Global Brain Implants Market: Information by Type (Spinal Cord Stimulator, Deep Brain Stimulator and Vagus Nerve Stimulator), by Application (Chronic Pain, Epilepsy, Parkinson's Disease, Depression, Essential Tremor and Alzheimer's Disease), by End User (Hospitals & Clinics and Specialty Centers) and by Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2023
Market Analysis
Brain implants are technical systems that are mainly used to directly or indirectly promote parts and structures of the nervous system with the aid of embedded electrical circuitry or record the electrical activity of nerve cells. The Global Brain Implants Market is predicted to register a CAGR of 9.30% to achieve USD 5261.08 Million till the year 2023. The increasing neurological disorders, the rising geriatric population who are vulnerable to neurological disorders, and technological advancements are projected to boost market growth. Though, the rigorous regulatory framework and high cost of these systems are expected to reduce the growth of the market. The market is expected to witness a profitable growth owing to the rise in neurological disorders such as Parkinson's, Alzheimer's, epilepsy, depression, and important tremors that are cured with the help of brain implants. As per statistics by the World Health Organization (WHO) in 2017, around 50 million people all over the world were affected by epilepsy. Alzheimer's Research UK indicated that over 46.8 million people worldwide were diagnosed with dementia in the year 2015, and this was expected to escalate to 50 million patients in 2017. Furthermore, this number was estimated to double every 20 years, reaching 75 million by the year 2030 and 131.5 million by 2050. Alzheimer's Disease International reported the total worldwide cost of dementia to be USD 818 billion in the year 2015, which indicates 1.09% of the global GDP, and the cost is projected to rise to USD 1 trillion by the year 2018.Thus, a high prevalence of neurological disorders among the population and rising healthcare expenditure on dementia are driving the growth of the global brain implants market.
Market Segmentation
Global Brain Implants Market is segmented on different basis. Based on type the market has been segmented into Spinal Cord Stimulator, Deep Brain Stimulator and Vagus Nerve Stimulator. Based on application the market has been segmented into Chronic Pain, Epilepsy, Parkinson's Disease, Depression, Essential Tremor and Alzheimer's Disease. Based on End user the Global Brain Implants Market, the market is segmented into Hospitals & Clinics and Specialty Centers.
Regional Analysis
Geographically, Global Brain Implants Market has been different regions like Americas that includes North America (US and Canada) and South America, Europe that includes Western Europe (Germany, France, UK, Italy, Spain and Rest of Western Europe ) and Eastern Europe, Asia-Pacific including China, Japan, India, Australia, South Korea and Rest of Asia-Pacific, Africa & Africa. The Americas directed the market and is responsible for the major share of the brain implants market in the year 2017 owing to the cumulative frequency of neurological diseases, aging population distressed with neurological disorders, and mounting expenditure toward research & progress by healthcare bodies and government. The second-largest market leader after the Americas owing to the increasing prevalence of neurological diseases, rising geriatric population suffering from various neurological disorders, and growing healthcare expenditure is European market and hence, held a strong share in the global brain implants market. For instance, according to the Alzheimer's Disease International, in France, around 1.2 million had been diagnosed with Alzheimer's Disease in the year 2015 and is expected to reach 2.3 million by the year 2050. Asia-Pacific is projected to have a strong growth rate during the forecast period owing to the enormous patient pool ailing from neurological diseases and government initiatives toward healthcare reforms. As per the Alzheimer's Disease International, around 23 million people were affected with dementia in Asia-Pacific in the year 2015 and is projected to reach 71.0 million by the year 2050. India held a share of 18.6% in the Asia-Pacific brain implants market in 2017. The Middle East & Africa is expected to register the minimum growth in the market due to factors such as limited adoption of implants and restricted access and accessibility of treatment facilities. Though, rising neurological diseases and the geriatric population suffering from neurological disorders in need of brain implants would boost the growth of the market in the region.
Major Players
The proposed spectators in the global brain implants market are huge corporates, SMEs, distributors and wholesalers, Investors and trade experts, Governments, associations and industrial bodies, etc. The major companies functioning in the global brain implants market are concentrating on firming their global ways by entering into untouched markets. The projected onlookers in the the global brain implants market are Pharmaceutical companies, Contract research manufacturing organizations, Research & development organizations and Academic institutes. Boston Scientific Corporation (US), Abbott (US), LivaNova PLC (UK), Beijing PINS Medical Co. Ltd (China), Nevro Corporation (US), and Functional Neuromodulation Ltd (US), Medtronic (US), Synchron Inc. (US), NeuroPace Inc. (US), Nuvectra Corporation (US) are some of the prominent players in the global brain implants market. Boston Scientific Corporation received FDA for the Spectra WaveWriter spinal cord stimulator (SCS) system, in January 2018, Medtronic launched its Infinity OCT Spinal System, in September 2018 and In January 2017, Abbott acquired St Jude Medical Inc. (US). This acquisition helped the company extend its massive neuromodulation product portfolio.
