Brain Implants Market Size - By Type (Deep Brain Stimulators, Spinal Cord Stimulators, Vagus Nerve Stimulators), By Application (Chronic Pain, Epilepsy, Parkinson’s Disease, Depression, Essential Tremor, Alzheimer’s Disease), By End-use (Hospitals, Specialty Clinics) – Global Forecast to 2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationBrain Implants Market Size - By Type (Deep Brain Stimulators, Spinal Cord Stimulators, Vagus Nerve Stimulators), By Application (Chronic Pain, Epilepsy, Parkinson’s Disease, Depression, Essential Tremor, Alzheimer’s Disease), By End-use (Hospitals, Specialty Clinics) – Global Forecast to 2032
Brain Implants Market Size
Brain Implants Market size was valued at over USD 5.1 billion in 2023 and is projected to grow at a CAGR of 9% from 2024 to 2032. Brain implants, also known as neural implants or neuroprosthetics, are medical devices that are surgically implanted into the brain to restore or enhance brain function. These implants can interface with the brain's neural circuits to stimulate or record neural activity. The prevalence of neurological disorders has been on the rise in recent years.
As the global population ages, the prevalence of neurological disorders, such as Alzheimer's disease, Parkinson's disease, and stroke, increases. Age is a significant risk factor for varied neurological conditions, and with longer life expectancies, more people are living to an age where they are more likely to be susceptible to these disorders. Thus, the growing prevalence of neurological disorders increases the demand for brain implants among the geriatric population base.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Brain Implants Market Size in 2023 | USD 5.1 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 9% |
| 2032 Value Projection | USD 10.9 Billion |
| Historical Data for | 2018 to 2023 |
| No. of Pages | 100 |
| Tables, Charts & Figures | 202 |
| Segments covered | Type, Application, End-use, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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Furthermore, the rising demand for minimally invasive neurological procedures owing to the surge in the prevalence of neurological disorders. For instance, according to the World Health Organization (WHO), neurological illnesses are one of the leading causes of death worldwide, accounting for 13.2% of fatalities in affluent nations and 16.8% in low- and middle-income nations. Additionally, they also contribute 6.3% to the global disease burden. This has led to clinical urgency for the implementation of long-term solutions such as spinal cord stimulators and deep brain stimulators.
COVID-19 Impact
The COVID-19 pandemic threw a wrench into the plans for many surgeries and medical procedures. This had a big impact on how fast the healthcare market was growing. A study published in 2021 found that people with Parkinson's disease were more likely to get the virus. It also showed that a large number of Parkinson's patients who were getting brain surgery had COVID-19. This shows that COVID-19 patients are more at risk of having brain problems while they're in the hospital. The strict rules and restrictions put in place to stop the virus from spreading also made it harder for people with brain problems to get help. This led to a lot of stress and made it harder for people to manage their conditions. As a result, there was a growing need for places where people with neurological problems could go for help without having to go to the hospital.
Brain implants Market Trends
The market is anticipated to be driven by the introduction of cutting-edge technologies such as Medtronic's MRI-safe brain implants and Neurowave Medical Technologies' transdermal neuromodulation technology. Additionally, technology including brain computer interfaces (BCIs), microelectrode arrays, and motor neuron prosthesis have advantages in enhanced patient mobility profiles. For instance, smart neural microchips strengthen the wireless transfer of brain signals into hands and fingers with approximately 95% precision.
Brain Implants Market Analysis
Hey there! Let's talk about brain implants. They come in three main typesdeep brain stimulators, spinal cord stimulators, and vagus nerve stimulators. Deep brain stimulators (DBS) are like little electrical pacemakers for your brain. They help control brain activity in specific areas, which can be really helpful for treating stuff like obsessive-compulsive disorder, epilepsy, and Parkinson's disease. In 2022, DBS implants were the biggest earners, bringing in over a billion dollars. And they're only expected to grow even more, reaching over $4 billion by 2032. That's because DBS is becoming more popular as a way to treat a wider range of brain conditions.
Imagine you're experiencing persistent, debilitating pain that traditional treatments haven't been able to alleviate. In recent years, brain implants have emerged as a promising solution for managing chronic pain. This cutting-edge technology involves surgically placing tiny devices into your brain to monitor and manipulate neural activity. By targeting specific brain areas involved in pain perception, brain implants can effectively modulate pain signals and provide long-term relief. Researchers have found that brain implants are particularly beneficial for conditions involving nerve damage or abnormal neural signaling, such as failed back surgery syndrome, complex regional pain syndrome, and phantom limb pain. By addressing these underlying causes of chronic pain, brain implants offer hope for millions of people who have been suffering for far too long.
The brain implants market is segmented by end-use into hospitals, specialty clinics, and others. Hospitals segment dominated the industry accounting for more than 60% market share in 2022 and is estimated to witness USD 6 billion by 2032. Hospitals that offer brain implant procedures have specialized surgical facilities equipped with advanced imaging technology, such as MRI or CT scanners. These imaging tools help guide the placement of the implants precisely within the brain.
U.S. brain implants market accounted for more than USD 1 billion in 2022.The growth is majorly attributable to increase in the frequency of neurological disorders, the presence of highly skilled medical professionals, a better understanding of available treatments, and established healthcare facilities. Additionally, it is anticipated that increased government funding and campaigns to improve awareness of movement disorders. For instance, in 2020, the Parkinson's Foundation invested approximately USD 3.5 million to support over 34 Parkinson's disease research initiatives.
Brain implants Market Share
Some of the notable key brain implants market players operating in the brain implants industry include
- Boston Scientific Corporation
- Abbott (ST. JUDE MEDICAL INC)
- Medtronic
- Synchron Inc
- Renishaw PLC
- ALEVA NEUROTHERAPEUTICS SA
- NEVRO CORP.
- Neuralink
- LivaNova PLC
- MicroTransponder Inc
Brain Implants Industry News
- In July 2022, Synchron performed the first human-brain-computer interface (BCI) implant process in the U.S. This treatment is the first to use an endovascular BCI approach in the U.S. and marks a key technological breakthrough for scalable BCI devices because it does not involve invasive open-brain surgery. Such initiative offers competitive edge to the firm in the significant market.
Brain implants market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments
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By Type (USD Million)
- Deep brain stimulators
- Spinal cord stimulators
- Vagus nerve stimulators
By Application (USD Million)
- Chronic pain
- Epilepsy
- Parkinson’s disease
- Depression
- Essential tremor
- Alzheimer’s disease
By End-use (USD Million)
- Hospitals
- Specialty clinics
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Poland
- Switzerland
- Norway
- Finland
- Sweden
- Denmark
- The Netherlands
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Taiwan
- Indonesia
- Vietnam
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
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