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.
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.
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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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