Jul 28, 2020 9:26 AM ET
iCrowd Newswire – Jul 28, 2020
Brain implants are technical systems that are mainly used to promote parts and structures of the nervous system directly or indirectly 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.
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Segmentation Overview of the Global Brain Implants Market
The Global Brain Implants Market is categorized into various segments. These major market segments are further categorized into various sub-segments to study the market in detail. The segmentation study offers detailed market study considering various growth determinants and geographical dynamics.
Global Brain Implants Market, by Type
- Spinal Cord Stimulator
- Deep Brain Stimulator
- Vagus Nerve Stimulator
Global Brain Implants Market, by Application
- Chronic Pain
- Parkinson’s Disease
- Essential Tremor
- Alzheimer’s Disease
Global Brain Implants Market, by End User
- Hospitals & Clinics
- Specialty Centers
Regional Overview of the Global Brain Implants Market
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.
The major companies functioning in the global brain implants market are concentrating on firming their global ways by entering untouched markets. The prominent players in the global brain implants market are Medtronic (US), Boston Scientific Corporation (US), Abbott (US), LivaNova PLC (UK), NeuroPace Inc. (US), Beijing PINS Medical Co. Ltd (China), Nuvectra Corporation (US), Nevro Corporation (US), Synchron Inc. (US), and Functional Neuromodulation Ltd (US).
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Keywords: Global brain implants market