The global bioelectronics market is anticipated to grow at a significant CAGR of 9.7% during the forecast period. The key companies operating in the industry are highly inclined towards the adoption of different growth strategies including capacity expansion, partnerships, mergers and acquisitions, geographical expansion, new product launches, and product innovation to remain competitive in the marketplace. For instance, Merck announced a collaboration with neuroloop GmbH, a B. Braun subsidiary and early-stage start-up firm situated in Freiburg, Germany, in its new Bioelectronics innovation field in June 2021. B. Braun SE, based in Melsungen, Germany, is a global leader in medical technology and pharmaceutical products. The cooperation aims to create a neurostimulator device that can be used to supplement patients’ existing pharmacological regimens for chronic inflammatory disorders. Bioelectronic devices can provide localized and targeted therapeutic effects by selectively stimulating nerves, whereas medication therapies often have broad systemic effects. The partners seek to use neuroloop’s neurostimulation platform to treat chronic inflammatory disorders in a tailored manner.
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Additionally, in April 2022, BioElectronics Corporation, BIEL, a medical technology product development, announced that it has signed a distribution deal with PRIM Group in Madrid, Spain, for the distribution of its RecoveryRx device throughout the country. PRIM Group is planning to supply RecoveryRx with sales, marketing, and distribution services in Spain. The RecoveryRx medical gadget is intended to provide drug-free pain management following surgery. RecoveryRx is a one-time-use gadget that offers 720 hours of therapy. RecoveryRx is FDA-approved and CE-marked in the US. NuroKor, a London-based bioelectronics startup, announced the launch of a new UK R&D center in Cardiff in April 2021, as well as plans to enter the American biotech industry through a partnership with US medical device company Medi-Launch.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
o By Product Type
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Abbott Laboratories, Inc., Bioelectronics Corp., Danaher Corp., Siemens AG, Boston Scientific Corp., and F. Hoffmann-La Roche Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Bioelectronics Market Report Segment
By Product Type
- Biochips
- Implantable Medical Devices
- Prosthetic Devices
- Artificial Organs/Bionic Organs
- Others
