Brain Implants Market Is Poised To Witness Sturdy Growth Understanding the principles of brain functionalities is a highly important task for the healthcare sector. Exploration of brain with billions of neurons network is an intricate task, however development of brain implants would unveil various unmasked possibilities. —
Market Research Future based on its in-depth study projects that global brain implants market is anticipated to touch the CAGR of 9.30% over the forecast period of 2017-2023.
Aggressive development and innovation for novel and cost-efficient brain implants is expected to propel the market growth. Growing elderly population with neurological disorders and growing awareness about high-tech medical devices and implants drives the brain implants market growth.
With intense competition in the market, key players and vendors are rapidly adopting futuristic technologies in a view to remain competitive. Rising number of mergers and acquisitions majorly between technology companies and universities is projected to stimulate the growth of the brain implants market. Earlier, owing to lack of technology and its penetration, neurological disorders for a long time remained undetected, resulting in reduced time for treatment and risk to life.
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Rapid innovation in healthcare systems has created lucrative opportunities in this untapped space. With effective treatment policies, integration of high-tech devices and tools, and low-cost treatment is poised to uphold the demand of healthcare industry, driving the growth of the global brain implants market.
Some of the leading players contributing with their product and services include Medtronic, Boston Scientific Corporation, Functional Neuromodulation Ltd, LivaNova PLC, Abbott, Nevro Corporation, NeuroPace Inc., Beijing PINS Medical Co. Ltd, Nuvectra Corporation, and Synchron Inc.
However, on the other hand, low lifespan of brain implants might be a restraining factor for the market. This drives up the cost and makes its obligatory to go through other surgeries. In addition, manufacturers are emphasizing on self-tuning implants, which could further lead to superior product delivery.
The global brain implant market is broadly segmented based on type, application, and end-users.
The type segments are classified as spinal cord stimulator, vagus nerve stimulator, and deep brain stimulator. Spinal cord stimulator segment held the largest market share.
By application, the global brain implant market is segmented as chronic pain, epilepsy, depression, Parkinson’s disease, essential tremor, and Alzheimer’s. Based on market value, chronic pain segment dominates in the application segment.
Based on end-user, the global brain implant market is bifurcated as hospitals & clinics and specialty centers.
Some of the key strategies followed by players operating in the global brain implants market were innovation, product development, and acquisition & mergers.
In January 2018, Boston Scientific Corporation received FDA approval for the Spectra WaveWriter spinal cord stimulator (SCS) system.
In September 2018, Medtronic launched its Infinity OCT Spinal System.
In January 2017, Abbott acquired St Jude Medical Inc. (US). This acquisition helped the company widen its vast neuromodulation product portfolio.
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Based on the geographic landscapes, the global brain implants market is largely diversified across the global markets such as Americas, Asia-Pacific, Europe, and the Middle East & Africa.
The Americas held the largest share in the brain implant market in 2017. The growth of the region is attributed to rising number of geriatric populations, high investment in research and development led by healthcare firms and government bodies, and occurrences of neurological diseases.
Europe, following Americas, held a noteworthy share owing to rise in healthcare expenditure. Europe registered a large number of neurological disorder cases, which on-other hand creates huge demand for respective treatments and devices, driving the growth of brain implant market in the region.
Asia Pacific region is expected to show swift growth owing to growing population, and accessible medical facilities. Government initiatives dedicated to easing healthcare facilities has created awareness among the people. Growing preference towards preventive medication and treatment is driving the healthcare industry in the region.
List of Figures
FIGURE 1 TOP-DOWN & BOTTOM-UP APPROACHES
FIGURE 2 MARKET DYNAMICS: ANALYSIS OF THE GLOBAL BRAIN IMPLANTS MARKET
FIGURE 3 PORTER’S FIVE FORCES ANALYSIS: GLOBAL BRAIN IMPLANTS MARKET
FIGURE 4 VALUE CHAIN: BRAIN IMPLANTS MARKET
FIGURE 5 GLOBAL BRAIN IMPLANTS MARKET, BY TYPE 2017 &2023 (USD MILLION)
FIGURE 6 GLOBAL BRAIN IMPLANTS MARKET, BY APPLICATION 2017 &2023 (USD MILLION)
FIGURE 7 GLOBAL BRAIN IMPLANTS MARKET, BY END-USER 2017 &2023 (USD MILLION)
…To be Continued
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A long-awaited development linked to brain implants might soon be possible. According to an insight in the journal Nature Biotechnology contributed by Shaun Patel, and Joshua of Harvard Medical School faculty and Professor Charles M. Lieber of Beth Friedman University, a mesh implant can aid in treating neurological disorders such as Alzheimer’s and Parkinson’s disease. It is also claimed that this implant could avert degrading of brain in sync to age. Neuralink, owned by Elon Musk is also functioning on similar implant technology.
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