Global Neural Implants Market 2021-2027

Global Neural Implants Market Size, Share & Trends Analysis Report by Product (Deep Brain Stimulation (DCS), Spinal Cord Stimulation (SCS), and Vagus Nerve Stimulation (VNS)), by Application (Chronic Pain, Epilepsy, Parkinson's Disease (PD), and Others (Depression and Other Movement Disorders)), and by End-user (Hospitals, Outpatient Surgery Centers, and Specialized Neurological Centers (SNCs)) Forecast Period (2021-2027).

The global neural implants market is anticipated to grow at a rapid rate of 8.8% during the forecast period. Neural implants are a specific kind of neural device placed on the surface or on the brain's cortex that creates an interface between the nervous system and microchips to treat damaged parts of the brain or to enhance the brain's functionality. Several advanced technologies have been developed by humans over the past few decades that produced major improvements in the quality of life. For instance, neural implants are the advanced and latest technical systems or devices that communicate with the nervous system. There are several advantages of using neural implants, which include the enhancement of memory and senses. 

Further, with the help of neural implant devices, it has become possible to record native neural activity that enables researchers to observe the patterns by which healthy neural circuits communicate. In addition, neural implants can send electric pulses to neurons, overriding native firing patterns and forcing the neurons to communicate differently. The interventions with neural implants can also be referred to as neuromodulation, electroceuticals, or bioelectronics and have the potential to become tremendously powerful medical tools. 

The neural implants market is segmented based on product, application, and end-user. Based on the product, the neural implants market is segmented into deep brain stimulation (DCS), spinal cord stimulation (SCS), and vagus nerve stimulation (VNS). Based on application, the market is classified into Chronic Pain, Epilepsy, Parkinson's Disease (PD), and others (depression and other movement disorders). Based on end-user, the market is segmented into hospitals, outpatient surgery centers, and specialized neurological centers (SNCs). 

Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2020, North America dominated the neural implants market with the highest market share owing to the rise in the number of PD, chronic pain, epilepsy, and other patient pool coupled with the necessity to treat the diseases with advanced procedures. Europe was the second-largest market for neural implants in 2020. The presence of prominent market players, better disease awareness, high healthcare spending are the primary factors for the significant market share in this region. Germany, France, the UK, Italy, and Spain are the major revenue contributors to this region.

Lastly, vendors, especially global players, are increasingly focusing on pursuing organic growth strategies such as product innovations, launching companies to expand their presence, enhance product portfolio, and improve expertise in the market. Such initiatives will complement vendors' growth strategies and will gain traction among end-users in the market. Market players have also been involved in M&A and commercial partnership activities. Such strategies provide significant opportunities to both parties involved in terms of advancements in the respective product portfolio, market expansion, and penetration in existing and new markets, and help to gain market share in a quick time. For instance, key players, including Medtronic, Abbott, became major players in the neural implants market through the acquisitions of Sapiens and St. Jude Medical, respectively.

Research Methodology

The market study of the global neural implants market is incorporated by extensive primary and secondary research.  Secondary research has been conducted to refine the available data to break down the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. Global Neural Implants Market Research and Analysis by Product
2. Global Neural Implants Market Research and Analysis by Application
3. Global Neural Implants Market Research and Analysis by End-User

The Report Covers

• Comprehensive Research Methodology of the global neural implants market.
• This report also includes a detailed and extensive market overview with the key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global neural implants market.
• Insights about market determinants which are stimulating the global neural implants market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.