Brain Implants Market Size 2020: Thriving Growth, Current Trends and Supply Chain Analysis, Key Players
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
Market Research Future (MRFR) in its report on the global Brain Implants Market Size reveals, the market is expected to garner a 9.53% CAGR over the evaluation period of 2018-2023. Due to the surge in the prevalence of neurological disorders, the brain implants market is likely to attain a lucrative valuation of USD 3.24 billion by 2023.
MRFR observed that the feasibility offered by brain implants to solve disruptions created by neurological disorders in regular activities to be a significant factor that is expected to amplify the brain implants market growth. The enhanced sensitivity of brain implants towards perceiving nerve stimulus is surging its rate of adoption among patients suffering from neurological disorders, that is identified as a strong cause that is anticipated to boost the brain implants market. Another factor that is observed to bolster the brain implants market growth is the growing geriatric population that is highly prone to neurodegenerative disorders like Parkinson disease and epilepsy, which demands for effective treatment. The long-term treatment offered by brain implants without the hassle of continuous medication is an advantage that is influencing the brain implants market to expand. Moreover, ongoing technical upgradations backing enhancements in medical infrastructure is a supplementary factor, likely to impel the brain implants market.
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Segmental Analysis
The global brain implants market has been segmented on the basis of product, end-user, and application.
Based on the product, the brain implants market has been segmented into vagus nerve stimulator, deep brain stimulator, and spinal cord stimulator.
Based on the end-user, the brain implants market has been segmented into clinics, ambulatory services, and hospital.
Based on the application, the brain implants market has been segmented into Alzheimer’s disease, essential tremor, depression, Parkinson’s disease, epilepsy, and chronic pain.
Regional Outlook
Based on the region, the brain implants market has been segmented into the Americas, Asia Pacific, Europe, and the Middle East Asia.
In the American region, the brain implants market is likely to demonstrate a excellent growth due to the increased rate of adoption of brain implants among patients. The strong technical infrastructure encouraging research and developmental activities and the hike in healthcare expenditure is expected to spur the brain implants market growth in the review period.
The brain implants market in Europe is anticipated to experience a boom, owing to the upsurge in the investments for research and developmental activities.
In Asia Pacific, the brain implants market is likely to exhibit robust progress due to the growing awareness of brain implants and the surge in disposable income backing the affordability for brain implants. Other factors like growing incidences of neuropathy and the availability of reimbursement policies are expected to fuel the brain implants market growth in the review period.
The brain implant market in the Middle East Asia and Africa is expected to hold the least share of the market. The lack of awareness about brain implants and low healthcare budget are factors that are likely to be responsible for the market stagnancy.
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Key Players
Charles River, Sartorius AG, Thermo Fisher Scientific Inc., Becton Dickinson, Eurofins Scientific, Gibraltar Laboratories, bioMérieux SA, FOCUS Laboratories Inc., Merck KGaA, bioMérieux SA, and Rapid Micro Biosystems Inc
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