As per a study by Fact.MR, the global brain implant market is estimated to reach a valuation of US$ 9.2 billion by 2031.
Clinical urgency to find effective treatment to curb the incidence of neurological disorders will drive growth
As per a study by Fact.MR, the global brain implant market is estimated to reach a valuation of US$ 9.2 billion by 2031. The market is expected to expand at 9.1% CAGR during the forecast period 2021-2031. Rising prevalence of neurological disorders such as epilepsy, Alzheimer’s, and Parkinson’s disease are among the main factors driving the growth of brain implants.
According to the World Health Organization (WHO), neurological diseases contribute around 6.3% of the global disease burden and are one of the main causes of deaths across the globe. Increasing prevalence of these diseases has created clinical urgency for the incorporation of a long-term solution creating lucrative growth opportunities for brain implants.
Over 60 million people are affected by depression as per a study by World Health Organization (WHO). As brain implants have proven to play a critical role in providing therapeutic solutions for depression. The surging incidence of depression will bolster the sales of brain implants, globally.
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Introduction of advanced medical technologies such as transdermal neuromodulation technology and MRI safety-enabled brain implants, along with motor neuron prostheses and microelectrode arrays is also intended to fulfil the demand for efficient solutions for the treatment of various neurological diseases. These advancements are expected to bode well for the market.
“Key manufactures in the brain implants market are increasing their focus on developing minimally invasive solutions such as electroencephalography (EEG) and functional near-infrared spectroscopy (fNIRS) technologies. Such research initiatives are expected to drive growth in the market,” says a Fact.MR analyst.
Key Takeaways
- North America is expected to surpass a revenue share of 42.9% in 2021 with the U.S. emerging as the dominant market in the region.
- Increasing government funding and support aimed at growing awareness about neurological disorders is bolstering the market in the U.K.
- Asia Pacific is estimated to demonstrate a rapid growth in the market owing to increasing affordability and the rising incidence of neurological diseases.
- Based on product type, deep brain stimulation has emerged dominant with a revenue share of 37.0% on the back of increasing investments in the development of advance medical devices.
- Depression is expected to lead the application segment in 2021 due to the increasing prevalence of the disease across the globe.
Key Drivers
- Rising incidence of Alzheimer’s disease, depression, and Parkinson’s is fueling the demand for brain implants.
- Introduction of advanced technologies is expected to drive market growth.
- Increasing number of research activities for better solutions for neurological diseases will spur the growth of the brain implant market.
- Growing awareness about novel treatments for neurological diseases is boosting the demand for brain implants.
Key Restraints
- High costs associated with brain implant treatment is hampering the demand.
- The coronavirus outbreak has negatively affected the growth of the brain implant market due to lockdown and various other restrictions.
- Lack of skilled professionals is a factor restraining the growth of the market.
Competitive Landscape
Prominent players operating in the brain implants market profiled by Fact.MR includes Medtronic, St. Jude Medical (Abbott), Boston Scientific Corporation, NeuroPace Inc., Synapse Biomedical Inc., Aleva Neurotherapeutics SA, and Nevro Corporation. Leading manufacturers are emphasizing on launching novel products to maintain their lead in the brain implants market. For instance,
- NeuroScience, the U.S. based company launched the first non-invasive vagus nerve stimulation therapy product called GammaCore in 2017.
- In 2019, Abbott launched its Proclaim XR recharge-free SCS system for chronic pain management and also received the U.S. FDA approval.
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More Insights on the Brain Implants Market
Fact.MR offers unbiased analysis of the brain implants market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (deep brain stimulation implant, memory-boosting brain implants, speech synthesizers implants, fine-tuning the mind with brain implants, and final verdict implant), application (Parkinson’s disease, dystonia, epilepsy, obsessive-compulsive disorder, essential tremor, multiple sclerosis, dementia, and depression), end-user (hospitals, neurological centers, and specialized clinic), across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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Source: Fact.MR