Research suggests sharp rise in bioelectronic medicine market
A sharp rise in the use of bioelectronic medicine is expected to occur by 2029, according to IdTechEx Research.
Its market intelligence report forecasts the market to reach $60 billion by the year 2029. It is the technology that uses electrical stimulation to treat conditions, Bioelectronic Medicine 2019 – 2029, which has been used for many decades for heart conditions.
In 2018, bioelectronic medicine was named by the World Economic Forum as one of ten top technologies to change medical treatment.
Already this earnings season there has been significant growth in bioelectronic medicine. Double digit growth has been reported in stimulators for the central nervous system (CNS), particularly, spinal cord stimulators.
With increasing awareness the value of bioelectronic medicine, more and more patients will be driven to bioelectronic therapies, rather than opioid painkillers.
Examples of growth over 2018:
- Boston Scientific reported a 23% year-on-year growth for CNS stimulators for 2018, following two years of double-digit growth for a CAGR of 16% over the last three years
- Nevro, the pioneers of HF10 therapy, grew 19% over the past year
- Nuvectra, the newest of the SCS players to come to the market, reported a year-on-year growth of 84% for 2018
There are other opportunities for market growth in bioelectronic medicine. LivaNova, a company that has developed a device for the treatment of epilepsy, reported 13% year-on-year growth in 2018. As market disruption in spinal cord stimulation has forced companies to innovate, patients suffering from overactive bladder and incontinence may look forward to new technologies to help manage their conditions.