In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Neural Implants Market Report
The neural implants market by revenue is expected to grow at a CAGR of 11% during the period 2020-2025.
The global brain implants market is one of the fastest-growing segments in the global neurological treatment devices industry. The growing prevalence of neurological diseases worldwide, coupled with rising awareness among patients about new treatment modalities for neurological disorders and the increasing availability of effective devices, is a major factor contributing to the industry growth.
Neural implant technology is highly innovative and is expected to influence the existing treatment modalities of neuropathic disorders and chronic neuropathic pain. The introduction of neural implants has been a significant breakthrough in neurological treatment modalities with their high potential in minimizing the occurrence of adverse events associated with Parkinson's Disease, chronic pain, epilepsy, and other neural disorders. Therefore, the adoption of neural implants is likely to increase at a phenomenal rate in the coming years.
Global Neural Implants Market Segmentation
This research report includes a detailed segmentation by product, end-users, application, geography. In 2019, the spinal cord stimulation (SCS) segment accounted for more than 62% of the global neural implants market share. The growth of the segment has been fueled primarily due to the increasing prevalence of neuropathic pain, particularly the upsurge of patients with failed back surgery syndrome (FBSS)/failed back syndrome (FBS), and the attempts to use strategies other than chronic opioid therapy for the treatment of chronic neuropathic pain. Implantable SCS systems are used to treat certain types of chronic pain, such as neuropathic pain. As an intervention for chronic pain, SCS has proven an effective alternative.
The chronic pain segment will cross USD 4 billion by 2025. According to the WHO, an estimated 22% of the world's primary care patients have chronic debilitating pain making chronic pain a global challenge to be addressed by healthcare professionals. The incidence/prevalence of chronic pain is increasing rapidly worldwide. It affects 28-65% of the population in the US. Developing countries face a large burden of chronic pain than developed regions. Thus, the rising burden of chronic pain is likely to fuel the growth of the segment.
In 2019, hospitals' end-user segment constituted over 56% of the global neural implants market share. Healthcare professionals in hospitals are using neural implants for treating symptoms associated with neuropathic pain and neurodegenerative disorders. The industry is growing at a healthy rate and is likely to grow during the forecast period. The high adoption of the latest generation implants and the increased preference among patients with an increased risk of neurological diseases for visiting hospitals for diagnosis and treatment contribute to the segment's growth.
Insights by Vendors
The global neural implants market share is highly consolidated, with major vendors accounting for dominant shares. Key vendors are offering a broad range of conventional as well as latest-generation neural implants for end-users. Medtronic, Abbott, Boston Scientific, NEVRO, and LivaNova are the key players in the industry.
These vendors compete based on technology advances, accuracy features, regulatory approvals, marketing strategies, and distribution channels. These companies have a wide geographic footprint, diversified product portfolio, and a strong focus on product innovation, strategic mergers & acquisitions, and R&D activities.
Other Prominent Vendors
Beijing PINS Medical
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage 4.1 Market Definition 4.2 Base Year 4.3 Scope of the Study 4.4 Market Segments