Global Brain Implants Market By Product Type, By Application, By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Brain Implants Market Overview

In 2021, the market for brain implants was estimated to be worth USD 4.55 billion. It is anticipated to expand between 2023 and 2032 at a compound annual rate of 9.85%. The market is expanding since neurological disorders including Parkinson’s disease, Alzheimer’s disease, and epilepsy are becoming more prevalent. Additionally, there are encouraging scientific findings and more people are aware of brain implants.

This market report covers key major factors such as brain implants market size, share, growth, segmentation, key trends, and other key factors.

Global Brain Implants Market Scope:

Product Analysis

Deep brain stimulators dominated the market for brain implant sales and held the largest revenue share at 38.1% in 2021. This is due to their use in neurological disorders. This segment is seeing a significant growth driver because of the increasing use of DBS to treat various neurological disorders such as Parkinson’s disease, obsessive-compulsive disorder, and epilepsy. This segment is expected to grow due to increased awareness among patients about the treatment of neurological movement disorders. The vagus nerve stimulator segment will grow at a compound annual growth rate of 10% between 2023 to 2032. This is due to its applications in treating various disorders like anxiety, and migraines. It is used primarily to send electrical impulses to the vagus nerve. The quality of therapy is also being improved by product launches that use advanced technology. GammaCore, a non-invasive vagus nerve stimulation therapy treatment product by NeuroScience was launched. This will likely also boost the market growth.

Application Analysis

In 2021, the market for brain implant sales was dominated by the chronic pain segment. It accounted for 59.3% of the total revenue. Chronic pain is on the rise, making it urgent to find long-term solutions. According to the National Health Interview Survey, chronic pain prevalence was approximately 21% among Americans, and 8.6% had high-impact chronic symptoms in the United States. Stimulators can be used when chronic neck and back pain is not being relieved by surgery or other treatments. Stimulators are in high demand due to increasing chronic pain from conditions like lumbar and cervical radiculitis, failed back surgeries, and neuropathy. This will fuel the demand for brain implants.

The highest CAGR for the Parkinson’s disease segment will be 10.6% between 2023 to 2032. This is due to an increasing number of geriatrics who are more susceptible to the burden of diseases such as Parkinson’s or Alzheimer’s. The UN Department of Economic and Social Affairs estimates that the current global population stands at 7.7 billion. This number is projected to rise to 9.7 billion by 2050. Thus, segment growth is supported during the forecast period.

Кеу Маrkеt Ѕеgmеntѕ

Detailed segmentation is given on the basis of Product and Application.

By Product

• Spinal Cord Stimulator
• Deep Brain Stimulator
• Vagus Nerve Stimulator

By Application

• Chronic Pain
• Parkinson’s Disease
• Epilepsy
• Depression
• Alzheimer’s Disease
• Essential Tremor

Market Dynamics:

Market drivers include the increasing incidence of neurological disorders. According to the WHO, neurological disorders account for 7% of the world’s disease burden. They are also one of the leading causes of death worldwide. This is why there are 13.7% of deaths in high-income countries, and 17% in lower- and middle-income countries. There is a clinical need for long-term solutions like deep brain stimulators and spinal cord stimulators. Globally, obesity-induced depression and stress are on the rise. According to the National Institute of Mental Health, 16.2 million Americans experienced at least one major depressive episode. Brain implants have been shown to be a key component in the provision of therapeutic solutions for depression. Market growth is expected to be driven by an increase in the incidence of these diseases during the forecast period.

The acceptance of brain implants has increased due to the increasing number of target diseases such as Parkinson’s, epilepsy, and Alzheimer’s and the high unmet medical need. A growing population of older people is more susceptible to Parkinson’s disease. Parkinson’s disease is characterized by a lack of dopamine release in the brain. This can lead to stiffness, walking problems, tremors, and other symptoms.

Technology such as motor neuron prostheses and microelectrode arrays as well as Brain Computer Interfaces offer benefits like improved patient mobility. This advancement acts as a high-impact-rendering driver for the market. Smart neural chips, which improve the wireless transmission of brain signals to fingers and hands with approximately 95% accuracy, are expected to increase the demand for brain implants in the forecast period.

The U.S., Canada, and other countries have seen a high rate of movement disorders and psychiatric disorders. This has been accompanied by an increase in the geriatric population. The demand for brain implants will be driven by increased government funding and awareness campaigns about movement disorders. In 2020, the Parkinson’s Foundation spent US$ 3.5 million to fund 34 research projects related to Parkinson’s disease. Epilepsy Canada estimates that 0.6% of Canadians are affected by epilepsy. Around 15,500 people are diagnosed with epilepsy each year. According to the Canadian Psychological Association, about 2% of people suffer from obsessive-compulsive disorder. These factors will likely increase the demand for brain implants within these countries.

The market for brain implants will also benefit from the growing number of technological breakthroughs that are being made possible by research. The market will benefit from self-charging memory chips and memory implants that are expected to offer market opportunities. Andersen Lab, for example, has conducted research on cognitive signals in Post Parietal Cortex for decoding target positions for motions. Control of the device is possible by using signals from the cortex. These devices have potential benefits, including better postoperative outcomes and long-term efficacy. This will help to drive market growth. These factors will drive demand for brain implants.

Both patients who have already had DBS surgery, as well as those who have been scheduled for it, have felt the impact of the lockdown and restrictions. DBS, or brain implant surgery, is an elective procedure that can be performed in many hospitals. The restrictions were lifted and patients were advised to keep their current optimized dose regimen. Surgery was performed as soon as possible. The COVID-19 outbreak has slowed market growth by reducing demand for brain implants.

Regional Analysis:

North America was the dominant market for brain implants in 2021, accounting for 43.2% of the total revenue. The dominance of North America can be attributed to several factors, including an increase in neurological disorders, increased awareness about treatments, well-established healthcare facilities, highly skilled doctors, and the availability of skilled physicians. The region will see a rise in government funding and awareness campaigns about movement disorders. In 2020, the Parkinson’s Foundation spent US$ 3.5 million to finance 34 research projects related to Parkinson’s disease. These factors will likely increase the demand for brain implants in this region.

The Asia Pacific will continue to lead the market from 2023-2032. This is due to several factors, including the increasing prevalence of neurodegenerative disorders and psychiatric disorders and the unmet need to find long-term, effective treatment options. There are also rising awareness programs and affordability. The region’s brain implant market is expected to see significant growth due to the increasing awareness of brain implants by neurosurgeons, neurology clinics, and other medical professionals. The market is driven by high R&D investment by global market players due to its low-cost structure.

Detailed analysis of key regions including country level from North America, Europe, Asia Pacific, South America, and Middle East Asia.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Companies in this sector are focused on developing cost-effective and technologically advanced brain implant technologies. Market leaders invest heavily in research to develop advanced brain implant technologies. This market will see lucrative growth opportunities as a result of the introduction and marketing of new products. Abbott, for example, received approval from the U.S. FDA for its Proclaim XR SCS system for chronic pain management. The system works by using low doses of electrical pulses to extend the battery life of the system for up to ten years.

Synapse Biomedical Inc. and NeuroPace, Inc. are also emerging players that can be considered market innovators. These competitors offer products that are competitive in price and functionality as well as technologically advanced. These companies invest in both research and development as well as product marketing events. OrbiMed Advisors, KCK Groups, and NeuroPace, Inc. led a USD 74 million funding round. This funding will be used to support the company’s continued efforts to expand and commercialize its FDA-approved DBS product NeuroPace RNS, as well as its ongoing efforts to increase sales of the NeuroPace RNS.

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Prominent players included in this report are,

• Medtronic
• NeuroPace Inc.
• Boston Scientific Corporation
• Nevro Corporation
• Jude Medical (Abbott)
• Synapse Biomedical Inc.
• Aleva Neurotherapeutics SA
• NDI Medical PLC
• Synchron Inc
• Other Key Players

These are the major companies in the brain implant market.

For the Brain Implants Market research study, the following years have been considered to estimate the market size: