Is North America Dominating the Global Neural Implants Market?

18 January 2021

The global neural implants market is highly dynamic as end-users are understanding the clinical importance of neural implants than existing conventional therapies for treating neurological disorders. The neural implants segment represents a rapidly growing, new advanced category treatment devices that allow neurologically disabled people to perform day to day activities. The neural implant technology is highly innovative and expected to influence the existing treatment modalities of neuropathic disorders and chronic neuropathic pain. The emergence of technologically advance latest generation neural implants with improved patient comfort and convenience over the past few years is expected to boost the growth of the global neural implants market. Owing to the significant benefits of closed-loop neural implants, new players are entering the market by offering closed-loop SCS systems thereby, influencing the global neural implants market growth. Key players are dominating the global market with substantially greater financial, manufacturing, marketing, and technical resources that enable well-established brands, widespread distribution channels, broader product offerings as well as established customer base. The ranking and market shares are derived based on the respective company’s revenue, product offerings, availability of commercial neural implants, brand popularity, and market reach in different geographies. The rise in adoption of MR-conditional neural implants with widely available clinical data is expected to drive the growth of the global neural implants market.

Key Insights in the Global Neutral Implant Market Include:

  1. Increasing uptake of minimally invasive pain relief treatment is one of the key factors driving the growth of the global neural implants market.
  2. Based on product, the SCS segment accounted for the highest share of around 62% in 2019.
  3. Emergence of closed-loop neural implants is anticipated to drive the growth of the neural implants market.
  4. The chronic pain application segment accounted for an estimated share of around 64% in 2019.

Read: Neural Implants Market Global Outlook and Forecast 2020-2025

How is the Use of High-Frequency Neuromodulation Therapy Effective?

Compared to traditional SCS therapy that typically operates at 50−60 Hz, 10-kHz high-frequency therapy (HF10 therapy) can deliver spinal cord stimulation at a lower amplitude and a higher frequency waveform. The novel 10-kHz high-frequency therapy (HF10 therapy) was found to offer superior response rates and pain relief than traditional stimulation therapy in patients with back and leg pain. The modern paresthesia-free therapy offers notable benefits to patients in achieving significant and sustained pain relief without paresthesia, thereby enabling patients to avoid the uncomfortable shocking or jolting sensations, which are commonly associated with paresthesia, and removing a major barrier for many patients who may otherwise benefit from SCS treatment. Owing to the significant benefits of HF10 therapy, market players are developing paresthesia-free neural implants thus, accelerating the growth of the  neural implants market. Abbott, a key player in the global market, developed an SCS system that offers an alternate low-frequency waveform known as BurstDR. Medtronic is promoting a programming approach, Differential Target Multiplexed (DTM), that involves frequencies up to 1,200 Hz.

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North American Overview in the Neural Implants Market

North America is dominating the neural implants market owing to the high prevalence of neurological disorders and technological innovations in the neural/brain implant devices. In 2019, North America accounted for approximately 75% share of the global neural implants market. The availability of advanced healthcare infrastructure and constant technological innovations, and growing acceptance for technologically advanced neural implants are also accelerating the market growth in the region. The market players are focusing on developing innovative and advanced products that will offer improved treatment outcomes using neural implants. The continuation of product innovations and modifications to existing devices by leveraging the latest technological platforms are anticipated to bring more effective and safer neural implants. North America has the presence of large pool of patients which in turn, is expected to drive the neural implant market in the region.

Read: Digital X-ray Market Global Outlook and Forecast 2020-2025

FAQs about the Global Neural Implants Market:

Q. What is the market size of the global neural implants?

A. The global neural implants market is projected to reach revenues of over USD 7.2 billion by 2025.

Q. What is the market growth of global neural implants?

A. The global neural implants market is projected to grow at a CAGR of around 11% during the forecasted period.

Q. What is the global market segmentation of the global neural implants?

A. The neural implants market is segmented by product, end-users, application, and geography.

Q. What is the market insight of the neural implants?                                                                  

A. The WHO estimated, around 22% of the world’s primary care patients have chronic debilitating pain, which makes chronic pain a problem to be addressed by all HCPs.

Q. What are the major regions in the global neural implants?

A. The leading regions in neural implants market includes APAC, Europe, Latin America, North America, Middle East, and Africa.

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