Bio-Electronics is an emerging section of medical science dealing with the integrated application of the principles of electrical engineering and biology. This is a vital field in medicine and has resulted in the development of key devices such as the plethora of medical imaging devices and the artificial pacemaker that are available in current market. Bioelectronics market is expectedto have a CAGR of 14% during the forecast period 2016-2023. Owing to the increasing prevalence of cardiac and neural diseases, the need for bioelectronics technology and devices has increased. According to American Heart Association, cardiovascular diseases account for 17.3 million deaths per year and is expected to reach 23.6 million by 2030. Around 2,150 Americans die each day from cardiac diseases, which has led to the rising demand for bioelectronics.
The key factor of the global bioelectronics market is the increasing demand of bioelectronics in the healthcare sector. Rising prevalence of cancer has also contributed to the demand of bioelectronics globally. In the U.S. 1,658,370 new cancer cases were diagnosed and approx. 589,430 cancer deaths occurred in 2015. Higher precision being offered by bioelectronics’ products as compared to conventional diagnostic tools is one of the key factors propelling the growth of global bioelectronics market. Increasing demand of home care and personalized medicine is also contributing towards the growth of bioelectronics market. Allied to tele monitoring and tele heath technologies, bioelectronics has become a vital part of the network that is required to monitor patients in such cases. Companies are constantly increasing their investment in research and development activities in this sector in order to develop advance technologies & products. Medtronic spends around $2 billion on research and development and is amongst one of the top most companies in terms of R&D expenditure. St. Jude Medical also spends 12% of its revenue on research and development activities. High demand for implantable vital medical devices such as pacemakers, gastric implants and ear implants is another major factor fuelling the expansion prospects of the bioelectronics market globally. However, many of these implants have key importance to their users in order to carry out their routine activities, the demand for these implantable devices is anticipated to grow in the upcoming years. This has led to the rising demand for bioelectronics in the global market. The key factors that are hindering the growth of bioelectronics are high cost of advanced bioelectronics products and lack of high-resolution imaging technology in underdeveloped areas. In the modern world, resolution of medical imaging devices is an extremely researched area and anticipated to be steadily improved.
Source: OBRC Analysis
The global bioelectronics market is sub segmented into: technologies and applications.
On the basis of technologies, the market is sub segmented into:
- Bio Sensors
- Optical Sensors
- CMOS Platform
On the basis of application, the market is sub segmented into:
- Biochips
- Implantable Medical Devices
- Artificial Or Bionic Organs
- Prosthetic Organs
- Diabetic Devices
- Electric Pill
The revenue for the above application segments are specific to the bio electronics market. However, the total revenue of these application and in general has been excluded from the scope of the report.
Geographically, the global bio electronic market is segmented into:
- North America (U.S. & Canada)
- Asia Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of World
North America held the largest revenue share in 2016 in global bio electronics market due to the rise in development of artificial organs to fulfill the demand for organ transplants. In North America U.S. is one of the key contributors towards the growth of the market. FDA is in the continuous development of new artificial organs which has enhanced the North American bio electronics market. The expected growth is attributed by increasing investment in research in biomedicine & semiconductors in the region and are also rising the application of these devices in diagnostic laboratories. Asia Pacific is expected to be the fastest growing region due to the increasing corporate and government investment in biotechnology and nano-electronics sector.
The major market players of the global Bio electronic market are:
- MEDTRONIC
- AVAGO INC.
- ABBOTT
- HONEYWELL INTERNATIONAL
- OTHERS
Detailed analysis of these companies provided in this report comprises of overview, SCOT analysis, product portfolio, strategic initiative and strategic analysis.
These companies use various strategies such as merger & acquisition, collaboration, partnership and product launching. Example: In April 2016, Abbott Laboratories announced to acquire St. Jude Medical in order to create a giant global medical device with specialties in vision, cardiovascular and diabetes. Various other strategic attempts are made by the companies in bioelectronics market including mergers & acquisitions, product launch, regulatory approvals, and innovation/technological leverage etc.
Why to buy the report:
This report will provide:
- You the business strategies adopted by market player such as acquisition asin April 2016, Abbott Laboratories announced to acquire St. Jude Medical in order to create a giant global medical devices with specialties in vision, cardiovascular and diabetes.
- Provide in detail the different segments such as technologies, applications.
- Provide you the patent analysis of global bio electronics market.
- Identify and understand the strengths, opportunities, challenges and threats of global
- bio electronics market.
- Provide revenues of major players of the market such as Medtronic, Abbott.
- Provide you various regulatory policies which affect the global bio electronics market.
How we are different from others:
At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global bio electronics market offers the longest chain of market segmentation covering major market segmentation based on technology and application. The report tracks the major market trends in the global bio electronics market such asincreasing demand from the healthcare industry for new technologies in stem cells that can enable development of artificial organs and so on. For each market segments covered in global bio electronics market report, we provide opportunity matrix, and DROC analysis, that enable the clear growth assessment across each market segment. The report discusses competitive landscape of the bio electronics industry, with giving extensive strategy analysis of more than 15 companies. Moreover, the report discusses various models such as 360 degree analysis, See Saw analysis, and Porter five force model and so on. For the high level analysis in the report we provide a comparative analysis of historic and current year data.
Key findings of the global bio electronics market:
- North America had the largest revenue share in 2016.
- Acquisition is the key strategy adopted by the various market players of global bio electronics market.
- Implantable medical devices is the major segment of application.