Market Research Report
Brain Implants Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||871412|
|Published||Content info||114 Pages
Delivery time: 2-3 business days
|Brain Implants Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: May 1, 2019||Content info: 114 Pages||
The major factors for the growth of the brain implants market include the rise in the aging population and an increase in the prevalence of neurological disorders and technological advancements in devices.
The increase in the number of cases of neurological disorders, such as Alzheimer's, epilepsy, Parkinson's, depression, and essential tremors, is anticipated to propel the demand for brain implants. Brain implants are likely to reduce the need for drugs that relieve chronic pain and improve body movement in patients suffering from Parkinson's or any other neurological disease. The growing geriatric population is also prone to more number of neurological disorders. According to the United States Census Bureau's Statistics as of 2017, the total number of people 65 and older exceeds 50 million, and between 2020-2030 the number of the elderly population is projected to increase by almost 18 million. Although much smaller in total size, the number of people aged 85 and older is expected to more than triple from an estimated 6 million today to nearly 20 million by 2060. This influences the growth of the market. However, the growing adoption of brain implants to get quick relief from chronic pain resulting in the high growth of the market.
As per the scope of this report, brain implants, are also referred to as neural implants. These are technological devices that connect directly to a biological subject's brain usually placed on the surface of the brain, or attached to the brain's cortex. The market is segmented by product type, application, and geography.
Alzheimer's Diseases is expected to be the Fastest Growing Segment Over the Forecast Period
The incidence and prevalence of Alzheimer's have been constantly at a rise and is expected to continue rising in the coming decades. According to a study conducted by the Alzheimer's Association, approximately 476,000 people aged 65 or more in the United States developed Alzheimer's disease in 2016. This suggests that the incidence of Alzheimer's disease has been rising with the increasing years of age. This may have resulted from the increasing geriatric population of the United States, as well as other parts of the world. As reported by the Alzheimer's Society, the number of people with dementia in the United Kingdom increased from 815,827 in 2013 to 856,700 in the year 2015. As per the current trends, the number of people with dementia in the United Kingdom is forecasted to increase to 1,142,677 by 2025 and 2,092,945 by 2051. This suggests a 40% increase over the next 12 years and a 156% increase over the next 38 years. Brain implants may improve cognitive function in people with Alzheimer's disease, which is why Alzheimer's patients prefer brain implant procedures. Hence, the increase in the number of people with Alzheimer's disease is expected to drive the brain implants market during the forecast period.
North America is Expected to Dominate the Market
North America is found to hold a major share for the brain implants market and is expected to show a similar trend over the forecast period, without significant fluctuations. The healthcare facilities in the country are of the highest standards and are accessible to the large population because of favorable policies making healthcare affordable to many, if not all. This helps in gaining higher selling rates across the country. According to the study conducted by the Alzheimer's Association, it is estimated that approximately 63,000 new cases were diagnosed among people in the age group 65 - 74 years. Furthermore, according to Parkinson's Foundation, every year, approximately 60,000 Americans are diagnosed with Parkinson's disease. According to the Center for Disease Control and Prevention, about 1.2% of the total US population had epilepsy in the year 2015. The increase in prevalence and incidence of various neurological disorders indicates a big potential for the market demand for brain implants. The need to diagnose and treat these diseases gives rise to the demand, which may be met by the product manufacturing companies in the country. Because of the favorable factors, the market in the United States is expected to grow at a steady rate in the coming years.
The market studied is consolidated market owing to the presence of a few key players in the market. The major market players are focusing on technological advancement in order to acquire maximum market share. Some of the market players are Abbott (St Jude Medical), Boston Scientific Corporation, LivaNova Plc, Medtronic Plc, NDI Medical PLC, NeuroPace Inc., NeuroSigma, Synchron, Inc., and Renishaw plc