The global brain implants market size was valued at USD 4.5 billion in 2020 and is projected to reach USD 9.05 billion by 2028, expanding at a CAGR of 8.98 % during the forecast period, 2021–2028. The growth of the market is attributed to the increasing awareness regarding brain implant benefits, and positive research outcomes.
Brain implants are a type of neural device that is implanted on the surface or cortex of the brain to create a connection between the nervous system and microchips. These implants are intended to aid in the treatment of brain injury. These are developed for those who have had a stroke or experienced a brain injury. These implants aid in the enhancement of brain functions, such as memory, senses, and muscular motions. Brain implants are also utilized to capture and study brain activity for research purposes. These brain implants are attached to the cortex of the brain or put on the brain surface, such as over gyri and sulci. When the brain becomes dysfunctional due to numerous factors, such as head injuries or stroke, brain implants are applied. Animals with brain implants are frequently used in scientific study.
The COVID-19 pandemic outbreak had negative impact on the market. During the pandemic, the demand for brain implants were significantly less owing to the lockdown imposed by governments globally. The market is expected to recover soon as emergency lockdown is lifted by the government gradually and demand is expected to spur during the projected period.
Market Trends, Drivers, Restraints, and Opportunities
- Rising prevalence of neurological disorders is one of the key factors driving the market growth.
- Technological advancement in devices is expected to boost the market growth in the coming years.
- Growing geriatric population globally is expected to increase the demand for brain implants. This is anticipated to fuel the market growth in the projected period.
- High surgical expenses present a major challenge and is expected to hinder the market growth during the projected timeline.
- Increasing government finance activities to raise awareness related to movement disorders is projected to create significant growth opportunities for the market in the near future.
Scope of the Report
The report on the global brain implants market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Brain Implants Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Depression, Essential Tremor, Chronic Pain, Epilepsy, Parkinson’s Disease, and Alzheimer’s Disease) and Products (Vagus Nerve Stimulator, Deep Brain Stimulator, and Spinal Cord Stimulator)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Abbott Laboratories; Medtronic plc; Aleva Neurotherapeutics SA; Boston Scientific Corp.; NeuroPace, Inc.; Nevro Corp.; and Synapse Biomedical Inc.
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Market Segment Insights
Chronic pain segment to grow at a rapid pace
Based on applications, the global brain implants market is divided into depression, essential tremor, chronic pain, epilepsy, Parkinson’s disease, and Alzheimer’s disease. The chronic pain segment is expected to grow at a rapid pace during the forecast period owing to the increase in the incidence related to chronic pain, which created clinical urgency for incorporating long-term solutions. However, the Parkinson’s disease segment is anticipated to hold a key share of the market in the coming years due to the growing geriatric population, which is more susceptible to diseases like Parkinson's and Alzheimer's.
Deep brain stimulator segment to expand at a considerable CAGR
On the basis of products, the market is segregated into vagus nerve stimulator, deep brain stimulator, and spinal cord stimulator. The deep brain stimulator segment is projected to expand at a considerable CAGR during the forecast period attributed to the growing adoption for treatment of numerous neurological disorders including epilepsy, essential tremor, Parkinson’s diseases, obsessive-compulsive disorder, dystonia, and Alzheimer’s disease. On the other hand, the vagus nerve stimulator segment is anticipated to account for a major market share during the forecast period due to its application in the treatment of several disorders, such as fibromyalgia, anxiety, tinnitus, migraines, and obesity.
North America to constitute a key market share
In terms of regions, the global brain implants market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the factors, such as the availability of highly skilled physicians, a rise in awareness about treatments, an increase in the prevalence of neurological disorders, and the presence of well-established healthcare facilities in the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period attributed to the need for long-term and effective treatment solutions and rising number of awareness programs across the region.
Segments
Segments Covered in the Report
The global brain implants market has been segmented on the basis of
Applications
- Depression
- Essential Tremor
- Chronic Pain
- Epilepsy
- Parkinson’s Disease
- Alzheimer’s Disease
Products
- Vagus Nerve Stimulator
- Deep Brain Stimulator
- Spinal Cord Stimulator
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Abbott Laboratories
- Medtronic plc
- Aleva Neurotherapeutics SA
- Boston Scientific Corp.
- NeuroPace, Inc.
- Nevro Corp.
- Synapse Biomedical Inc.
Competitive Landscape
Key players competing in the global brain implants market are Abbott Laboratories; Medtronic plc; Aleva Neurotherapeutics SA; Boston Scientific Corp.; NeuroPace, Inc.; Nevro Corp.; and Synapse Biomedical Inc. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
For instance, in October, 2017, NeuroPace, Inc. raised a USD 74 million funding round in support with KCK Groups and OrbiMed Advisors. The funding supported the company's efforts to expand and in commercialization of its FDA-approved DBS system, the NeuroPace RNS system. In September 2019, Abbott's Proclaim XR recharge-free SCS system for chronic pain management received FDA approval in the U. S. Low doses of electrical pulses were used in this system to assist extend the battery life of the system for up to ten years.
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