Brain Implants Market size is estimated to reach $4,961.7m by 2025, growing at a CAGR of 10.27% during the forecast period 2020-2025. Brain implants also called as neural implants are the devices placed on the brain or attached to the brain cortex and are used to establish a biomedical prosthesis circumventing areas in the brain which are affected by stroke or other head injuries. An increase in support from the government to develop new technology and increased health care infrastructure in developing countries and the availability of skilled labor is supporting the growth of the brain implant market. The increasing aging population and increasing of various neurological disorders and depression in various age groups are rising the growth of the brain implants market during the forecast period 2020-2025.
By Type – Segment Analysis
The global Brain Implants Market based on type has Deep Brain Stimulator, Vagus Nerve Stimulator, and Spinal Cord Stimulator. The Deep Brain Stimulator (DBS) segment registers for the highest market share in 2019 and is set to continue for the forecast period 2020-2025, owing to the various application of DBS and high adaption in treating Parkinson’s disease and other neurological disorders. Vagus Nerve Stimulator is also set to have growth owing to the increased usage in treating epilepsy, which is caused by brain injuries and stroke.
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By Application – Segment Analysis
The Application segment of Brain Implants Market has Epilepsy, Parkinson’s disease, Depression, Alzheimer’s Disease, Chronic Pain, Essential tremor, and Other. The Alzheimer’s segment registers for the highest market share in 2019 and is set to continue for the forecast period 2020-2025, owing to the increased number of people suffering from Alzheimer’s globally. The increase in depression in the different age group population globally is driving the market of brain implants in this segment. An increase in chronic pain owing to the failed back surgeries, complex regional pain syndrome is boosting the market for the brain implants in the chronic pain segment. Brain implant helps to reduce the usage of drugs to reduce chronic pains and also helps to improve from neurological diseases.
By Geography – Segment Analysis
Based on Geography the global Brain Implants Market is segmented in to North America, Europe, Asia-Pacific and the Rest of World. North America had a dominant share in terms of revenue in 2019 and is estimated to hold the largest market share during the forecast period 2020-2025, owing to the increased usage of brain implants. Asia-Pacific is also set to have the fastest growth owing to the increased population and modernizing in health-care infrastructure. On the other hand, Europe is set to have healthy growth, owing to increased developments made by the manufacturers. Increased disposal income by the growing population and rising health issues like Alzheimer’s and depression is driving growth of the market globally during the forecast period 2020-2025.
Drivers – Brain Implants Market
High prevalence of neurological disorders
The increase in neurological disorders like Parkinson’s disease, Alzheimer’s disease, and Depression and increased health care expenditure by the global population are driving the growth of the brain implants market during the forecast period 2020-2025.
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Challenges – Brain Implants Market
High cost of devices
The cost of the brain implants devices and costs involved in the treatment are challenging the market. The stringent regulation on brain implants by the government, safety measures during treatment and complexity of treatment are challenging the market growth during the forecast period 2020-2025.
Brain Implants Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Brain Implants Market. Key companies of this market are Edwards Lifesciences Corp., NeuroPace Inc., Abbott Laboratories Inc., Boston Scientific Corp., Abiomed, Medtronic Plc, Nevro Corp., Aleva Neurotherapeutics SA, Cochlear Ltd., NDI Medical LLC, and others.
In September 2018, Medtronic has announced the U.S. launch of Infinity™ Ocipitocervial – Upper Thoracic (OCT) system designed for the cervical spine surgery, and it is used with medtironic’s comprehensive devices and instruments to create a work-flow for upper back and neck.
In January 2019, Boston scientific corporation has launched the Vercise primary cell (IPC) and Vercise Gevia Deep Brain Stimulation (DBS) system, this new system is designed to allow physicians to control the range, shape, position and direction of electrical stimulation to treat the symptoms of Parkinson disease.
Geographically, North America’s Brain Implants Market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to the high disposal income and availability of the large number of manufacturers for brain implants.
The increase in neurological disorders such as depression, Alzheimer’s, Parkinson’s are driving the market for brain implants during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Brain Implants Market report.
High investment by manufacturers in research and development activities and raising awareness among the population about brain implants id driving the market during the forecast period 2020-2025.
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