Bioelectronic medicine, referring to technologies that utilize electrical stimulation to treat conditions of the human body, has been in use for many decades for the treatment of cardiac conditions. As companies continue to develop and commercialize new technologies, we are expecting significant growth in the industry. In 2018, bioelectronic medicine was named by the World Economic Forum as one of ten top technologies to change medical treatment. IDTechEx Research's market intelligence report Bioelectronic Medicine 2019 - 2029 forecasts the market to reach $60 billion by the year 2029.
To learn more about this exciting and disruptive technology, join the IDTechEx masterclass "Bioelectronic Medicine & Neuroprosthetics" on 12 April 2019 at the Estrel Convention Center in Berlin, Germany. For more information on the masterclass, please refer to: www.IDTechEx.com/europe/masterclass.
Already this earnings season we have seen proof of significant growth in bioelectronic medicine. Double digit growth has been reported in stimulators for the central nervous system (CNS), particularly, spinal cord stimulators. The spinal cord stimulator is a device that is being used for the treatment of chronic pain. By disrupting the pain signaling pathways of the body with electrical stimulation, spinal cord stimulation is a drug-free solution that can address ongoing opioid crisis. 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% YoY growth for CNS stimulators for 2018, following 2 years of double-digit growth for a CAGR of 16% over the last 3 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 YoY growth of 84% for 2018
In addition to the use of spinal cord stimulators to solve the opioid epidemic, there are countless other opportunities for market growth in bioelectronic medicine. LivaNova, a company that has developed a device for the treatment of epilepsy, reported 13% YoY growth in 2018. Axonics, a company that has recently commercialized a sacral nerve stimulator, brings much needed market disruption in an area dominated by medical device giant Medtronic. 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.