Electroceuticals/Bioelectric Medicine Market Will Witness Growth Based On Increasing Investment In The Development Of Advanced Bioelectric Medicine Till 2025:Grand View Research,inc.
The global electroceuticals/bioelectric medicine market is expected to reach USD 35.5 billion by 2025, according to a new report by Grand View Research, Inc. Rising geriatric population is the major factor that is expected to propel growth during the forecast period. Aging population is prone to various diseases such as cardiac arrhythmias, Parkinson's disease, Alzheimer's disease, epilepsy, and depression. There are various advanced electroceuticals including implantable cardioverter defibrillators, cochlear implants, cardiac pacemakers, and spinal cord stimulators, which can be used for the treatment of these conditions. Increasing investment in the development of advanced bioelectric medicine is another major factor supporting the growth of the electroceuticals market. For instance, in FY 2016, Medtronic, a leading bioelectric medicine manufacturer, invested around USD 2,224 million in R&D for development of advanced products. Technological advancements in thes