In a recently published report, Global Brain Implants Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Brain Implants Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global Brain Implants Market is valued approximately at USD 4.2 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 9.1% over the forecast period 2020-2027. Brain implants are a set of neural network implants that linked to the brain’s cortex utilizing electronic devices, which are mainly used essentially to reflex, record, cover up, and promote the five senses of the patient’s body. Numerous clinical trials are still ongoing in analysis of brain activity of animals through using brain implant technology, and in humans, sometimes they are attached to computer chips to carry out brain analysis, such as electroencephalogram (EEG). Clinical trials on clinical depression or Parkinson’s disease are also creating significant developments by encouraging the brain functions and relax the patient’s mind, which significantly contributes towards strengthening the adoption of brain implants across the globe. Moreover, the rise in prevalence of neurological diseases such as Alzheimer, Parkinson etc. on account of growing aging population, coupled with the advent of sophisticated technologies such as MRI safety-enabled brain implants are few factors responsible for the high CAGR of the market during the forecast period.
According to the Alzheimer’s Association, in 2019, there were 5.8 million Americans of all age group are living with Alzheimer’s dementia and it is projected to grow to almost 14 million by 2050. Similarly, as per the report of Global Burden of Disease 2015, the global burden of Parkinson’s is to be almost 6.2 million in 2015 and this estimation is projected to reach almost 13 million people with Parkinson’s by 2040. This, in turn, is likely to strengthen the demand for Brain Implants, thereby contributing to the market growth around the world. However, the high cost of brain implants devices is one of the major factors that inhibits the market growth over the forecast period of 2020-2027.
The regional analysis of the global Brain Implants market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising government support and funding for raising awareness regarding neurological disorders, along with the large presence of market vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rise in prevalence of neurological diseases, particularly Parkinson and epilepsy, coupled with rapidly growing healthcare infrastructure in the developing nations, such as China and India, are the few factors creating a lucrative opportunity for the growth of the brain implants market in the Asia-Pacific region.
Major market player included in this report are:
Boston Scientific Corporation
Abbott Laboratories
Medtronic plc
Nevro Corp.
NeuroPace, Inc.
Synapse Biomedical Inc.
Aleva Neurotherapeutics SA
Cochlear Ltd.
Terumo Corporation
Edwards Lifesciences Corporation
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product:
Deep Brain Stimulators
Spinal Cord Stimulators
Vagus Nerve Stimulators
By Application:
Chronic Pain
Epilepsy
Parkinson’s Disease
Depression
Essential Tremor
Alzheimer’s Disease
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Brain Implants Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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