“Global Brain Implants Market: Information by Type (Spinal Cord Stimulator, Deep Brain Stimulator and Vagus Nerve Stimulator), by Application (Chronic Pain, Epilepsy, Parkinson’s Disease, Depression, Essential Tremor and Alzheimer’s Disease), by End User (Hospitals & Clinics and Specialty Centers) and by Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) – Forecast till 2023”
Brain Implants Market Scope
Brain implants market 2020 is set to advance at a robust rate of 9.30% between 2015 and 2023 (evaluation period), says Market Research Future (MRFR). The market size by 2023 is expected to be USD 5261.08 Million, adds MRFR. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
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Key Impacting Factors and Challenges
The World Health Organization says that in 2017, close to 50 million people across world had epilepsy, while Alzheimer’s Research UK claims that nearly 46.8 million people were affected by dementia in 2015. The latter is expected to touch 75 million cases by 2030 and by 2050, it will be 131.5 million. Alzheimer’s disease International suggests that the overall cost of dementia was around USD 818 billion in 2015, indicating almost 1.09% of the total GDP. This cost can reach a whopping USD 1 trillion by 2018. All of these numbers signify the heavy burden of neurological conditions and disorders across countries and the escalating healthcare spending on dementia, which can foster the demand for brain implant devices in the following years.
Furthermore, the introduction of cost-effective and technologically innovative technologies for treatment purposes could also induce major market expansion in the years to come. For example, researchers recently came up with a technique that helps electrically stimulate the brain tissues with no need to open the skull. Moving ahead, the brain implants market will be observing significant growth on account of surge in extensive research activities that result in technical breakthroughs. A few examples in recent years have been memory chips and self-charging implants. Another latest technology gaining prevalence include smart neural chips, which wirelessly transmit the brain signals to hands and fingers with close to 95% accuracy thereby fostering the demand for neural chips in the global market.
Players are actively involved in adopting marketing strategies such as alliances, product range diversification, bolstering distribution channels and new launches to expand their global reach. To illustrate, in October 2020, Medtronic released Intellis spinal cord stimulator, which helps deliver sustained, strong, pain relief for close to one year compared to the traditional neurostimulation therapy. It is based on Differential Target Multiplexed or the DTM therapy that modulates the brain’s electrical signals going to the spinal cord, synchronizing the interactions that take place between nervous system’s glial cells and neurons.
Brain Implants Market Segmentation
Type, application and end-users are the key market segments mentioned in the MRFR report.
brain implants market, by type, has been segmented into spinal cord stimulator, deep brain stimulator, and vagus nerve stimulator. Deep brain stimulation is one of the most popular therapies as it ensures high patient satisfaction as well as survival rate. Therefore, the deep brain stimulator segment can observe significant growth in the near future.
Top applications of brain implants are epilepsy, chronic pain, depression, Parkinson’s disease, Alzheimer’s disease and essential tremor.
Specialty centers and hospitals & clinics are the key end-users considered in the market study. Growth in brain implant surgery across the world is responsible for the fast expansion rate of specialty centers segment.
Brain Implants Market Regional Study
The brain implants industry has been regionally categorized into Europe, the Americas, MEA or Middle East & Africa as well as Asia Pacific or APAC.
Since 2017, the Americas has remained in the lead in the global market for brain implants. The heavy burden of several neurological diseases, especially among the expanding aging pool can be accredited for the strong market performance. Increasing spending on research & development activities by the government and healthcare authorities, domicile of an expansive pool of renowned firms and the frequent FDA approvals also encourage market growth in the region.
APAC is all set to be a lucrative market in the forecast period, given the massive patient pool suffering from neurological diseases like epilepsy and Alzheimer. The surge in government initiatives in this regard, and improve the overall healthcare infrastructure also bolsters the growth. China export and import value and volume share in the region is considerable, in view of the advancing reimbursement scenario and the rising disposable income. India is another strong contender in the region, having seized a share of 18.6% in 2017, owing to the spike in various neurological disorders, growth in the elderly population and the increasing healthcare expenditure.
Brain Implants Market Affluent Industry Contenders
Some of the highly affluent contenders in the global industry are Boston Scientific Corporation (US), NeuroPace Inc. (US), Abbott (US), LivaNova PLC (UK), Nuvectra Corporation (US), Beijing PINS Medical Co. Ltd (China), Medtronic (US), Nevro Corporation (US), Synchron Inc. (US), Functional Neuromodulation Ltd (US), and more.
List of Tables
Table 1 Primary Interviews
Table 2 Global Brain Implants Market, By Type 2015-2023
Table 3 Global Brain Implants Market For Spinal Cord Stimulator, By Region, 2015–2023
Table 4 Global Brain Implants Market For Deep Brain Stimulator, By Region, 2015–2023
Table 5 Global Brain Implants Market For Vagus Nerve Stimulator, By Region, 2015–2023 (Usd Million)
Table 6 Global Brain Implants Market, By Application 2015-2023
Table 7 Global Brain Implants Market For Chronic Pain, By Region, 2015–2023
Table 8 Global Brain Implants Market For Epilepsy, By Region, 2015–2023
Table 9 Global Brain Implants Market For Parkinson’s Disease, By Region, 2015–2023
Table 10 Global Brain Implants Market For Depression, By Region, 2015–2023
Continued….
List of Figures
Figure 1 Top-Down & Bottom-Up Approaches
Figure 2 Market Dynamics: Analysis Of The Global Brain Implants Market
Figure 3 Porter’s Five Forces Analysis: Global Brain Implants Market
Figure 4 Value Chain: Brain Implants Market
Figure 5 Global Brain Implants Market, By Type 2017 &2023
Figure 6 Global Brain Implants Market, By Application 2017 &2023
Figure 7 Global Brain Implants Market, By End-User 2017 &2023
Figure 8 Global Brain Implants Market, By Region 2017 & 2023
Figure 9 Americas: Brain Implants Market Share, By Region 2017 (%)
Figure 10 North America: Brain Implants Market Share, By Country 2017 (%)
Continued…
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