Brain Implants Market - An Overview
Brain implants or neural implants can be segmented as vagus nerve stimulator (VNS), deep brain stimulator (DBS) and spinal cord stimulator (SCS). Vagus nerve stimulator (VNS) helps to treat certain type of brain disorders such as treatment-resistant depression and epilepsy. Vagus nerve stimulators received the U.S. FDA approval in 1997 as a treatment option for partial-onset epilepsy. Spinal cord stimulators (SCS) help exert electrical signals to spinal cord. Spinal cord stimulators help in treating various chronic pains by blocking the signals of pain to the brain.
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Deep brain stimulators (DBS) also known as brain pacemakers, are medical devices that send electrical impulses to specific parts of brain through implanted electrodes. FDA has approved the utilization of deep brain stimulators (DBS) in 1997 as a treatment option for Parkinson’s disease. DBS also help in treating dystonia, depression, obsessive compulsive disorder (OCD) and essential tremor.
Owing to rising incidences of Parkinson’s disease, the market for brain implants is poised to grow at a noteworthy CAGR during the forecast period 2014 to 2020. According to the Parkinson’s Disease Foundation (PDF), more than 1 million of Americans live with Parkinson’s disease every year. It has also estimated that every year around 60,000 Americans are diagnosed with Parkinson's disease. PDF has estimated that around 10 million people are suffering from Parkinson's disease globally and this number is expected to boom in near future. Hence, increasing number of people suffering from Parkinson's disease is likely to increase demand for deep brain stimulators and in turn will propel the growth of overall brain implants market. Likewise, increasing number of patients suffering from obsessive compulsive disorder will also augment the growth of brain stimulators market.
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According to International OCD Foundation, in 2012, nearly 2 to 3 million adults suffered from obsessive compulsive disorder (OCD) in the U.S. In addition, approximately 2.3% of the global population suffers from OCD every year and has been estimated that this number is expected to increase during the forecast period. Moreover, increasing adoption for such technologies by patients as well as by physicians will also support the growth of brain implants market.
North America accounted for the largest share by revenue in 2013 and is likely to grow at a steady CAGR during the study period. This is due to the presence of a large number of manufacturers of brain implants in the region coupled with high disposable income of the population that increases their affordability for the uptake of brain implants. Europe accounted for the second largest share of the global brain implants market. Improving reimbursement scenario in the countries such as China and India is expected to propel the growth of brain implants market in Asia-Pacific region at the highest CAGR. Increasing disposable income will further augment the growth of brain implants market.
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Some of the major players operating in the brain implants market include Boston Scientific Corporation, St Jude Medical, Inc., MEDTRONIC, Inc., Aleva Neurotherapeutics SA and Sapiens Neuro amongst other significant players.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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