Brain Implants Market Overview
Brain implants, also called neural implants, are medical devices that are placed intracranially by surgical means to predict brain activity patterns or to stimulate activity in the brain.
The global brain implants market was valued at USD 1.36 Bn in 2017 and is expected to expand at a CAGR of 11.10% over the forecast period of 2018-2023, asserts Market Research Future (MRFR) in a detailed research report. The global brain implants market is on an upward growth trajectory and is expected to attain a valuation of USD 8.29 Bn by the end of 2023.
The surge in the prevalence of neurological disorders such as Parkinson’s disease, Alzheimer’s disease, epilepsy, and others has induced high demand for brain implants, since these implants are treatment-assistive and alleviate the need for drugs.
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Competitive Landscape
- Thermo Fisher Scientific Inc.
- bioMérieux SA
- FOCUS Laboratories Inc.
- Gibraltar Laboratories
- Rapid Micro Biosystems Inc.
- Dickinson and Company
- Eurofins Scientific
- Sartorius AG
- Becton
- Merck KGaA
- and Charles River
are the notable players in the global brain implants market.
Brain Implants Market Segmentation
The global brain implants market has been segmented based on product, application, and end users.
By product, the global brain implants market has been segmented into deep brain stimulator, spinal cord stimulator, and vagus nerve stimulator. Product-wise, the spinal cord stimulator segment is the largest segment, while the deep brain stimulator segment is projected to be the fastest growing segment.
By application, the global brain implants market has been segmented into chronic pain, epilepsy, Parkinson’s disease, depression, essential tremor, and Alzheimer’s disease. Application-wise, the Parkinson’s disease segment accounts for the largest share of the market while the depression segment is poised to be the fastest growing segment.
By end-users, the global brain implants market has been segmented into hospitals, clinics, and ambulatory services. Clinics segment dominates the market while the hospitals segment is expected to grow at the fastest rate.
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Industry Updates:
Jan 2019 A new, smart implant that “listens” to brain signals is being poised as a potential measure to help treat epilepsy and other neurological conditions, such as Parkinson’s disease. The device is being developed by specialists from the University of California (UC), Berkeley who have made a new, sophisticated neurostimulator that can achieve this feat may help in treating Parkinson’s, epilepsy, and other conditions.
Brain Implants Market Regional Analysis
The Americas, Europe, Asia Pacific, and the Middle East & Africa are the key markets for brain implants. The Americas is a significant growth pocket for the global brain implants market. High prevalence of neurological disorders in the region and the high adoption rate of advanced medical technologies can be considered to be the major contributors to the growth of the Americas market. In addition, the region is home to various manufacturers. High disposable income of the population is also a crucial factor in the adoption of brain implants in the region, which cannot be ignored.
The Europe brain implants market is driven by significant investments in R&D activities and high healthcare expenditure.
Asia Pacific is an emerging market for brain implants and is expected to showcase tremendous progress over the forecast period. The rise in disposable income raises affordability, which boosts the demand for brain implants. The improving reimbursement scenario and growing prevalence of neurological diseases also support the growth of the APAC market.
The Middle East & Africa market is expected to account for the smallest share in the global brain implants market. Low awareness regarding such diseases and low healthcare expenditure in the region restricts the growth of the market. The Africa region, in particular, is likely to exhibit sluggish growth, since neurological services and resources are disproportionately scarce in the region.
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