Bio-electronic devices market is expected to grow at a CAGR of 14% during the forecast period. Technological advances such as low power consumption and durability are the key driving factors for bioelectronics device manufacturers. There are constant attempts at developing and improving present day technologies. Cardiac implants are being developed which can be used under a MRI scanner, which have long battery life and high compatibility. Research and development is going on to develop artificial organs which can replace the damaged organs. At present the organs that are available are only used as the gap fillers between organ transplants. Cochlear implants have helped thousands who were deaf from birth to regain hearing sense. Bioelectronics market is also driven by factors such as ageing population and rise in the prevalence of lifestyle diseases.
DNA microarray is a technology dominates the market revenue through the forecast period. DNA microarray is a technology which allows the measurements of the expression of thousands of genes. Patterns in gene expressions are extracted by several clustering methods such as hierarchical clustering, self-organizing maps and super vector machines. DNA microarray analysis is used for detection of change in gene expression which could be caused by change in environmental conditions, occurrence of disease, drug treatments or due to chemotherapy medications. DNA microarrays are important tool for diagnosis of disease at a molecular level. DNA microarray analysis is used for improving the diagnosis of cancer and the improvement of diagnosis and treatment.
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Cardiac rhythm management devices dominated the market revenues within implantable medical devices. However, brain implants market is expected to grow at the fastest pace with a CAGR of 28% during the forecast period 2022-2029. Cardiac rhythm management are services that correct problem with cardiac arrhythmia also known as irregular heartbeat is a situation when the heart beats too fast/slow than normal way or if it beats in an abnormal way. If the heart beat too fast more than 100 beats per minute than it is known as tachycardia and if it beat less than 60 beats per minute that it is called bradycardia. Cardiac arrhythmia is always not life threatening but sometimes it causes serious implications like cardiac arrest. Cardiac arrhythmia is one of the main reasons of death in present time especially in western countries. Due to rise in cases of cardiac arrhythmia, drug therapy is used primarily to prevent the development of cardiac arrhythmias and to restore the normal rhythm of heart. Although drug therapy is used to prevent arrhythmias but the results are not always as expected and cause side effect in some patients. for such cases cardiac rhythm management system that works on the principle of electrical stimuli because of it the demand for cardiac rhythm management services is increasing at a fast pace. Cardiac rhythm management is expected to grow due to increasing case of arrhythmias in emerging countries like China, India and Brazil, the advent of advanced technologies like wireless pacemaker and the increasing number of patients of lifestyle related diseases.
Geographically, North America holds the highest market share of 43% in2021. North America is driven by high awareness regarding life threatening diseases and other diseases such as neurological diseases. Compared to other geographies, regulations in North America are more stringent. However, this helps in eliminating the trust issues with bioelectronics devices. Devices are approved only after lengthy clinical trials. North American countries also have good reimbursement policies which present a favorable environment. Europe has 28% market share followed by Asia-Pacific and Rest of the world.
KEY MARKET MOVEMENTS
- Bio-electronic devices market is expected to grow at a CAGR of 14% during the forecast period.
- DNA microarray is a technology dominates the market revenue through the forecast period.
- Brain implants market is expected to grow at the fastest pace with a CAGR of 28% during the forecast period 2022-2029.
- Geographically, North America holds the highest market share of 43% in2021. North America is driven by high awareness regarding life threatening diseases and other diseases such as neurological diseases.
- North American countries also have good reimbursement policies which present a favorable environment. Europe has 28% market share followed by Asia-Pacific and Rest of the world.
