|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The brain implants market was valued at approximately USD 4,136.37 million in 2020. It is expected to witness a revenue of USD 7,002.42 million by 2026, with a CAGR of 9.25% over the forecast period.
The COVID-19 pandemic is expected to have a significant impact on the growth of the brain implants market globally, due to the suspension and postponement of most of the elective surgeries and treatment during the pandemic to reserve the hospital infrastructure and staff in treating COVID-19-infected patients. According to a research article published in medRXiV, 2021, the prevalence of SARS-COV2 viral infection in patients with Parkinson's disease was found to be 11.28%. Further, COVID-19 prevalence in Parkinson's disease patients with deep brain stimulation was found to be 18.18%. Additionally, as per a research study published in Frontiers in Neurology, 2020, the motor and psychiatric symptoms in Parkinson's disease patients and dystonic patients treated with deep brain stimulation was observed to have worsened during the lockdown restriction measures, leading to increased stress in the management of neurological disorders. Additionally, according to a research article published in JAMA Neurology, 2020, among the 214 patients with COVID-19, neurologic symptoms were seen in 36.4% of them. Thus, patients suffering from COVID-19 are prone to a high risk of developing neurological disorder during their hospital stays. Thus, owing to the strict lockdown restrictions and measures taken to contain the viral transmission, the chronic stress and burden of neurological disorders increased, requiring urgent opening of the neurological outpatient services. Thus, the brain implants market was significantly impacted during the pandemic.
The major factors for the growth of the brain implants market include the rise in the aging population and an increase in the prevalence of neurological disorders and technological advancements in devices. The increase in the number of cases of neurological disorders, such as Alzheimer’s, epilepsy, Parkinson’s, depression, and essential tremors, is anticipated to propel the demand for brain implants. Brain implants are likely to reduce the need for drugs that relieve chronic pain and improve body movement in patients suffering from Parkinson’s or any other neurological disease. The growing geriatric population is also prone to several neurological disorders. Thus, aging is a major factor that is driving the market for brain implants. According to the United Nations World Population Ageing 2019 report, more than 703 million people were aged 65 years and above in 2019, and the number is expected to reach to 1.5 billion by 2050.
Additionally, as per the Parkinson's Foundation Statistics, 2020, more than one million people were living with Parkinson's disease in the United States by 2020 and nearly 60, 000 Americans are diagnosed with Parkinson's disease every year. Thus, in view of the high incidence of neurological disorders globally, along with the rising geriatric population, the brain implants market is expected to register significant growth over the forecast period.
Scope of the Report
As per the scope of the report, brain implants are also referred to as neural implants. These are technological devices that connect directly to a biological subject's brain usually placed on the surface of the brain or attached to the brain's cortex. The brain implants market is segmented by product type (deep brain stimulator, spinal cord stimulator, and vagus nerve stimulator), application (chronic pain, epilepsy, Parkinson's disease, depression, essential tremor, Alzheimer's disease, and other applications), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value in USD million for the above-mentioned segments.
|By Product Type|
|Deep Brain Stimulator|
|Spinal Cord Stimulator|
|Vagus Nerve Stimulator|
Key Market Trends
Alzheimer’s Diseases is Expected to Be the Fastest Growing Segment Over the Forecast Period
The incidence of Alzheimer’s has been constantly increasing, and it is expected to continue increasing in the coming decades. According to the World Health Organization, 2020, nearly 50 million people across the world are living with Alzheimer's disease and other dementias, and the number is expected to reach more than 152 million by 2050. Additionally, according to a research article published in Ageing Research Reviews, 2020, Alzheimer's disease progression increases with aging and is the fifth-largest contributor to the global burden of diseases, accounting for more than USD 1 trillion in 2018, globally.
Furthermore, as per England: Recorded Dementia Diagnosis Data May 2020, there were approximately 525,315 people diagnosed with dementia in the United Kingdom in 2019, and one million people in the United Kingdom are projected to be living with dementia by 2025, which may increase to two million by 2050. Among all dementia conditions, 60-70% of cases account for Alzheimer's disease. Hence, brain implants may improve cognitive function in people with Alzheimer’s disease, which is why Alzheimer’s patients prefer brain implant procedures. Hence, the increasing number of people with Alzheimer’s disease is expected to drive the brain implants market during the forecast period.
Additionally, as per a research article published in Frontiers in Human Neuroscience, 2020, transcranial magnetic stimulation (TMS) and transcranial direct current stimulation (tDCS) are considered promising approaches in the treatment and improvement of the cognition of patients with dementia. In January 2021, Cognito Therapeutics received a breakthrough device designation by the US FDA for its neurostimulation device to treat memory and cognition symptoms of Alzheimer's disease. Thus, the high incidence of Alzheimer's diseases, along with the growing product approvals, is expected to help in the significant growth of the segment over the forecast period.
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North America Region is Expected to Hold a Major Market Share Over the Forecast Period
North America holds a major share of the brain implants market. It is expected to show a similar trend over the forecast period, without significant fluctuations. The healthcare facilities in the country are of the highest standards and are accessible to the large population, due to favorable policies making healthcare affordable to the majority of the population in the region. This factor helps in gaining higher selling rates across the country. The increasing prevalence and incidence of various neurological disorders indicates a big potential for the market demand for brain implants. According to the Alzheimer's Disease Facts and Figures report by Alzheimer's Association 2018, nearly 5.5 Americans aged 65 years and above were estimated to be diagnosed with Alzheimer's disease in 2018, and this number is projected to increase to 7.1 million by 2025 and may triple, reaching 13.8 million by 2050. Hence, the need to diagnose and treat these diseases gives rise to the demand, which may be met by the product manufacturing companies in the country. Due to the favorable factors, the market in the North American region, particularly in the United States, is expected to grow at a steady rate in the coming years.
Additionally, the presence of key players in the region and the increasing number of product approvals are expected to drive the market growth. For instance, in June 2020, US FDA approved Medtronic PLC's Percept deep brain stimulation (DBS) for the treatment of Parkinson’s symptoms. Thus, owing to the aforementioned factors, the North American brain implants market is expected to witness significant growth over the forecast period.
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The market studied is moderately consolidated with the presence of a few key players. Some of the market players are Abbott (St Jude Medical), Boston Scientific Corporation, LivaNova PLC, Medtronic PLC, NDI Medical PLC, NeuroPace Inc., NeuroSigma, Synchron Inc., and Renishaw PLC. The major market players are focusing on technological advancements to acquire maximum market share. For instance, in January 2021, Abbott Laboratories launched its NeuroSphere my Path, a Digital Health App developed to track and report on pain relief in chronic pain patients and general well-being associated with spinal cord stimulation (SCS) or dorsal root ganglion (DRG) therapy.
In March 2021, Abbott Laboratories announced the launch of NeuroSphere Virtual Clinic in the United States. It is a remote neuromodulation patient-care technology.
In March 2020, LivaNova PLC received CE Mark approval for its vagus nerve stimulation therapy (VNS Therapy) system called Symmetry, used for difficult-to-treat depression (DTD).
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Aging Population and Increase in Prevalence of Neurological Disorders
4.2.2 Technological Advancements in Devices
4.3 Market Restraints
4.3.1 High Cost of Devices
4.3.2 Low Adoption Rates in Developing and Underdeveloped Regions
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Deep Brain Stimulator
5.1.2 Spinal Cord Stimulator
5.1.3 Vagus Nerve Stimulator
5.2 By Application
5.2.1 Chronic Pain
5.2.3 Parkinson's Disease
5.2.5 Essential Tremor
5.2.6 Alzheimer's Disease
5.2.7 Other Applications
5.3.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Middle East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East and Africa
5.3.5 South America
18.104.22.168 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Abbott Laboratories (St Jude Medical)
6.1.2 Boston Scientific Corporation
6.1.3 LivaNova Plc
6.1.4 Medtronic Plc
6.1.5 NDI Medical PLC
6.1.6 NeuroPace Inc.
6.1.8 Synchron Inc.
6.1.9 Renishaw Plc
6.1.10 Nevro Corp
6.1.11 Beijing PINS Medical Co. Ltd?
6.1.12 Fisher Wallace
6.1.13 Functional Neuromodulation, Ltd.
6.1.15 Stimwave LLC
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Brain Implants Market market is studied from 2018 - 2026.
What is the growth rate of Global Brain Implants Market?
The Global Brain Implants Market is growing at a CAGR of 9.25% over the next 5 years.
What is Global Brain Implants Market size in 2018?
The Global Brain Implants Market is valued at 4136 Million USD in 2018.
What is Global Brain Implants Market size in 2026?
The Global Brain Implants Market is valued at 7002 Million USD in 2026.
Which region has highest growth rate in Global Brain Implants Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Brain Implants Market?
North America holds highest share in 2020.
Who are the key players in Global Brain Implants Market?
Abbott (St Jude Medical), Boston Scientific Corporation, Medtronic PLC, NeuroPace Inc., Renishaw PLC are the major companies operating in Global Brain Implants Market.