The global brain implants market is expected to grow at a significant CAGR during the forecast period. The key driving factors of the global brain implants industry include the increasing prevalence of neurological disorders along with the technological advancements in the devices. Brain implants are also known as neural implants. These devices enact as a better alternative for the drugs for the treatment of neurological disorders such as Parkinson’s, Alzheimer’s disease, and others.
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Besides, the rising geriatric population is also driving the global brain implants market growth. The aging population is projected to increase with a significant growth rate during the forecast period. According to WHO, the geriatric population is going to be double in 2050 as compared to 2000. In 2000, at the global level,the proportion of the population over 65 years was 11% which is expected to be 22% by 2050. The geriatric population is expected to reach 2 billion by 2050 as compared to 605 million in 2010. Similarly, the number of geriatric populations over 80 years or older will be almost quadrupled to 395 million from 2000 to 2050. The geriatric population is at increased risk of developing neurological disorders and hence tends to drive the market growth.
Further, the key players operating in the global brain implants market is also driving the market growth. Players such as Boston Scientific Corp., Abbott Laboratories Inc., Medtronic Plc, Nevro Corp., Renishaw Plc, Koninklijke Philips N.V., and others are significantly contributing to the market growth by adopting various growth strategies. Product launches & developments, partnerships, agreements, and acquisitions are among some of the strategies adopted by the players to sustain in a competitive brain implants market during the forecast period.
For instance, the partnership between Boston Scientific and Brainlab AG is successfully offering the deep brain stimulators for the implantations. The partnership also enhanced the companies geographical reach and enhanced the customer base. Further, manufacturing low-cost products results in high competition among existing players of the Brain Implants market.
Besides, the development of technologically advanced devices also contributes to market growth. For instance, in December 2017, Boston Scientific Corp. received the FDA approval for the Vercise Deep Brain Stimulation (DBS) System. The Vercise DBS system is the first directional, rechargeable, and conditional system. These advancements in the DBS system have offered patients an option to be treated by one of the most innovative neuromodulation technologies that are used in the Vercise DBS system. Thus, these factors altogether create ample opportunities and contribute to the growth of the global brain implants market during the forecast period.
Global Brain Implants Market – Segmentation
By Type
By Application
Global Brain Implants Market – Segmentation by Region
North America
Europe
Asia-Pacific
Rest of the World
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