Global Brain Implants Market Size, Share, Forecast Report, 2020-2027

Warning: DOMDocument::loadHTML(): htmlParseEntityRef: no name in Entity, line: 21 in /home/multiwpmr/public_html/report-details.php on line 448
The global brain implants market is expected to grow at a significant CAGR during the forecast period. Brain implants are those technological devices that directly connect to a biological's brain for treatment purposes. The goal of these brain implants is to establish a biomedical prosthesis circumventing area in the brain that have become dysfunctional after any head injury or a stroke. Brain-computer interfaces, the interface between the neural system and computer chip, includes Electroencephalography (EEG) that monitors and records the brain's electrical activity.



The primary factors that drive the growth of the global brain implants market include the increase in the incidence of neurological disorders such as Alzheimer's disease, epilepsy, Parkinson's, disease, depression, and essential tremors along with the technological advancements in the treatment of these diseases. Further, the availability of advanced and cost-effective brain implants is also likely to drive market growth. However, there are some side effects associated with the implants such as seizure, infection, headache, confusion, difficulty in concentrating, eroded lead wire,or even stroke. Besides, several types of research are being done to design such brain implants that aids in minimizing all the negative impacts of an active implant on the brain or body. Thus, this also provides ample opportunities for market growth.



Segmental Outlook



The global brain implants market is segmented on the basis of type and applications. Based on type, the market is divided into deep brain stimulators, vagus nerve stimulators, and others such as spinal cord stimulators. Whereas, based on the application, the market is segmented into chronic pain, Epilepsy, Parkinson's disease, depression, Alzheimer's disease, and others.



Alzheimer's Disease to Hold Significant Share in the Global Brain Implants Market



Amongst the application of the global brain implant market, Alzheimer's disease segment holds a significant share in the market. The segmental growth is attributed to the rising incidences of Alzheimer's diseases amongst the peoples and technological advancements in the treatment during the forecast period. As per the World Bank, around 9% of the global population is geriatric population and there's an increased risk of neurological diseases. The elderly population is at increased risk of developing various diseases such as Parkinson's disease, Alzheimer's, and epilepsy. As per the Alzheimer's Association in 2019, around 5.8 million Americans of all the ages were living with Alzheimer's dementia. With the rising geriatric population, the significance of diagnosis and treatment of such diseases increases, which leads to the growth of the market.



Regional Outlook



The global brain implants market is geographically segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to hold a significant share in the market during the forecast period. This is attributed to the advanced healthcare infrastructure and increased per capita healthcare infrastructure in the country. According to the Center for Medicare and Medicaid Services in 2018, the US national healthcare expenditure was around $3.6 trillion showing a 4.4% increase in healthcare expenditure. It is further expected to reach $6.0 trillion by 2027. In addition, the presence of major players in the region further gives a boost to the regional growth of the market.



Further, Asia-Pacific is projected to exhibit significant growth over the trends of medical tourism in the region especially in economies such as India. The global rise in medical tourism will drive the market across the globe. Rising awareness, specialized treatment, quality care, and healthcare reforms are the major factors that boost the preference for medical tourism. Patients from developed economies are inclined towards emerging economies such as Thailand, Singapore, Malaysia, India, and the Philippines owing to economic healthcare cost and quality care. For instance, in India, the major factors leading to the rise in medical tourism include the increasing presence of multi-specialty hospitals and skilled medical professionals. Further, the increasing geriatric population in the region drives the growth of the market. In addition, improving healthcare infrastructure further gives a boost to the regional growth of the market.



Market Players Outlook



Some of the prominent players operating in the global brain implants market include Boston Scientific Corp., Abbott Laboratories Inc., Medtronic Plc, Nevro Corp., Renishaw Plc, Koninklijke Philips N.V., and others. These are the key companies adopting several organic and inorganic growth strategies such as product launches & developments, partnerships, agreements, and acquisitions to strengthen their product portfolios and maintain a competitive position in the global brain implants market.