The Growth Of Implantable Bioelectronics Technology Is Anticipated To Open Up New Avenues For The Bioelectronics Market
The bioelectronics Market is estimated to be valued at US$ 23530 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bioelectronics refers to the use of biological components such as living cells or biological molecules to create electronic devices. These devices have applications in various areas including health monitoring devices, implantable electronic devices, and biofuel cells. Some key products in this market include glucose biosensors, implantable cardiac pacemakers, implantable therapeutic medical devices, and bio-MEMS devices among others.
Market Dynamics:
The bioelectronics market is expected to grow at a significant rate owing to increasing demand for miniature and nano-engineered biosensors and medical devices. The increasing prevalence of chronic diseases and rising geriatric population is driving the demand for continuous health monitoring systems. According to WHO, chronic diseases accounted for 60% of deaths globally in 2016. Further, ongoing research to develop innovative flexible wearable electronics and implantable devices integrated with biological components will propel the market growth over the forecast period. However, high costs associated with bioelectronics research and development activities can hinder the market growth.
Segment Analysis
Bioelectronics market is segmented into Medical devices and bioelectric sensors where Medical devices segment dominates the market. Medical devices segment accounts for over 70% of the total market share due to increasing usage of bioelectronic devices in healthcare sector like pacemakers, hearing aids, cochlear implants, retinal implants, neurostimulators etc.
PEST Analysis
Political: Government support and funding for R&D in bioelectronics and investments towards development of healthcare infrastructure have boosted the market growth.
Economic: Rising per capita income and healthcare expenditure have increased adoption of advanced bioelectronic medical devices.
Social: Growing elderly population and increasing incidence of chronic diseases have boosted demand for bioelectronic medical devices.
Technological: Advancements in nanotechnology, artificial intelligence and materials science have created opportunities for development of novel bioelectronics applications.
Key Takeaways
The Global Bioelectronics Market Demand is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing prevalence of chronic diseases. The market was valued at US$ 23530 Mn in 2023. Regional analysis: North America dominates bioelectronics market owing to strong presence of key players and availability of advanced healthcare facilities in the region. Key players related content: Key players operating in the bioelectronics market are Avago, Honeywell International, Danaher Corporations, and Sensirion.
The global Bioelectronics market is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing penetration of bioelectronic devices in chronic disease management. The medical devices segment accounted for over 70% of the total market share in 2023 driven by growing adoption of implantable and wearable bioelectronic devices worldwide. North America dominates bioelectronics market owing to strong presence of key players and availability of advanced healthcare facilities in the region. Another major factor for the large market size of North America is high and growing prevalence of chronic diseases.
Some of the fastest growing regional markets include Asia Pacific and Middle East & Africa. Factors such as rising healthcare expenditure, growing elderly population, increasing incidences of lifestyle diseases and technological developments are boosting adoption of bioelectronic devices in these regions. Key players operating in the bioelectronics market are Avago, Honeywell International, Danaher Corporations, and Sensirion. These global players are focused on expanding their geographical presence and developing new and advanced products through partnerships and mergers & acquisitions.
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