NEW YORK, June 23, 2021 /PRNewswire/ -- Due to the rising prevalence of neurological diseases such as epilepsy, essential tremors, Parkinson's disease, and Alzheimer's disease, surging healthcare costs, mushrooming aging population, and rapid product development, the global brain implant market is booming. Furthermore, the market is expected to generate nearly $9.5 billion revenue in 2030.
Due to the COVID-19 pandemic, the governments of many countries have imposed social distancing protocols and lockdowns, as these measures break the transmission chain of the virus and mitigate the spread of the infection. Although the healthcare expenditure of many countries has increased significantly because of the pandemic, most of the funds and resources, including both financial resources and healthcare professionals, are being allocated to COVID-19 management. This is hampering other medical services, which is negatively impacting the brain implant market.
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Depending on type, the global brain implant market is classified into spinal cord simulation, vagus nerve stimulation, and deep brain stimulation. Out of these, the deep brain stimulation category is expected to dominate the market during the forecast period. This is credited to the various advantages of deep brain stimulation over other treatment procedures such as less difficulties in walking and reduction in slowness and stiffness problems, because of neurological disorders such as Parkinson's disease, essential tremors, and dystonia. This treatment is usually recommended for patients who show no major improvement in their condition from conventional medication.
On the basis of application, the brain implant market is divided into Parkinson's disease, epilepsy, chronic pain, essential tremor, Alzheimer's disease, and depression. Amongst these, the chronic pain category dominated the market during the historical period (2015-2020), and it is predicted to retain its market lead during the forecast period. With the growing incidence of chronic pain because of cervical and lumbar radiculitis, neuropathy, and failed back surgery, the requirement for stimulators is surging. This is, in turn, predicted to propel the expansion of the chronic pain category in the market. As geriatric people usually suffer from neurological diseases, their growing population is propelling the growth of this category.
Browse detailed report with COVID-19 impact analysis on Brain Implant Market Research Report: By Type (Deep Brain Stimulation, Spinal Cord Stimulation, Vagus Nerve Stimulation), Application (Chronic Pain, Epilepsy, Parkinson's Disease, Depression, Essential Tremor, Alzheimer's Disease)- Global Industry Revenue Estimation and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/brain-implant-market-outlook
Globally, North America dominated the brain implant market in 2020, because of the booming geriatric population, rapid technological advancements, existence of several major industry players, and increasing number of product launches in the region. Further, the increasing incidence of neurological diseases and soaring investments being made in the development of brain implant devices are driving the growth of the market in the continent.
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Medtronic plc, Aleva Neurotherapeutics SA, Abbot Laboratories, Nevro Corporation, Inspire Medical Systems Inc., Synapse Biomedical Inc., NeuroPace Inc., and Boston Scientific Corporation are some of the major brain implant market players.
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