Brain Implants Market Growth, Demand, Segmentation, Trends, Industry Size, Share and Forecast till 2023

Market Scope

The market size by 2023 is expected to be USD 5261.08 Million, adds MRFR. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.Brain implants market 2020 is set to advance at a robust rate of 9.30% between 2015 and 2023 (evaluation period), says Market Research Future (MRFR). 

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Key Impacting Factors and Challenges

The World Health Organization says that in 2017, close to 50 million people across world had epilepsy, while Alzheimer’s Research UK claims that nearly 46.8 million people were affected by dementia in 2015. The latter is expected to touch 75 million cases by 2030 and by 2050, it will be 131.5 million. Alzheimer’s disease International suggests that the overall cost of dementia was around USD 818 billion in 2015, indicating almost 1.09% of the total GDP. 

Players are actively involved in adopting marketing strategies such as alliances, product range diversification, bolstering distribution channels and new launches to expand their global reach. To illustrate, in October 2020, Medtronic released Intellis spinal cord stimulator, which helps deliver sustained, strong, pain relief for close to one year compared to the traditional neurostimulation therapy. It is based on Differential Target Multiplexed or the DTM therapy that modulates the brain’s electrical signals going to the spinal cord, synchronizing the interactions that take place between nervous system’s glial cells and neurons.

Market Segmentation

brain implants market, by type, has been segmented into spinal cord stimulator, deep brain stimulator, and vagus nerve stimulator. Deep brain stimulation is one of the most popular therapies as it ensures high patient satisfaction as well as survival rate. Therefore, the deep brain stimulator segment can observe significant growth soon.

Top applications of brain implants are epilepsy, chronic pain, depression, Parkinson’s disease, Alzheimer’s disease and essential tremor.

Specialty centers and hospitals & clinics are the key end-users considered in the market study. Growth in brain implant surgery across the world is responsible for the fast expansion rate of specialty centers segment.

 Regional Study

The brain implants industry has been regionally categorized into Europe, the Americas, MEA or Middle East & Africa as well as Asia Pacific or APAC.

Since 2017, the Americas has remained in the lead in the global market for brain implants. The heavy burden of several neurological diseases, especially among the expanding aging pool can be accredited for the strong market performance. Increasing spending on research & development activities by the government and healthcare authorities, domicile of an expansive pool of renowned firms and the frequent FDA approvals also encourage market growth in the region.

APAC is all set to be a lucrative market in the forecast period, given the massive patient pool suffering from neurological diseases like epilepsy and Alzheimer. The surge in government initiatives in this regard, and improve the overall healthcare infrastructure also bolsters the growth. China export and import value and volume share in the region is considerable, in view of the advancing reimbursement scenario and the rising disposable income. 

Affluent Industry Contenders

Some of the highly affluent contenders in the global industry are Boston Scientific Corporation (US), NeuroPace Inc. (US), Abbott (US), LivaNova PLC (UK), Nuvectra Corporation (US), Beijing PINS Medical Co. Ltd (China), Medtronic (US), Nevro Corporation (US), Synchron Inc. (US), Functional Neuromodulation Ltd (US), and more.

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