The global brain implants market size is anticipated to reach USD 8.29 billion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 11.9% during the forecast period. Mounting cases of neurological disorders such as Parkinson's, Alzheimer's, epilepsy, depression, and tremors are contributing to market growth.
Growing incidence of Parkinson's disease is boosting the demand for brain implants. These implants help in improving body movement and reduce the need for drugs. According to statistics presented by Parkinson's News Today, about 10 million people suffer from this disease globally. Cases of epilepsy are also increasing due to brain injuries, stroke, and unhealthy lifestyle. As per statistics by Forbes, nearly 3 million people were affected with epilepsy in U.S. in 2017. Demand for vagus nerve stimulators is on a sharp rise owing to its treatment benefits for epilepsy.
In addition, factors such as technological advancements in brain implants, along with rising disposable income in developed countries, are propelling market growth. The market is expected to witness lucrative growth over the coming years as a consequence of increasing number of research activities leading to technological breakthroughs. These include self-charging implants and memory chips, which are estimated to unfold tremendous growth opportunities over the forecast period.
In 2016, the deep brain stimulator segment was identified as the largest, accounting for over 37.0% of the overall market revenue. The product is projected to maintain its position over the forecast period due to rising incidence of Parkinson's disease
The Parkinson's disease segment is poised to expand at the fastest growth rate in terms of revenue during the same period owing to factors such as drop in smoking rate and coffee consumption, particularly in developed countries
Demand for brain implants will remain the highest for treatment of chronic pains throughout the forecast period, representing approximately 58.0% of the overall market revenue by 2025
The Asia Pacific brain implants market is likely to exhibit the highest CAGR of over 13.0% over the same period, owing to rising healthcare spending and disposable income of the populace in countries such as Japan and China
Boston Scientific; Medtronic; St. Jude Medical; Nevro Corporation; NeuroPace Inc.; and NDI Medical LLC are some of the key players in the brain implants market.
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Grand View Research has segmented the global brain implants market on the basis of product, application, and region:
Brain Implants Product Outlook (Revenue, USD Million, 2014 - 2025)
Deep brain stimulator
Spinal cord stimulator
Vagus nerve stimulator
Brain Implants Application Outlook (Revenue, USD Million, 2014 - 2025)
Brain Implants Regional Outlook (Revenue, USD Million, 2014 - 2025)
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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