The global brain implants market is projected to grow at a CAGR of 9.2% during the forecast period. Increasing prevalence of neurological disorders, rapidly growing geriatric population, along with technologically advancements are factors driving the brain implants market.
Adroit Market Research report on global brain implants market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2018 and 2019, with the base year of estimation as 2020 and forecast from 2021 to 2028. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global brain implants market have been studied in detail.
Brain implants also known as neural implants or neuroprosthetics are devices that attach directly to a biological subject's brain, usually on the surface or in the cortex. Increase in preference for minimally invasive neurological treatments, as well as growing awareness of brain implants will positively boost industry over the next few years. Increase in geriatric patient pool susceptible to neurological disorders will further fuel the growth of the market in the future. For instance, majority of the geriatric patient pool are susceptible to develop Alzheimer’s disease, Parkinson’s disease, epilepsy which fuels the demand for brain implants. Vascular abnormalities in the brain and degenerative illnesses of the central nervous system (CNS) are the most common causes of epilepsy in the elderly.
The global brain implants market has been segmented based on product, application, and region. Based on product, the global brain implants market is categorized into spinal cord stimulators, deep brain stimulators, and vagus nerve stimulators. Deep brain stimulators segment held the largest share of global market in 2020. Increase in adoption of deep brain stimulators to treat movement disorders such as Parkinson’s disease, dystonia and essential tremors will boost segment growth. Application-wise, the global brain implants market is segmented into Parkinson’s disease, epilepsy, chronic pain, depression, Alzheimer’s disease, essential tremor. Chronic pain segment dominated the global brain implants market in 2020.
North America dominated the global brain implants market in 2020. Rapidly growing geriatric population, high prevalence of psychiatric disorders along with increased government funding in the U.S. and Canada are major factors driving the growth for brain implants in the region. For instance, the Parkinson's Foundation invested USD 3.5 million in 2020 to sponsor more than 34 Parkinson's disease research initiatives. Moreover, the number of surgical procedures requiring implants is increasing, as is the adoption of new technologies in the country. However, Asia Pacific brain implants market is anticipated to grow at a rapid pace over the forecast period. Presence of large geriatric population, increase in disposable income, and high prevalence of neurodegenerative disorders will propel the brain implants market in the region.
Major players operating in the global brain implants market include Medtronic, Nevro Corporation, Boston Scientific Corporation, Cochlear, Ltd., St. Jude Medical (Abbott), Neuropace Inc., Synapse Biomedical, Inc., Aleva NeuroTherapeutics, NDI Medical LLC, and Sapiens Neuro among others.
Key Segments of the Global Brain Implants Market
Product Overview, 2018-2028 (USD Million)
- Deep Brain Stimulators
- Spinal Cord Stimulators
- Vagus Nerve Stimulators
Application Overview, 2018-2028 (USD Million)
- Chronic Pain
- Essential Tremor
- Alzheimer’s Disease
- Parkinson’s Disease
Regional Overview, 2018-2028 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa