SAN FRANCISCO, April 6, 2021 /PRNewswire/ -- The global brain implants market size is anticipated to reach USD 9.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.1% from 2021 to 2028. The rise in neurological disorders such as epilepsy, Parkinson's disease, depression, and tremors as well as growing investments in R&D to develop cost-effective brain implants is attributing to the growth of the market.
Key suggestions from the report:
On the basis of product type, the deep brain stimulator segment dominated the market in 2020 with a share of 37.0%, owing to the rising geriatric population prone to neurological diseases, coupled with growing investments in the development of the medical device
Based on application, the chronic pain segment dominated the market in 2020 with a share of 58.8%, due to the increasing prevalence of chronic pain disorders such as migraine, leg pain, and disk surgery pain. According to Migraine Research Foundation 2020, migraine is the 3rd most prevalent neurological illness across the world, affecting 1 billion people worldwide
North America dominated the market with the highest revenue share of 42.9% in 2020. This is due to the high prevalence of psychological disorders, availability of highly skilled physicians, and rise in awareness about treatments in this continent
Asia Pacific is expected to significantly lead the market in the future from 2021 to 2028 owing to increasing affordability, and the rising number of awareness programs about brain implants benefits
Read 120 page research report with ToC on "Brain Implants Market Size, Share & Trends Analysis Report By Product (Deep Brain Stimulator, Vagus Nerve Stimulator, Spinal Cord Stimulator), By Application (Chronic Pain, Parkinson's Disease, Epilepsy), By Region, And Segment Forecasts, 2021 - 2028" at:https://www.grandviewresearch.com/industry-analysis/brain-implants-market
The presence of a large population base suffering from various neurological and physiological disorders and conditions is expected to boost the demand for implants during the forecast period. For instance, as per the Parkinson's Foundation 2016 report, over 10 million people globally are living with Parkinson's disease (PD). Thus, the increasing cases of PD are expected to drive the market. However, the outbreak of the COVID-19 pandemic is restricting the growth of the market. For instance, as per the Neuromodulation Society of the U.K. and Ireland, in the U.K. all the NHS hospitals were instructed to suspend all the non-urgent elective surgeries due to the pandemic from 15th April in 2020 for at least three months.
In addition, technological advancements such as self-charging implants and memory chips are anticipated to provide the market with growth opportunities over the forecast period. For instance, in January 2020, Abbott's Infinity DBS received an extended indication approval from the U.S. FDA for PD treatment.
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, 2016 - 2028)
Deep Brain Stimulator
Spinal Cord Stimulator
Vagus Nerve Stimulator
Brain Implants Application Outlook (Revenue, USD Million, 2016 - 2028)
Brain Implants Regional Outlook (Revenue, USD Million, 2016 - 2028)
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.