, and computers to develop nerve stimulating and sensor activation technologies to regulate biological activities and treat disorders. These technologies have the potential to revolutionize the treatment of a wide range of diseases in the future. To cure disorders, bioelectric medicine uses a tailored mode of action. A significant driver driving the growth of the global Bioelectric Medicine Market is increased investment in the development of improved bioelectric medications. For example, in 2016, Medtronic Plc, a bioelectric medicine company, spent around US$ 2,224 million on the overall research and development of advanced bioelectric medicine products.

The Global Bioelectric Medicine Market is Expected to Grow Due to Increased Investment in Research & Development and Regulatory Approvals for Bioelectric Medicine. Additionally, increased product approvals are projected to stifle market growth. Inspire Medical Systems' Sleep Apnea Treatment, for example, was approved by the US FDA in 2014 to treat sleep apnea by implanting a device that stimulates airway muscles. In April 2017, the US Food and Drug Administration (FDA) approved a device called GammaCore, developed by ElectroCore, that sends a modest electrical stimulation to the vagus nerve through the skin to treat migraines.

During the projected period, the worldwide Bioelectric Medicine Market is expected to rise due to an increase in product approvals and improved regulatory management by regulatory bodies. Cancer-Code Corporation (C3) announced the issuance of a patent in March 2014, titled Method and System for Processing Cancer Cell Electrical Signals for Medical Therapy, which provides a novel method to cancer eradication in people and animals. The high cost of treating Parkinson's disease may limit the worldwide market for bioelectric medicine growth. According to the Parkinson Foundation, the average cost of Parkinson's disease drugs is US$2,500, while therapeutic surgery can cost up to US$100,000 per individual in the United States.

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