Brain Implants Market By Product Type (Deep Brain Stimulator, Spinal Cord Stimulator, and Others), By Application (Chronic Pain, Epilepsy, Parkinson’s Disease, and Others) and Region - Global Forecast to 2023
- find_in_page Our Research Methodology is based on the following main points:
- Data Collections and Interpretation
- Data Validation
- Final Projections and Conclusion
The global brain implants market is expected to value at over US$ 3 Bn in 2019, and is expected to register a CAGR of 9.7%. The global brain implants market is segmented on the basis of product type, application, and region/country.
Global Brain Implants Market: Introduction
Brain implants are type of neural devices referred as neural implants. The brain implants are technological devices which are connected to the brain-generally attached to the cortex of the brain, or placed on the surface of the brain. The brain implants are primarily inserted into the brain to enhance physical movement, memory, and sensitivity. In addition, they are also used to gather brain responses while performing various activities.
Global Brain Implants Market: Dynamics
Major factor driving growth of the global market is high prevalence of neurological disorders such as Parkinson’s and Alzheimer’s diseases, epilepsy, depression, and essential tremor among all age groups across the globe. In addition, rising support by government authorities and various healthcare organizations to improve overall healthcare infrastructure in emerging countries and increasing skilled healthcare professionals to provide the treatment are other key factors expected to fuel growth of the target market.
Growing brain implant surgery treatment among geriatric population across the globe to treat neurological disorders and other age-related diseases and disorders is another factor expected to boost growth of the global brain implants market over the forecast period. In addition, rising awareness about the technologically advanced brain implant devices among individuals across the globe is another major factor expected to propel growth of the global market.
Furthermore, increasing awareness among individuals about advanced and efficient brain implant devices and growing adoption of robot-assisted implantation across the globe are other factors expected to proliferate growth of the global brain implants market in the next 10 years.
However, high initial and maintenance cost of brain implant devices and lack of awareness about brain implants among individuals in emerging countries of the globe are major factors expected to restraint growth of the global brain implants market.
Global Brain Implants Market Analysis, by Product Type
Among the product type segments, the spinal cord stimulator segment is expected to hold major revenue share, and is expected to maintain its dominance over the forecast period. The spinal cord stimulator segment is expected to register CAGR of over 8.7% over the forecast period.
Global Brain Implants Market Analysis, by Application
Among the application segments, the Parkinson’s disease segment is expected to contribute major revenue share, and is expected to maintain its dominance over the forecast period. The Parkinson’s disease segment is expected to register CAGR of over 10% in terms of revenue over the forecast period.
Global Brain Implants Market Analysis, by Region/Country
The market in North America is expected to dominate in the global brain implants market and is expected to continue its dominance over the forecast period. Increasing prevalence of several neurological disorders such as Parkinson’s disease, Alzheimer’s disease, epilepsy, and others in countries in this region.
In 2018, according to US-based Alzheimer’s Association, a health organization in Alzheimer's care, support and research reported that between 2000 and 2015, the deaths from Alzheimer’s Disease have increased 123%.
In December 2018, the US House of Representatives passed Building Our Largest Dementia (BOLD) Infrastructure for Alzheimer’s Act (S. 2076/H.R. 4256), legislation, which will improve the country’s response to the growing Alzheimer’s public health threat.
Rising neurological disorders and related diseases among geriatric population across the globe is expected to support revenue growth of the brain implants market in North America over the forecast period.
According to the Federal Interagency Forum on Aging-Related Statistics (Forum) the percentage of population age 65 years and older will almost double in the US, and is projected to reach around 22.1% by 2050, from 14.9% in 2015.
Increasing number of brain implant surgery procedures across the globe for treatment of several neurological disorders such as epilepsy, essential tremor, and Parkinson’s is expected to boost revenue growth of the brain implants market in this region.
According to the Medtronic plc – which is a Europe-based company engaged in manufacturing and sales of medical devices – in June 2018, approximately 150,000 Medtronic Activadevices were implanted for Parkinson’s and other conditions.
Increasing investment in research and development activities and rise in technological advancement in brain implants devices are expected to drive revenue growth of the Europe brain implants market over the forecast period.
In 2016, according to European Parkinson’s Disease Association (EPDA) – Europe-based non-political, non-religious, and non-profit making organization – financed projects for neurodegenerative diseases was approximately US$ 200 Mn.
According to European Commission, which is an independent executive arm of the European Union, approximately 165 Million Europeans are living with a brain disorder. In addition, the European Commission has been supporting brain research through the 7th Framework programme (2007–2013), US$ 3,548 Mn was invested in 1.931 projects, and so far in the Horizon 2020 programme (2014–2020), another US$ 1,260 Mn has been allocated.
Global Brain Implants Market Segmentation:
Global Brain Implants Market Segmentation, by Product Type:
- Deep Brain Stimulator
- Spinal Cord Stimulator
- Vagus Nerve Stimulator
Global Brain Implants Market Segmentation, by Application:
- Chronic Pain
- Parkinson’s Disease
- Essential Tremor
Global Brain Implants Market Segmentation, by Region/Country:
- North America
- Middle East & Africa
- South America
- Abbott Laboratories
- Boston Scientific Corporation
- Medtronic, Plc.
- Nevro Corp.
- Terumo Corporation
- Aleva Neurotherapeutics SA
- NDI Medical, LLC
- LivaNova, PLC
- NeuroPace, Inc.
- Synchron, Inc.
- Chapter 1 Preface
- 1.1 Report Assumptions
- 1.2 Research Methodology
- 1.3 Abbreviations
- Chapter 2 Market Overview
- 2.1 Market Definition & Scope of the Report
- 2.1.1 Market Definition
- 2.1.2 Scope of the Report
- 2.2 Global Brain Implants Market Revenue (US$ Mn) and Growth Rate (%), 2013–2028
- 2.3 Market Analysis, by Product Type
- 2.3.1 Deep Brain Stimulator
- 2.3.2 Spinal Cord Stimulator
- 2.3.3 Vagus Nerve Stimulator
- 2.4 Market Analysis, by Application
- 2.1 Market Definition & Scope of the Report
- Chapter 1 Preface
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