LOS ANGELES, April 21, 2021 (GLOBE NEWSWIRE) -- The Global Brain Implant Market is expected to grow at a CAGR of around 9.2% from 2020 to 2027 and reach the market value of over US$ 7,895.4 Mn by 2027.
The market for brain implants was dominated by North America. This dominance can be attributed to a variety of factors, including an increase in the prevalence of neurological disorders, increased awareness of treatment options, the availability of highly skilled physicians, and the presence of well-established healthcare facilities. Furthermore, an increase in government funding and initiatives to raise awareness about movement disorders are expected to drive deep brain implant demand in the region.
Asia Pacific, on the other hand, is expected to have the fastest growing CAGR during the forecast period. The rising prevalence of neurodegenerative and psychiatric disorders, combined with an unmet need for effective and long-term treatment solutions, rising affordability, and an increase in the number of awareness programs, are factors driving the global brain implant market.
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Market Dynamics
The ageing population, an increase in the prevalence of neurological disorders, and technological advancements in devices are the major factors driving the growth of the brain implants market. The rising prevalence of neurological disorders such as Alzheimer's, epilepsy, Parkinson's, depression, and essential tremors is expected to drive demand for brain implants. Brain implants are likely to reduce the need for drugs that relieve chronic pain and improve body movement in Parkinson's and other neurological disease patients.
The growing geriatric population is also inclined to an increase in the number of neurological disorders. As a result, the major factor driving the market growth for brain implants is ageing. Because of the increasing occurrences of neurological disorders, favorable government regulations will drive the growth of the brain implants industry.
Various initiatives launched by the government and other organizations to reduce the number of cases of depression and epilepsy, among other diseases, are expected to drive demand for brain implant devices. Furthermore, rising depression cases globally have an impact on communities, families, and individuals' health. As a result, various initiatives and programs aimed at raising awareness for early detection of depression cases should help the industry grow.
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Segmental Outlook
The global brain implant market is segmented as product, application, and end-user. Product is segmented as deep brain stimulator, spinal cord stimulator, and vagus nerve stimulator. By application, the market is segmented as chronic pain, epilepsy, Parkinson’s disease, depression, essential tremor, and Alzheimer’s disease. By end-user, the market is segmented as hospitals, specialty clinics, and others
In terms of product, the deep brain stimulator segment will dominate the market during the forecast period. The increasing use of DBS for the treatment of various neurological disorders such as obsessive-compulsive disorder, Parkinson's disease, dystonia, and essential tremor, epilepsy, and Alzheimer's disease is a major contributor to the growth of the global brain implants market. According to application, the chronic pain segment is expected to account for the largest revenue share in the global brain implants market. One of the major factors driving the global brain implant market is the rising incidence of chronic pain, that has created clinical urgency for incorporating long-term solutions.
Competitive Landscape
The major players involved in the Brain Implant market involve Medtronic plc, Boston Scientific Corporation, NeuroPace, Inc., Nevro Corporation, Synapse Biomedical Inc., ALEVA NEUROTHERAPEUTICS SA, Renishaw Plc, Abbott (St Jude Medical), and among others
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Some of the key observations regarding the brain implant industry include:
- In March 2021, Abbott announced the launching of a new product namely, "NeuroSphere Virtual Clinic". The newly launched product is FDA approved by which deep brain stimulation patients can have their devices programmed and reset remotely, from the comfort of their homes without having to travel to a specialist.
- In February 2016, ALEVA NEUROTHERAPEUTICS SA announced a collaboration with Greatbatch for a next-generation device for Deep Brain Stimulation (DBS). Under terms of the development agreement, Greatbatch’s design and development team QiG Group, which is expected to be spun-off as Nuvectra Corporation, will provide Aleva with access to its unique implantable neurostimulation platform.
- In June 2018, Medtronic plc announced that the US Food and Drug Administration approved Deep Brain Stimulation (DBS) Clinician Programmer and Activa(TM) Programming Application. The Activa Programming Application has been uniquely designed with the input of over a hundred clinicians from around the world and is managed on the Samsung Galaxy Tab S2 tablet interface.
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