March 2023 issue, BioElectRx Business Report
March 31, 2023 | Neurotech Reports, the publisher of BioElectRx Business Report, released new market forecasts for the bioelectronic medicine industry in the years 2023-2028. Neurotech Reports editor James Cavuoto will preview the new data on April 4 at the 2023 Bioelectronic Medicine Forum in New York City. The full published report, The Market for Bioelectronic Medicine: 2023-2028, will be available next month.
The report breaks down the bioelectronic medicine market into emerging indications, including those covered in this newsletter, and established indications that reflect an expanded definition of the term bioelectronic medicine. Examples of the former include indications where the target of neuromodulation is an end organ or physiological system outside the CNS such as inflammation, hypertension, respiratory, and urological disorders. Examples of the latter include chronic pain, epilepsy, movement disorders, deafness, stroke, and traumatic brain injury.
Neurotech Reports projects that the total worldwide market for bioelectronic medicine systems will be $23.5 billion in 2023, including device revenue for emerging indications like inflammation and hypertension and established indications such as SCS systems for treating pain and CRM devices for treating cardiac disorders. The total worldwide market will reach $38.5 billion by 2028, which represents a compound annual growth rate of 10%.
Among the indications likely to experience the greatest growth are hypertension, which will grow to $180 million by 2028 with a 75% CAGR, and inflammation, which will grow to $352 million by 2028 at a 134% CAGR. The largest emerging indication for bioelectronic medicine is currently bowel and bladder disorders, with $892 million in system sales in 2023, growing to $1.79 billion in 2028, at a 15% CAGR. Worldwide sales of bioelectronic medicine systems to treat respiratory disorders will grow from $626 million in 2023 to $1.62 billion in 2028, a CAGR of 21%.
In addition to forecasts of market size and growth rates, the new report estimates vendor market share in a number of competitive market segments. Neurotech Reports estimates that Medtronic currently has 65% share of the bioelectronic medicine market for treating bowel and bladder disorders, though that will drop to slightly over 50% in 2028 as existing competitors such as Axonics and new players such as Neuspera and Bluewind take market share.
Neurotech Reports editors James Cavuoto, Jeremy Koff, and Victor Pikov compiled the new forecasts based on dozens of interviews with executives from public and private bioelectronic medicine firms and proprietary models built by Neurotech Reports.
