Neural Implants Market Size to Reach Revenues of USD 7.2 Billion by 2025 - Arizton
CHICAGO, Oct. 29, 2020 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global neural implants market report.
The global neural implants or brain implants market is expected to grow at a CAGR of approximately 11% during the period 2019−2025.
Key Highlights Offered in the Report:
- The global neural implants market is anticipated to reach more than $7 billion by 2025 with a strong double-digit growth of around 11% over the forecast period.
- Increasing uptake of minimally invasive pain relief treatment is one of the key factors driving the growth of the global neural implants market.
- Based on product, the SCS segment accounted for the highest share of around 62% in 2019.
- Emergence of closed-loop neural implants is anticipated to drive the growth of the global neural implants market.
- The chronic pain application segment accounted for an estimated share of around 64% in 2019.
- North America dominated the global neural implants market with a share of around 75% in 2019.
Key Offerings:
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, end-users, application, and geography
- Competitive Landscape – 5 key vendors, 8 other vendors, and 5 investigational companies
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Neural Implants Market – Segmentation
- 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.
- 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.
- 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.
Neural Implants Market by Product
- F&B Spinal Cord Stimulation (SCS)
- Deep Brain Stimulation (DBS)
- Vagus Nerve Stimulation (VNS)
Neural Implants Market by Application
- Chronic Pain
- Parkinson's Disease (PD)
- Epilepsy
- others
Neural Implants Market by End-user
- Hospitals
- Specialized Neurological Centers (SNCs)
- Outpatient Surgery Centers
Neural Implants Market – Dynamics
The growing demand for neural implants has encouraged several vendors to develop the latest generation technological platforms/devices to address the prevailing unmet needs in the treatment of neural disorders such as PD, epilepsy, chronic pain and other conditions. The brain implant technology has witnessed many technical advancements and improvements. Technological advancements in neural implant devices have revolutionized and enhanced the clinical outcome of treatment with SCS, DBS, and VNS systems. Since the first commercial appearance of neural implants, continuous innovation, and research has led the path for further evolution in this space. One of the most established clinical practices of neural implants includes DBS. The FDA first approved the use of DBS for essential tremor in 1997. Since then, the FDA or other global regulators have approved DBS for several indications, including PD, dystonia, epilepsy, and OCD.
Key Drivers and Trends fueling Market Growth:
- Promising Investigational Devices
- New Product Approvals/Launches
- Rising Target Patient Pool Globally
- Growing Popularity of MR-conditional Neural Implants
Neural Implants Market – Geography
North America dominated the neural implants market with the highest market share owing to the presence of a large proportion of the patient population, coupled with better access to treatment with the latest generation neural implants. The strong presence of key neural implants players is another factor contributing to the higher uptake of neural implants in North America. The rise in the number of PD, chronic pain, epilepsy, and other patient pool coupled with the necessity to treat the diseases with advanced procedures is expected to boost the market growth during the forecast period.
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Neural Implants Market by Geography
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- APAC
- China
- Japan
- South Korea
- Australia
- India
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
Prominent Vendors
- Medtronic
- Abbott
- Boston Scientific
- NEVRO
- LivaNova
Other Prominent Vendors
- Aleva Neurotherapeutics
- Beijing PINS Medical
- Nalu Medical
- NeuroPace
- Nuvectra
- Saluda Medical
- SceneRay
- Stimwave
Investigational Companies
- GTX Medical
- MicroTransponder
- Neuralink
- SetPoint Medical
- Synchron
Explore our healthcare & lifesciences profile to know more about the industry.
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