Bioelectronics are the merger of biological components like living cells and tissues to electronic devices enabling interaction and communication between living biological systems and engineered electronic systems. Bioelectronics products help replace or regenerate damaged tissue, monitor vitals and health trends, accurately diagnose diseases, provide customized and targeted drug delivery and pave way for future prosthetics and bionics.
The global bioelectronics market is estimated to be valued at US$ 23,530 million in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
The neurological disorders segment dominated the market in 2021 due to rising prevalence of neurological conditions like Alzheimer's, Parkinson's, epilepsy and demand for advanced solutions like brain implants and neural prosthetics to treat such disorders. Advancements in material sciences, nanotechnology and molecular biology have enabled development of bioelectronics neural interfaces that can read and interpret neural signals and also stimulate neurons for treatment of various brain disorders and injuries.
Market Opportunity:
The expanding applications of bioelectronics products in treatment of neurological disorders presents a lucrative opportunity for market growth over the forecast period. As per estimates, over 50 million people globally suffer from epilepsy and Parkinson's disease each. The increasing research into developing neural implants, brain-machine interfaces and neural prosthetic devices present a promising avenue to effectively treat such disorders, restore lost neural functions and improve quality of life. Continuous technological upgrades of such products in line with advancing neuroscience and rising public-private funding for brain research is likely to encourage greater adoption of bioelectronic medicine approach going forward.
Porter’s Analysis
Threat of new entrants: The bioelectronics market requires significant capital investments for R&D activities and manufacturing facilities. Established players dominate the market making it difficult for new players to enter.
Bargaining power of buyers: The bioelectronics market has several global players resulting in moderate bargaining power for buyers. However, high production costs limit switching between suppliers.
Bargaining power of suppliers: Key raw material suppliers possess some bargaining power due to their technical expertise and differentiated offerings. However, the availability of substitutes restricts the exercise of power.
Threat of new substitutes: Rapid technological advancement has increased the potential for new substitutes. However, sizeable switching costs protect the market from threat of substitution in the short term.
Competitive rivalry: The bioelectronics market comprises large multinational companies resulting in high competitive rivalry. Players compete based on technological innovation, collaborations and geographic expansion.
SWOT Analysis
Strengths: Growing diagnostic and treatment procedures, rising funding for R&D, technological advancements in implantables and microelectronics.
Weaknesses: High capital requirements, limited standardization, clinical validation challenges.
Opportunities: Expansion in point-of-care, remote patient monitoring, expansion in emerging markets.
Threats: Stringent regulations, reimbursement challenges, data privacy concerns.
Key Takeaways
The global bioelectronics market scope is expected to witness high growth over the forecast period supported by increasing adoption of wearable medical devices and rapid technological advancement. The global bioelectronics market is estimated to be valued at US$ 23,530 million in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023-2030.
North America currently dominates the bioelectronics industry contributing over 40% revenue share in 2023. This is attributed to high healthcare expenditure, advanced healthcare infrastructure and presence of key industry participants in the region. However, Asia Pacific is emerging as the fastest growing regional market driven by rising medical tourism, growing middle class population and increasing government funding for healthcare sector development in countries such as China and India.
Key players operating in the bioelectronics market are BBI-Biotech GmbH Bioengineering AG, Danaher Corporation, Eppendorf AG, Getinge, Infors HT, Merck KGAA, Sartorius AG, Solaris Biotech Solutions, and Thermo Fisher Scientific, Inc. Leading players are focused on new product approvals, partnerships and acquisitions to enhance their product portfolio and geographic presence in this rapidly evolving industry.
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