Global Brain Implants Market size is expected to reach USD 8.29 billion by 2025 as the scope and its applications are rising enormously across the globe. Brain implants is also termed as neural implants, are mechanical systems that are usually used to invigorate structures and parts of the nervous system with the help of the record the electrical activity of nerve cells or implanted electrical circuitry. These devices are attached to the brain cortex or placed on the surface of the brain. Brain Implants Market size is expected to grow at a CAGR of 11.9%.
This mechanical system enhances memory, senses, and physical movement and communicates with the nervous system. Neural implants have been used to support people recover abilities that have been vanished. It includes generating interfaces between neural systems and computer chips, generally named brain-machine interfaces. A mutual drive of modern brain implants and the emphasis of current research is founding a biomedical prosthesis evading areas in the brain that became dysfunctional after head injuries or stroke. This comprises sensory replacement, e.g. in vision.
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Rising use of enhanced technology in brain implants, growing occurrence of Parkinson’s disease, high demand for brain implants, growing disposable income in established countries are documented as major factors of Brain Implants Market size that are estimated to enhance the growth in the years to come. However, high cost of brain implants and presence of alternative enhanced technological inventions are the factors that may restrain overall market growth in the years to come.
Brain Implants Market size is segmented based on product types, applications, and region. Vagus nerve stimulator (VNS), deep brain stimulator (DBS), and spinal cord stimulator (SCS) are the product types that could be explored in Brain Implants in the forecast period. In 2016, deep brain stimulator sector accounted for the largest market share of 37.0% in terms of revenue and is estimated to lead the overall market in the coming years. This may be because of rising use in numerous applications and growing occurrence of Parkinson’s disease. Moreover, it is exclusively used to treat numerous neurological disorders like Alzheimer’s disease, obsessive-compulsive disorder (OCD), epilepsy, dystonia, and essential tremor. Also, Vagus nerve stimulator is estimated to grow at fastest pace in the coming years, as rising occurrence of epilepsy.
The market may be categorized based on applications like Alzheimer’s disease, chronic pain, essential tremor, epilepsy, depression, Parkinson’s disease, and others. Chronic pain segment accounted for the largest market share in 2016 and is estimated to continue its dominance in the coming years. This may be because of, rising chronic pain due to circumstances like neuropathy, lumbar and radiculitis, complex regional pain syndrome, and failed back surgery and high demand for stimulators used during chronic back and neck pain. According to Pain Doctor Report, in 2017, 14000 patients used spinal cord implants. However, Parkinson’s disease sector is estimated to grow at highest CAGR in the coming years. This may be because of rising occurrence of disease and reduction in coffee consumption and smoking rate.
Globally, in 2016, North America accounted for the largest share of brain implants market and led it overall. The reason behind the overall brain implants market growth could be regular product approvals, huge investment in Research and Development activities, and presence of key manufacturers in the region. Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth.
Europe is the second largest region with significant share of brain implant market. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR of over 13.0% in the foremost period. The aspects that may be ascribed to the growth comprise developing healthcare infrastructure and rising awareness amongst populace regarding brain implants. The developing countries like India and China are the major consumers of Brain Implant Industry in this region.
The key players of Brain Implants Industry are NDI Medical LLC, Boston Scientific, NeuroPace Inc., Medtronic, Nevro Corporation, and St. Jude Medical. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
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Brain Implants Product Outlook (Revenue, USD Million, 2014 – 2025)
• Deep brain stimulator
• Spinal cord stimulator
• Vagus nerve stimulator
Brain Implants Application Outlook (Revenue, USD Million, 2014 – 2025)
• Chronic Pain
• Parkinson’s disease
• Essential tremor
• Alzheimer’s disease
Brain Implants Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa (MEA)
• South Africa
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/medical-devices
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