The brain implants market is expected to register a CAGR of nearly 11.7% during the forecast period. 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.
Key Market Trends
Alzheimer’s Diseases is Expected to be the Fastest Growing Segment Over the Forecast Period
The incidence of Alzheimer’s has been constantly increasing, and it is expected to continue rising in the coming decades. According to 2019 Alzheimer’s Statistics, nearly 50 million people have Alzheimer’s or related dementia globally and 1 in 10 Americans over the age of 65 has Alzheimer’s. 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 per the current trends, the number of people with dementia in the United Kingdom is forecast 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. 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 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.
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