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Brain implants are categorised as a cluster of different types of products that are indicated for use in various disease management and surgery. Brian implants include medical devices such as vagus nerve stimular, deep brain stimulator among others. These devices help in motor and brian function control in patients suffering from parkinson’s disease. The technological advancements such as 3-D printing, brian computer interfaces, motor neuron prostheses among others is projected to aid the market growth in the upcoming years. For instance, in June 2020, the U.S FDA approved Medtronic’s brain reading stimulator that helpd transmit brain signal during treatment. Such innovations could spur the gorwth of the market.
The rising prevalence of neurological disorders is estimated to drive the brain implants market over the forecast duration. For instance, according to The Parkinson’s Foundation (2020), in the U.S over 600,000 individuals are diagnosed with Parkinson’s disease each year. Combined with this, the technological innovation in information technology and medical devices have enabled the efficient use of brain implants in the healthcare industry.
However, higher price associated with brain implants is estimated to restrain the market growth during the forecast period. The market growth could also be negatively affected with the longer approval and developmental process of brain implants.
Key Market Driver -
Increasing prevalence of neurological disorders
Key Market Restraint -
High cost combined with stringent regulations
Globally, the brain implants market can be segmented into product type, application, end-user and region. Based on product type, the market can be divided into deep brain stimulator, Vagus nerve stimulator, and spinal cord stimulator. On the basis of application, the market can be segmented into Parkinson’s disease, epilepsy, chronic pain, Alzheimer’s disease, depression, and essential tremor. Based on segmentation of end-user, the market can be categorized into hospitals, specialty clinics, and others.
Geographically, the brain implants market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the Brain Implants market are Medtronic, Boston Scientific Corporation, Abbott, Synapse Biomedical Inc., Neurospace Inc., Nevro Corp, Aleva Neurotherapeutics SA., and others prominent players
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Based on segmentation of region, the brain implants market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to dominate the market in 2020 and is estimated to retain its leading position over the forecast duration. Factors such as availability of advanced medical devices, higher funding in research and development, and robust efforts by regulatory bodies to facilitate launch of brain implants in the region are some of the factors attributed to the growth of the market in North America. For instance, in February 2019, the U.S FDA issued a draft guidance document that details the regulatory approval procedure for implanted brain computer interface devices. The European region is estimated to secure the second leading position in the market owed to factors such as advanced healthcare infrastructure, higher acceptance of artificial intelligence in medical devices, favorable reimbursement policies among others. These factors combined with others are estimated to augment the market growth in Europe for the coming years.
Increasing prevalence of chronic neurological diseases such as Parkinson’s disease and Alzheimer’s disease in the aging population of Asia pacific is projected to boost the demand for brain implants. The market growth in the region is also supplemented by increasing geriatric population and increasing disposable incomes in countries such as India and China. The market in countries of Latin America and Middle East and Africa are expected to grow at a slower rate as compared to other regions owed to limited penetration of advanced medical devices.
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