Global Brain Implants Market was valued at US$ 370 Mn in 2019 and is expected to reach US$ 750 Mn by 2027, at a CAGR of 9.23 % during a forecast period.
Global Brain Implants Market
The report study has analyzed the revenue impact of the COVID-19 pandemic on the sales revenue of the market leader, market followers, and market disrupters in the report, and the same is reflected in our analysis.
Brain implants are neural implants. Neural interfaces offer a new way of treating conditions like dementia, paralysis, mental health conditions, or obesity. Brain implant devices are used for the treatment of patients with neurological disorders like Parkinson's disease, epilepsy, and chronic pain.
Global Brain Implants Market, Dynamics:
Brain implants are technical devices that are generally placed on the surface of the brain. The brain implants are assessing in the treatment of the damaged parts of the brain. The implants help in the proper functioning of the brain like memory, senses, and physical movements.
Incidences of neurological disorders like Parkinson’s, Alzheimer’s, epilepsy, depression, and essential tremors are expected to increase the demand for brain implants. The geriatric population is stimulating market growth. An introduction of innovative and cost-efficient technology for brain implant treatment is expected to drive the market growth during the forecast period. In addition, researchers are focusing to develop a method to stimulate brain tissues electrically without opening the skull.
On the other hand, individuals with a brain implant require to undergo several additional surgeries to replace them and the high cost of repeated surgery are some of the prominent factors that is expected to limit the market growth.
Brain Implant Market Opportunities: Elon Musk’s Neuralink is expected to Shape The Future.
In the brain implant market, several key companies and labs are developing neural interface software. For instance, Elon Musk, CEO of the Testla automotive company, is planning human trials year to insert electrodes into the brains of people with locked-in syndrome to help them communicate. With the massive strides in the automotive transportation sector by Tesla and the progress of SpaceX, Elon Musk has repeatedly established remarkable ambition to shape the future of humidity. The US Billionaire has unveiled plans to implant computer chips in people’s brains. It is expected to treat brain diseases and enable superhuman intelligence. Furthermore, Facebook-founder Mark Zuckerberg has also expressed his interest in telepathic typing. The social media companies are focusing on the creation to transcribe words at a rate of 100-words per minute by thinking. An increase in the number of research activities to lead the technological breakthroughs like self-charging implants and memory chips are expected to provide growth opportunities for key players during the forecast period.
Global Brain Implants Market, Segment Analysis:
An innovative brain implant device can record activity in thousands of neurons. The researchers are spending years designing and redesign the device and the process for making it. The Deep-brain stimulation (DBS) is already used to suppress the shakes and tremors of people with Parkinson’s disease. In that, electrodes are implanted into a specific part of the brain through wires under the skin to a pacemaker-like stimulator in the chest. It sends out electrical signals that stifle the parts of the brain. Also, the researchers are beginning to test similar devices, or new types of implants, which is expected to help people with other complex neurological conditions.
Parkinson's disease held the XX% share in the global brain implant market in 2019. It is one of the most common neurodegenerative disorders. The rise in a number of FDA approvals in the U.S. for deep brain stimulation therapies is expected to help the Parkinson's disease treatment. In addition, the long-term costs of medications and treatment for Parkinson’s disease are expected to increase the adoption of brain implants.
Global Brain Implants Market, Regional Analysis:
North America region held the XX% share in 2019 and is projected to hold the dominant position in the global brain implant market during the forecast period. The dominant position in the market is attributed to the high standards of quality maintained by the medical device key players. The growth in the aging population, the burden of Parkinson’s disease, and demand for advanced devices are some of the prominent factors behind the regional market growth. According to the Parkinson's disease Foundation, indications of Parkinson's disease have witnessed usually at an average age of 60. In Canada, more than 100,000 people suffer Parkinson's disease in 2019 that is expected to increase the demand for brain implants. Canada’s healthcare system has implemented a publicly-funded insurance program, which helps to bring together doctors and hospitals to control the cost of treatment.
Global Brain Implants Market, Competitive Analysis:
Some of the medical technology firms are focusing to develop implants that can be inserted into brain tissue and attach themselves to neurons. Also, researchers are working to develop minimally invasive methods to hack the human brain and pinch out more of its potential. The prominent key players like Boston Scientific, Medtronic, St. Jude Medical, Nevro Corporation, and NDI Medical LLC are contributing the majority of the market revenue. They are involved in adopting extensive growth strategies like differentiation and diversification of product portfolios, and broadening marketing and distribution channels to increase the outreach of their products.
The objective of the report is to present a comprehensive analysis of the Global Brain Implants Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Brain Implants Market dynamics, structure by analyzing the market segments and projects the Global Brain Implants Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Brain Implants Market make the report investor’s guide.
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Scope of the Global Brain Implants Market
Global Brain Implants Market, By Product
• Deep brain stimulation
• Spinal cord stimulation
• Vagus nerve stimulation
Global Brain Implants Market, By Application
• Chronic pain
• Epilepsy
• Parkinson’s disease
• Depression
• Essential tremor
• Alzheimer’s disease
Global Brain Implants Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Brain Implants Market
• Abbott
• Nevro Corporation
• NDI Medical PLC.
• Boston Scientific
• NeuroPace Inc.
• LivaNova
• Neurocontrol
• St. Jude Medical
• Terumo Corporation
• Medtronic
• Abiomed
• Edwards Lifesciences Corporation
• Cochlear Ltd
• NeuroSigma
• Functional Neuromodulation Ltd
• Aleva Neurotherapeutics Sa
• Synchron Inc.
• Renishaw Plc
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