According to a report by Grand View Research, Inc., global brain implants market is anticipated to value USD 8.29 billion by 2025. Growing cases of neurological disorders such as Alzheimer’s, epilepsy, Parkinson’s, depression, and essential tremors are anticipated to propel demand for brain implants. Brain implants are likely to reduce need for drugs to relief chronic pain and improve body movement in patients suffering from Parkinson’s disease.
Rising number of geriatric population prone to neurological disorders can influence growth of market. Availability of advanced and cost-effective technology for treatment of neurological diseases can augment market growth in the next few years. Growing adoption of surgeries to get quick relief from chronic pain attributed to increasing disposable income can fuel growth of market. Increasing number of research activities to develop innovative techniques and products to offer better treatment can surge market growth during the forecast period (2014 to 2025).
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The brain implants market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into spinal cord stimulator, deep brain stimulator, and vagus nerve stimulator. In 2016, deep brain simulator (DBS) segment dominated the market and accounted for largest market share equivalent to 37% of overall market share owing to its use in various applications. This product is likely to maintain its dominance during the forecast period attributed to rising cases of Parkinson’s disease. Rising adoption of DBS to treat several neurological disorders including dystonia, epilepsy, obsessive compulsive disorder (OCD), and Alzheimer’s disease can boost market growth.
Developments such as memory chips and self-charging implants are expected to create lucrative opportunities for market during the forecast period. Smart neural chips can facilitate wireless transmission of brain signals to hands and fingers with 95% accuracy. This, in turn, is likely to surge demand for neural chips during the forecast period.
Similarly, vagus nerve simulator is predicted to be the fastest growing segment during the forecast period. Rising cases of epilepsy owing to stroke, brain injuries, and lifestyle can fuel growth.
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Based on application, the market can be classified into Parkinson’s disease, epilepsy, chronic pain, depression, essential tremor, and Alzheimer’s disease. In 2016, chronic pain segment accounted for largest market share. It is likely to grow at similar pace and account for around 58% market share in terms of revenue by 2025. Stimulators are likely to be used when chronic pain or back pain is not getting away despite of surgery and other medical treatments. Rising chronic pain due to failed back surgery, medical conditions such as cervical radiculitis and lumbar, complex regional pain syndrome, and neuropathy can fuel demand for stimulators.
On the contrary, Parkinson’s disease segment is expected to grow at phenomenal CAGR during the forecast period attributed to decline in coffee consumption and smoking rate specifically in developed countries. This, in turn, can increase incidence of Parkinson disease in humans.
Regional segmentation includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. In 2016, North America dominated the market and accounted for largest market share. High prevalence of market players investing in R&D activities is anticipated to fuel growth of market. In addition, frequent product approvals can further stimulate growth of market in this region.
In Asia Pacific, the market is likely to witness significant growth during the forecast period attributed to growing awareness among population regarding availability of brain implants. It can grow at highest CAGR of 13% during next few years. In addition, increasing healthcare expenditure in developing economies such as India and China can fuel market growth in this region during next few years.
Some of the leading companies offering brain implants are St. Jude Medical; Boston Scientific; Medtronic; NeuroPace Inc.; and Nevro Corporation. These companies are likely to contribute to maximum market revenue. To achieve the same, these companies are likely to adopt numerous growth strategies such as diversification and differentiation of their product portfolio and expansion of distribution and marketing channels. In addition, companies are also go for merger and acquisition with other companies to expand their footprint in the market.
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