Brain Implants Market Increasing Rapidly: Covid-19 Impacts, Industry Opportunity, Analysis and Forecast
The Global Brain Implants Market is expected to register a CAGR of 9.30% during the forecast period with a market value of USD 5261.08 Million till 2023. Brain implant is an electronic system that enables communication between the brain and electronic devices thus permitting brain activity to be modified, recorded, and used for operating external assistive devices such as a computer cursor or a robotic arm.
The rising neurological disorders, increasing geriatric population requiring treatment for neurological disorders through brain implants, and technological advancements in the field of medicine are significant factors expected to enhance the market growth. However, stringent regulatory framework and high cost of these devices are likely to curtail the growth of the market.
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The global brain implants market, by type, has been segmented into spinal cord stimulator, deep brain stimulator, and vagus nerve stimulator. Based on application, the brain implants market has been categorized as chronic pain, epilepsy, Parkinson's disease, depression, essential tremor, and Alzheimer's disease. By end user, the global brain implants market has been classified as hospitals & clinics and specialty centers.
The global brain implants market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas led the market and accounted for the largest share of the brain implants market in 2017 owing to the increasing prevalence of neurological diseases, aging population with neurological conditions, and rising expenditure for research & development by healthcare bodies and government.
Europe held a healthy share in the global brain implants market and is the second-largest market leader after the Americas, owing to the increasing neurological disease, rising geriatric population suffering from neurological ailments, and growing healthcare expenditure. For instance, according to the Alzheimer’s Disease International, in France, around 1.2 million had Alzheimer’s disease in 2015 and is estimated to reach 2.3 million by 2050.
Asia-Pacific is expected to have a sturdy growth rate during the forecast period owing to the huge patient pool afflicted with neurological diseases and government initiatives for healthcare reforms. According to Alzheimer’s Disease International, around 23 million people were affected with dementia in Asia-Pacific in 2015 and is projected to reach 71.0 million by 2050. India held a share of 18.6% in the Asia-Pacific brain implants market in 2017.
The Middle East & Africa is projected to register the least growth in the market due to factors such as limited adoption of implants and limited access and availability of treatment facilities. Whereas, increasing neurological diseases and geriatric population ailing from neurological disorders would support the growth of the market in the region.
MRFR recognizes the following companies as the key players in the global brain implants market— Medtronic (US), Boston Scientific Corporation (US), Abbott (US), LivaNova PLC (UK), NeuroPace Inc. (US), Beijing PINS Medical Co. Ltd (China), Nuvectra Corporation (US), Nevro Corporation (US), Synchron Inc. (US), and Functional Neuromodulation Ltd (US).
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