Brain implants market analysis 2020-2027 Financial Insights, Business Growth Strategies With Competitive Landscape
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 2027
Market Insights
The global brain implants market analysis, according to Market Research Future is expected to reach the highest market size of USD 5261.08 million at CAGR of 9.30% during the forecast period.
A brain implant is an electronic system that enables communication between the brain and electronic devices, through which brain activity is modified, recorded, and used in external tools such as a computer slider or a robot arm.
The most important factors in the growth of the brain implant market include the increasing aging population, the occurrence of neurological disorders, and technological progress in devices. Increasing cases of neurological disorders, such as Alzheimer's disease, epilepsy, Parkinson's disease, depression, and essential tremors, should stimulate the demand for brain implants. Brain implants may reduce the need for drugs to relieve chronic pain and bring improvement in patients with neurological illnesses such as Parkinson's disease. Brain implants for depression is one of minor application at present but would be a critical point of study in the future to understand the deficiency better. The growing geriatric population is also susceptible to more neurological disorders.
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The increase in neurological disorders, the increase in the geriatric population that requires treatment for neurological disorders through brain implants, and technological advances in medicine are important factors that should stimulate market growth. However, a tight regulatory framework and the high costs of these devices may hinder the market growth.
Market Segmentation
The global market for brain implants is segmented by type into a spinal cord stimulator, a deep brain stimulator implants, and vagus nerve stimulator.
Based on the application, the brain implant market is divided into the following categories: chronic pain, epilepsy, Parkinson's disease, depression, essential tremor, and Alzheimer's disease.
Based on the end-user, the brain implant market is classified into hospitals, clinics, and specialized centers.
Regional Insights
The global market for brain implants is divided by region between North and South America, Europe, Asia Pacific, the Middle East, and Africa.
Americas dominated the market and accounted for the largest segment of the brain implant market in 2017 due to the increasing prevalence of neurological disorders, the aging population with neurological disorders, and increased research and development spending led by health and government organizations.
Europe had a large share of the global brain implant market and was the second-largest market after America due to the proliferation of neurological disorders, the growing geriatric population with neurological disorders, and rising medical costs. For example, according to Alzheimer's Disease International, about 1.2 million people in France had Alzheimer's disease in 2015 and are expected to reach 2.3 million by 2050.
The Asia Pacific region is expected to see strong growth over the forecast period due to the large group of neurological patients and government health reform initiatives. According to Alzheimer's Disease International, an estimated 23 million people in the Asia Pacific develop dementia in 2015 and are expected to reach 71.0 million by 2050. India had 18.6% of the Asia Pacific brain implant market in the Asia Pacific. 2017
The MEA region are expected to experience the slowest growth in the market due to factors such as limited implant placement and limited access and availability of treatment facilities. Whereas the increase in neurological disorders and the geriatric population with neurological disorders would support market growth in the region.
Regional Insights
The key players involved in the designing and manufacturing of brain implants include Medtronic, Boston Scientific Corporation, Nevro Corporation, Functional Neuromodulation Ltd Abbott, LivaNova PLC, NeuroPace Inc., Synchron Inc., Beijing PINS Medical Co. Ltd, and Nuvectra Corporation.
Industry Updates
- An electrode material developed as an alternative for brain implants has come out to be MRI compatible and with enhanced durability in contrast to metal implants. The study carried out by San Diego State University engineers, in association with researchers at Karlsruhe Institute of Technology (KIT), named Nature Microsystems & Nanoengineering, stated that about the promising improvement done in the procedure.
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