The bioelectric medicine market and it is projected to power at a rate of 5.2% in the years to come, to touch USD 32,345.8 million by 2030.
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This is because of the increasing incidence of neurological ailments, cardiovascular ailments, and hearing conditions all over the world.
Furthermore, the increasing private and government healthcare spending, as well as in electroceuticals along with bioelectric medicine research, will propel the industry advance in the future.
North America led the bioelectric medicine market, with a share of about 40%, in 2022, as a result of the high R&D investments, increasing acceptance of tech advanced devices, presence of key players, and large count of hospitals.
Furthermore, the increasing healthcare expenditure is a key factor powering the industry.
APAC will grow the fastest in the coming years. This is due to the growing incidence of health ailments, for example Alzheimer's, epilepsy, spinal cord injuries and cardiac arrhythmias, mounting spending of the government on the healthcare infra, wide obtainability of clinical labs, and easy access to new diagnostic tech.
According to the U.S. Census Bureau, over 54 million people of age 65 and above live in the country, accounting for about 16.5% of the nation’s population. This number will increase to 85.7 million by 2050 and comprise 20% of the population of the country,
Due to the increasing prevalence of chronic ailments all over the world, the demand for bioelectric medicine will continue to grow in the years to come.
