Neural Implants Market - Global Outlook and Forecast 2020-2025

INDUSTRY INSIGHTS

The global neural implants or brain implants market size to cross over USD 7.2 billion by 2025, growing at a CAGR of close to 11% during the forecast period. 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.

With the outbreak of the COVID-19 pandemic, the global neural implants market witnessed a decline in demand in the first quarter of 2020. Many non-critical surgeries are postponed or delayed in the virus affected countries as most HCPs have been redeployed to critical departments to tackle the pandemic. Further, the utilization of neuromodulation procedures with neural implants is likely to decline in 2020 as the number of surgical procedures is estimated to decrease in the short term, therefore delaying the new purchase of these devices until the COVID-19 pandemic subsides.

SNIPPETS

• The global neural implants market will witness double-digit growth during the forecast period due to the high prevalence of neurological diseases and the availability of the latest generation devices across the globe.
• The increasing preference for MR-conditional brain implants is one of the key driving factors for the global neural implants market's growth.
• The growing focus on developing paresthesia-free brain implants is likely to drive industry growth.
• North America is expected to dominate the industry; however, APAC is expected to witness the highest growth rate over the forecast period with over 13%.

GLOBAL NEURAL IMPLANTS MARKET SEGMENTATION

This research report includes a detailed segmentation by

• Product
• End-users
• Application
• Geography

INSIGHTS BY PRODUCT

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 deep brain stimulation (DBS) segment is expected to grow at a CAGR of close to 10% during 2019–2025. DBS is an effective treatment for common movement disorders and has been effective in modulating neural activity by delivering electrical stimulation to key brain structures. The long-term efficacy of stimulation in treating disorders dystonia, and essential tremors, has encouraged the application to a wide range of neurological and psychiatric conditions.

INSIGHTS BY APPLICATION

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, the Parkinson's disease (PD) segment accounted for 20% of the market share. The growing geriatric population worldwide is one of the key factors placing more adults at risk of PD.

INSIGHTS BY END-USERS

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.

The specialized neurological center segment will grow because of the availability of sophisticated infrastructure related to the diagnosis and treatment of neurological disorders in specialized neurological centers.

INSIGHTS BY GEOGRAPHY

The North America neural implants market will reach over USD 5 billion by 2025. The industry is expected to witness lucrative growth during the forecast period due to the rising technological advancements that influence the uptake of easy-to-use medical devices. The increased healthcare spending is further leading to the neural implants market growth in the region. The region is the single largest market for brain implants, becoming strategically important for several prominent market players such as Medtronic, Abbott, Boston Scientific, and others. Therefore, North America is witnessing a substantial number of product approvals over several years. The region is characterized by high penetration of advanced treatment solutions for neurological diseases. With favorable patient demography and the aging population, the region offers tremendous growth opportunities. Thereby the brain implants market is expected to continue to grow during the forecast period.

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.

The global neural implants market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:

By Product

• F&B Spinal Cord Stimulation (SCS)
• Deep Brain Stimulation (DBS)
• Vagus Nerve Stimulation (VNS)

By Application

• Chronic Pain
• Parkinson’s Disease (PD)
• Epilepsy
• others

By End-user

• Hospitals
• Specialized Neurological Centers (SNCs)
• Outpatient Surgery Centers

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