Brain Implant Market To Generate Revenue Worth Around $9.5 Billion in 2030
- Published: June 2021
The increasing instances of neurological disorders, such as Alzheimer’s disease, epilepsy, Parkinson's disease, and essential tremors; rising healthcare costs, rapid product development, and surging aging population are some of the major factors positively impacting the global brain implant market. Due to the aforementioned reasons, the industry is projected to reach around $9.5 billion by 2030.
As a result of the COVID-19 epidemic, governments in some countries have imposed lockdowns and social distancing in order to protect the public and stop the infection spread. Even though there has been an increase in the expenditure in the healthcare sector, most of the resources are diverted to COVID-19 management, not only the financial resources but professionals as well. As a result, other medical services are hampered, which is having a negative impact on the brain implant market.
Deep Brain Stimulation Category To Dominate Industry till 2030
The global brain implant market is categorized into deep brain stimulation, spinal cord stimulation, and vagus nerve stimulation, based on type. Amongst these, the deep brain stimulation category is predicted to lead the market during the forecast period. This will mainly be due to the advantages of deep brain stimulation over other therapies such as a reduction in stiffness, slowness, and walking difficulties due to neurological illnesses, such as dystonia, Parkinson's disease, and essential tremors. Patients who display no significant improvement in their condition from medication over at least five years are often recommended this treatment.
The brain implant market is categorized into chronic pain, epilepsy, Parkinson’s disease, depression, essential tremor, and Alzheimer’s disease, based on application. Out of these, the chronic pain category held the largest share in the brain implant market during the historical period (2015–2020), and it is expected to retain its position in the upcoming years. With the increasing prevalence of chronic pain due to lumbar and cervical radiculitis, failed back surgery, and neuropathy, the demand for stimulators is rising. This, in turn, is set to fuel the growth of the chronic pain category. This will be majorly due to the growing older population, which is predisposed to suffering from neurological illnesses.
Geographically, North America had the largest share of the brain implant market in 2020 due to a rise in the aging population, increase in the technological advancements, presence of numerous key players, and surge in the number of product launches. Furthermore, the increasing prevalence of neurological disorders, as well as the growing expenditure on brain implant devices, would be the major drivers for the growth of the brain implant market in the continent.
Industry Players Involving in Product Launches to Better Their Position in Market
Over the past decade, the brain implant industry has witnessed a large number of product approvals globally. For instance, in June 2020, Mainstay Medical Limited received the FDA approval for the ReActiv8 implantable neurostimulation system, for treating chronic lower back pain. The device provides electrical stimulation to the lower multifidus muscle on the left and right sides of the spine.
Some of the key players in the brain implant market are Medtronic plc, Abbot Laboratories, Boston Scientific Corporation, Inspire Medical Systems Inc., NeuroPace Inc., Nevro Corporation, Synapse Biomedical Inc., and Aleva Neurotherapeutics SA.