Global Brain Implants Market: Information by Type (Spinal Cord Stimulator, Deep Brain Stimulator and Vagus Nerve Stimulator), by Application (Chronic Pain, Epilepsy, Parkinson's Disease, Depression, Essential Tremor and Alzheimer's Disease), by End User (Hospitals Clinics and Specialty Centers) and by Region (Americas, Europe, Asia-Pacific and the Middle East Africa) - Forecast till 2027
The brain implants market has picked up the pace against the backdrop of the growing burden of neurological disorders such as Alzheimer's disease, Parkinson's disease, cerebral palsy, epilepsy, brain tumor, dystonia, and traumatic brain injury. Market Research Future (MRFR) has thoroughly analyzed the trends and patterns governing the global brain implants market over the forecast period of 2018-2023 in a detailed study.
Brain implants can be used to treat an array of brain-related disorders. Brain implants alleviate the need for drugs and assist in treatment. Advancements in biomaterials including composites, ceramics, glasses, and metal alloys are facilitating targeted neural growth and repair address specific challenges inherent to brain implants. In addition, a better understanding of the nervous system has increased the adoption of brain implants considerably.
The governments in multiple countries have endeavored towards the formulation of various public health policies directed at neurological disorder and raising awareness among people regarding the potential dangers of various neurological disorders which have generated high demand within the brain implants market. Besides, improving reimbursement landscape is paving the way for further market expansion. Rise in the aged demographic is fueling the brain implants market since they are more susceptible to neurological disorders which require implants for remediation.
On the contrary, the growth of the market might be hindered by concerns related to cyber-attacks and malicious memory alteration which has evoked major concerns since it is aligned with the risk of negative consequence. Additionally, brain implants involve high costs which might restrict the growth of the market in price-sensitive markets.
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Segmentation
The global brain implants market has been segmented based on product, application, and end users.
By product, the brain implants market has been segmented into spinal cord stimulator, deep brain stimulator, and vagus nerve stimulator.
By application, the brain implants market has been segmented into epilepsy, chronic pain, Parkinson's disease, essential tremor, depression and Alzheimer's disease.
By end user, the brain implants market has been segmented into clinics, hospitals, and ambulatory services.
Regional Analysis
By region, the global brain implants market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East Africa (MEA).
High incidence rate of neurological disorders and technological advancements in the medical field in the region. Various medical device manufacturers are based in the US which acts as a plus for the growth of the market. Increased affordability of advanced medical services and high healthcare spending in the region also supports the growth of the market.
Europe brain implants market is spurred by high healthcare expenditure and continuous RD efforts aimed at advancement in brain implants. RD funding by both the private and public sector substantiates the growth of the market.
The APAC brain implants market is slated to showcase tremendous progress over the forecast period. The rapid adoption of advanced medical technologies and availability of latest treatment options boost the growth of the market. In addition, improving reimbursement landscape and prevalence of neurological disorders favor the growth of the market.
The MEA region is the lowest contributor to the brain implants market. Low awareness about the health risks associated with neurological disorders and low healthcare penetration is impeding market growth.
Competitive Landscape
Charles River, Eurofins Scientific, FOCUS Laboratories, Inc., bioMérieux SA, Rapid Micro Biosystems, Inc., Merck KGaA, Gibraltar Laboratories, Thermo Fisher Scientific Inc., Sartorius AG, Becton, Dickinson, and Company are the distinguished players in the brain implants market.
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Industry Updates
March 2019 - researchers at Harvard University have designed a probe that behaves like a real neuron which is not identifiable by the brain. This breakthrough brain implant blurs the differences between human and machine. It is capable of sending data relating to how and when individual neurons fire and neural circuits communicate. It will be helpful in the treatment of neurological disorders Parkinson’s, reverse neural decay from Alzheimer’s and aging, and even enhance cognitive capabilities.
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