Bioelectronics is a relatively new field in biotechnology. It employs a combination of electrical engineering and biology for major applications in medical science. It is fast becoming an integral and critical part of medicine by being the source of development for major devices. The list includes the work done on artificial pacemakers, one of the most important developments in the field of medicine. Bioelectronics engineers are also working to provide a modern array of imaging devices and body sensors.
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One of the key drivers of the global bioelectronics market is the high demand for such devices in the healthcare industry. There is a very high number of patients suffering from chronic diseases and cardiac diseases. Owing to this factor, the global bioelectronics market is witnessing a high demand for devices such as the pacemaker. Additionally, the growing number of cancer patients is adding to the demand for imaging devices and chemotherapy devices.
Bioelectronics devices offer a higher level of accuracy and efficiency in diagnostics over their conventional counterparts. This is allowing a greater scope of preference by healthcare personnel for the global bioelectronics market and its products.
Another driver for the global bioelectronics market is the rapid growth of home health care and personalized healthcare facilities. There is a higher percentage of elderly patients than before. They are driving the requirement for home healthcare facilities, which is in turn boosting the demand for the global bioelectronics market.
Bioelectronics are also being increasingly used in tandem with telehealth and telemonitoring facilities, owing to their superior quality and high efficiency. Bioelectronics researchers are constantly providing developments on medical sensors that can be used in association with monitoring devices to create a highly accurate system of personalized care for individual patients.
Another factor propelling the global bioelectronics market is the increasing demand for medical implants, such as aural implants and gastric implants. A growing number of people are in need of these implants in order to perform daily functions without being handicapped, further increasing the scope of bioelectronics in healthcare.
The global bioelectronics market could, however, be hindered in the future by the high cost of most modern bioelectronics products. This greatly limits the reach of these products as they become inaccessible to rural patients.
The key players in the global bioelectronics market are Beckman Coulters, Bioelectronics Corporation, Siemens AG, Danaher Corporation, and Medtronics.