New York, NY, June 19, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Brain Implants Market by Product (Deep Brain Stimulator, Spinal Cord Stimulator, and Vagus Nerve Stimulator) and by Application (Chronic Pain, Epilepsy, Parkinson’s Disease, Depression, Essential Tremor, and Alzheimer’s Disease): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global brain implants market was approximately USD 379 million in 2018 and is expected to generate around USD 831 million by 2025, at a CAGR of around 11.8% between 2019 and 2025.
The brain implants or neural implants can be attached to any part of the brain, either on the cortex or to the surface, i.e., on sulci and gyri. Brain implants are also known as neural prosthetics or implants. These are considered a class of medical devices that interconnect with the body’s nervous system. Growing cases of Parkinson’s disease and the ambiguity of economic conditions in some developed economies has forced the original equipment manufacturers to develop cost-effective devices for Parkinson’s disease treatment. This is the primary factor driving the global brain implants market additionally, the preference given by professionals to brain implants over drug therapies is also boosting the brain implants market globally. However, the risk of infections and the high cost of these devices are hindering the market growth.
Browse through 37 Tables & 25 Figures spread over 110 Pages and in-depth TOC on “Global Brain Implants Market Size, Share 2018: By Product Type, Industry Applications, Growth, Segments Analysis and Forecast, 2025”.
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The global brain implants market is segmented on the basis of product and application. On the basis of product, the market includes vagus nerve stimulator, spinal cord stimulator, and deep brain stimulator. The deep brain stimulator segment is anticipated to dominate the market over the estimated time period, due to the increasing incidences of Parkinson’s disease and the potential benefits of brain implants like long-term efficacy and better management of post-operative outcomes. Vagus nerve stimulators are anticipated to register the fastest growth over the forecast time period, owing to rising incidences of epilepsy.
The application segment is divided into epilepsy, chronic pain, Parkinson’s disease, essential tremor, depression, and Alzheimer’s disease. Parkinson's disease held the major share in the global market in 2018, as it is one of the most common neurodegenerative disorders with very few treatment options. With the rise in a number of FDA approvals in the U.S. for deep brain stimulation therapies, which can be used for Parkinson's disease treatment, this segment growth is predicted in the future. Moreover, the long-term costs of medications and treatment for Parkinson’s disease have increased the adoption of brain implants.
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North America dominated the brain implants market in 2018, owing to the high standards of quality maintained by the medical device manufactures, growing aging population, increasing the burden of Parkinson’s disease, rising demand for advanced devices, and increasing disposable income of the regional population. As per the Parkinson's disease Foundation, indications of Parkinson's disease are usually at an average age of 60. Canada is another prominent country for brain implants market. As per the Parkinson’s Society Canada, around 100,000 people in Canada suffer from Parkinson's disease. This disease affects around 1% of the population above the age of 60 and 2% of those approximately 70 years. Therefore, Canada’s healthcare system has implemented a publicly-funded insurance program that brings together doctors and hospitals to control the cost of treatment.
Europe is the second vital brain implants market, owing to the growing investments made by major market players for R&D and various innovations witnessed in medical technology. Additionally, the initiatives to upsurge awareness about neural disorders and government funding are expected to fuel the region’s brain implants market.
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The Asia Pacific region is anticipated to be a lucrative region in the future, owing to the high prevalence of neurodegenerative disorders like Alzheimer’s in China and high unmet need for long-term and effective treatment solutions. Other countries like India, Thailand, Singapore, and Taiwan have proven to be foremost medical tourism locations due to the low cost of surgery and the presence of highly efficient healthcare professionals.
The Middle East and Africa and Latin America are estimated to be the most potential markets for brain implants, owing to improving healthcare facilities, rising awareness among the population, increasing number of research activities and opportunities provided by the government to companies in order to develop new products for improved patient healthcare in these regions especially in countries like Mexico, South Africa and Brazil. Brazil holds a major share in the region.
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Some leading players of the global brain implants market include St. Jude Medical, NDI Medical, Aleva Neurotherapeutics, Boston Scientific Corporation, Nevro Corporation, Medtronic, NeuroPace, Sapiens Neuro, Terumo Corporation, Medtronic, Edwards Lifesciences, Abiomed, and Cochlear Limited.
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This report segments the global brain implants market as follows:
Global Brain Implants Market: Product Analysis
- Deep Brain Stimulator
- Spinal Cord Stimulator
- Vagus Nerve Stimulator
Global Brain Implants Market: Application Analysis
- Chronic Pain
- Epilepsy
- Parkinson’s Disease
- Depression
- Essential Tremor
- Alzheimer’s Disease
Global Brain Implants Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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