In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Neural Implants Market Report. The neural implants market by revenue is expected to grow at a CAGR of ?11% during the period 2020–2025.
New York, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Neural Implants Market - Global Outlook and Forecast 2020-2025" - https://www.reportlinker.com/p05982543/?utm_source=GNW
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.
The following factors are likely to contribute to the growth of the neural implants market during the forecast period:
• The emergence of Latest Generation Neural Implants
• Promising Rise of Investigational Devices
• Growing Popularity of MR-conditional Neural Implants
The study considers the present scenario of the neural implants market and its market dynamics for the period 2019?2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
Global Neural Implants Market Segmentation
This research report includes a detailed segmentation by product, end-users, application, geography. 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 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, 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.
• GTX Medical
• SetPoint Medical
• F&B Spinal Cord Stimulation (SCS)
• Deep Brain Stimulation (DBS)
• Vagus Nerve Stimulation (VNS)
• Chronic Pain
• Parkinson’s Disease (PD)
• Specialized Neurological Centers (SNCs)
• Outpatient Surgery 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.
• North America
o South Korea
• Latin America
• Middle East & Africa
o Saudi Arabia
o South Africa
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.
• Boston Scientific
Other Prominent Vendors
• Aleva Neurotherapeutics
• Beijing PINS Medical
• Nalu Medical
• Saluda Medical
• GTX Medical
• SetPoint Medical
KEY QUESTIONS ANSWERED
1. What is the neural implants market size and growth rate during the forecast period?
2. What are the factors affecting the industry growth?
3. What is the growth of APAC neural implants market during the forecast period?
4. Who are the leading vendors in the global neural implants market?
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