The global bioelectronics market has significantly increased during the forecast period. Rising geriatric population is major factor that is expected to surge the market growth during the forecast period. The elderly population is at increased risk of developing various diseases such as Parkinson’s disease, Alzheimer’s, cardiac arrhythmias, and epilepsy. As per the World Bank, around 9% of the global population is geriatric population and so at the risk of neurological diseases. According to the Alzheimer’s Association in 2019, around 5.8 million Americans of all the ages are living with Alzheimer’s dementia in 2019. This number includes around 5.6 million people with age 65 and more. Out of the 5.8 million people who have Alzheimer’s dementia, 81% are of age 75 or older. With the rising geriatric population, the significance of diagnosing and treating such diseases increases. Which leads to the growth of the market.
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Significant investment in bioelectronics industry is another major factor creating significant opportunity for the growth of the global bioelectronics market in near future. Companies such as Medtronic PLC, Boston Scientific, Biotronik, Cochlear, Ltd., Demant A/S, and GlaxoSmithKline PLC are spending considerably in R&D activities related to the electroceuticals. In 2016, GSK PLC and Microsoft Corp. together created a new company as Galvani Bioelectronics. An investment of $715 million in expected in next seven years for R&D purpose. 55% stake are owned by GSK PLC whereas 45% by Microsoft Corporation.
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Further, in 2015, GSK PLC had invested $50 million on five start-up companies to conduct research on bioelectric medicines and $5 million for its own Bioelectronic research center that has established 40 research collaborations with universities and companies. Additionally, the National Institutes of Health (NIH) has also extended
its assistance in providing funds for the development of bioelectric medicines. In 2016, NIH announced a fund of $248 million that was distributed to public and private research communities through Stimulating Peripheral Activity to Relieve Conditions (SPARC) to develop future bioelectronics. Such a huge amount of funding activity in bioelectronics industry is expected to create ample opportunity for the growth of the market in near future.
Global Bioelectronics Market- Segmentation
By Product
- Biochips
- Implantable Medical Devices
- Prosthetic Devices
- Artificial Organs/Bionic Organs
- Other
Global Bioelectronics Market– Segment by Region
North America
- US
- Canada
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
Company Profiles
- Abbott Laboratories, Inc.
- Agamatrix, Inc.
- Bioelectronics Corp.
- BIOTRONIKSE & Co. KG
- Boston Scientific Corp.
- Cala Health, Inc.
- Cochlear,Ltd.
- Danaher Corp.
- Demant A/S
- Electrocore, Inc.
- Hoffmann-La Roche A.G.
- Medtronic PLA
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