Electroceuticals/Bioelectric Medicine Market to Reach $40.5 Billion, Globally, by 2032 at 7.4% CAGR

Allied Market Research

Increasing prevalence of chronic diseases, advancements in technology, and rising demand for non-invasive therapies drive the growth of the global electroceuticals/bioelectric market.

PORTLAND, Ore., April 23, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Electroceuticals/Bioelectric Medicine Market by Product (Cardiac Pacemakers and Implantable Cardioverter Defibrillators, Cochlear Implants, Spinal Cord Stimulators, Deep Brain Stimulators, Vagus Nerve Stimulators, Sacral Nerve Stimulators, Others), by Device Type (Implantable Devices, Non-invasive Devices), by Application (Arrhythmia, Sensorineural Hearing Loss, Epilepsy, Parkinson's Disease, Others), by End User (Hospitals, Ambulatory Surgical Centers, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global electroceuticals/bioelectric medicine market was valued at $ 19.8 billion in 2022 and is estimated to reach $40.5 billion by 2032, exhibiting a CAGR of 7.4% from 2023 to 2032.

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Prime determinants of growth

Growing adoption of electroceuticals, advancements in technologies and presence of key players are the factors that drive the growth of the global electroceuticals/bioelectric medicine market. However, high cost of the electroceutical therapy is anticipated to hinder market growth. On the contrary, a rise in healthcare expansion is expected to offer remunerative opportunities for the electroceuticals/bioelectric medicine market during the forecast period.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$19.8 billion
Market Size in 2032	$40.5 billion