Brain Implants Market

Brain Implant is an electronic system that enables communication between the brain and electronic devices thus permitting brain activity to be modified, recorded, and translated for the manipulation of devices such as a computer cursor or a robotic arm.

The increasing incidence of neurological disorders such as Parkinson’s, Alzheimer’s, epilepsy, depression, and essential tremors is one of the key trends contributing to the growth of the brain implants market. Additionally, the growing geriatric population is stimulating market growth as aged people are more prone to neurological disorders. Furthermore, the market is expected to witness lucrative growth due to growing technological advancements.

However, the high cost of products and low adoption rates in developing and underdeveloped regions are hampering the growth of the market.

The market is expected to witness a profitable growth owing to the rise in neurological disorders such as Parkinson’s, Alzheimer’s, epilepsy, depression, and essential tremors. As per the statistics of WHO in 2017, around 50 million people all over the world were affected with epilepsy. Additionally, Alzheimer's Research UK stated that over 46.8 million people worldwide were affected with dementia in 2015 and was expected to reach 50 million patients in 2017. Moreover, this number would double every 20 years, reaching 75 million by 2030 and 131.5 million by 2050.

Furthermore, Alzheimer's Disease International reported the total worldwide cost of dementia to be USD 818 billion in 2015, which represents 1.09% of the global GDP. Additionally, the cost is likely to rise to USD 1 trillion.

These huge prevalence of neurological disorders among the population and rising healthcare expenditure about dementia are driving the growth of brain implants market.

Developing economies pose an opportunity for various markets as they have undeveloped research and development sectors owing to which they are unable to address upcoming health challenges. In spite of huge demand, the African region is dependent on imported medicines and other health technologies. Although there is a high requirement of treatment, poor economic conditions lead to the slow growth of the healthcare industry within the African region. As per the statistics of WHO in 2017, around 80% of the population affected with epilepsy lived in low- and middle-income countries. According to the Alzheimer's Research UK, 58% of all the people with dementia live in lower-middle-income countries. This would rise to 68% by 2050. This huge population affected with neurological disorders in developing countries serves as a strong opportunity for the brain implants market.

High level of regulatory compliance standards set by regulatory agencies to minimize the risk has led to difficulty in approving different products based on different technologies. Government bodies such as the Food and Drug Administration (FDA) and CE impose stringent regulatory compliance standards to minimize the incidents of false treatments. Although regulatory compliance standards help the market to get quality products but restrict the players from meeting specifications set by regulatory bodies. High-risk devices such as implants pose the highest level of regulatory standards.

These strict policies create a problem for market players to introduce advanced technology in the market, which will eventually hamper the market.