Bioelectronics Market Poised To Witness High Growth Owing To Expanding Applications In Neurological Disorders

 

Bioelectronics Market 

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.

Segment Analysis

The global bioelectronics market is dominated by the biosensors sub-segment, which accounted for more than 40% share of the overall market in 2022. The growing use of wearable devices for monitoring vital health parameters such as glucose, ECG, heart rate, and body temperature has been driving the demand for biosensors. The ability of biosensors to generate real-time data makes them ideal for applications in personal healthcare and remote patient monitoring.

Key Takeaways

The global bioelectronics market analysis is expected to witness high growth over the forecast period of 2023 to 2030. 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.

Regional analysis:

Asia Pacific region is expected to witness the highest CAGR in the global bioelectronics market during the forecast period. Rapidly developing economies in the region such as China, India and South Korea are increasingly investing in healthcare infrastructure and services. In addition, presence of leading global medical devices manufacturers and contract manufacturing hubs in countries like China is enhancing the regional market growth.

Key players:

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. These players are focusing on new product development and partnerships with research institutes and healthcare providers to gain competitive edge in the market.

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