Brain Implants Market Size, Share & Forecast | US$ 18 billion by 2032
Newly-released Brain Implants Market Size analysis report by Future Market Insights shows that global sales of Brain Implants Market in 2021 was held at US$ 5.1 Bn. With 12.3%, the projected market growth during 2022 – 2032 is expected to be slightly higher than the historical growth.
Revenue Of Brain Implants Market From 2017 To 2021 Compared To Demand Outlook For 2022 To 2032
As per the Global Brain Implants Market research by Future Market Insights – a market research and competitive intelligence provider, historically, from 2017 to 2021, market value of the Brain Implants Market increased at around 10.1% CAGR.
The key revenue drivers which affected the Brain Implants Market are increase in the awareness among individuals regarding mental health, lifestyle, rise in the number of various neurological ailments like depression, anxiety, chronic pain, epilepsy, Alzheimer’s, Parkinson’s, etc. In 2020, the chronic pain sector dominated the brain implant therapeutics market, accounting for 58.8 percent of total revenue.
Rising consciousness among the public, technological advancements like BCIs (Brain-Computer Interfaces), which are implanted into the brain and use microscopic electrodes to track the activity of neurons, boost the demand for advanced brain implants. With such a huge population belonging to the aging category, they are more prone to the diseases like Parkinson’s, leading to a high brain implants market demand.
Brain Implant treatment will continue to see rising trend in demand as they could be used as a source to relieve chronic pain and enhance body movements. And also, to improve the patient’s mobility, technologies for brain implants such as motor neuron prostheses, Brain Computer Interfaces and micro electrode arrays will be extensively used in the near future. Besides, brain implants for seizures is also expected to grow in the years to come.
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What Factors Are Propelling Brain Implants Demand?
The rising numbers of neurological ailments contributes to the growth of brain implant surgery. These disorders have heightened the clinical need for long term alternatives like spinal cord stimulators and deep brain stimulators. The emergence of stress related and obesity related depression is also rising all over the world.
Due to these reasons, advanced brain implants technologies have been shown to play a significant role in giving depression treatment options. These diseases fuel the growth of global market for brain implant.
The inception of Magnetic Resonance Imaging(MRI) and Neurowave Medical Technologies are expected to shape up the market. To increase the patient’s mobility, technologies such as motor neuron prostheses, Brain Computer Interfaces (BCI) and micro electrode arrays are used.
What Could Be The Most Serious Issue With Brain Implantation In The Future?
Americans are far more likely to voice reservations about implanting computer chips in human brains than to express enthusiasm for the notion. The brain implant chip manufacturers are also exerting their efforts to bring more technologically advanced solutions. And roughly twice of them have opinion that they would not be willing to utilize this technology among them as those who say they would.
Furthermore, adults in the United States are likewise more inclined to view this form of technology as morally undesirable, while many are unsure about the moral implications. There are significant variances in religious organizations’ perspectives on this technology. Americans with strong religious devotion, including those who believe in gene editing, are more inclined to perceive such a device as “meddling with nature.”
Which Region is projected to Offer the Largest Brain Implants Market Opportunity?
During the projection period, North American Brain Implants Market is predicted to be the leading market for Brain Implants. According to the reports presented by Alzheimer’s disease Facts and Figures, with the increase in the number of senior citizens in the United States, the number of new and current instances of Alzheimer’s disease will also surge.
Unless medical breakthroughs to prevent, halt, or cure Alzheimer’s disease are developed, the number of persons aged 65 and older with Alzheimer’s disease is expected to rise to 12.7 Mn by 2050.
In addition, a rise in government spending and programs on rising awareness of motion disorders are projected to boost demand for brain implant devices in the region. The Parkinson’s Foundation, for example, invested US$ 3.5 Mn in 2020 to sponsor over 34 Parkinson’s disease research initiatives. These factors are likely to increase the demand for brain implants in the region.
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Which Country Lies at the Centerstage for Brain Implants Market Revenue?
The United States is expected to account for the highest market of US$ 6.6 Bn by the end of 2032. Currently, the U.S. market is estimated at US$ 2 Mn.
This is due to several factors such as an increase in the incidence of neurological disorders, high awareness of various medical options, developed healthcare facilities and presence of well-virtuous physicians. It is proclaimed that brain implants has proved to provide the best treatment for depression in the U.S.
Why Deep Brain Stimulator is projected to Witness Fastest Growth among Brain Implants Product Type?
Market revenue through Deep Brain Stimulator is forecasted to grow at a CAGR of over 14.4% during 2022-32. The contributing factors for such growth are technological advancements like rechargeable implantable pulse generators, robot-assisted implantation, and a rise in the adoption of advanced Deep Brain Stimulator systems in healthcare units and neuro centers.
Market growth will also be stimulated due to the increase in the elderly population and innovative products in the future. However, the high cost of DBS (Deep Brain Stimulator) devices, restricted access to advanced therapy, and side effects may hamper the brain implant market dynamics during the projection period.
Market through which Disease is expected to Score Highest Growth in Revenue in the Coming Years?
Chronic Pain accounted for the highest revenue as well as a CAGR of around 13.4% for the demand for brain implants during the forecast period. Chronic pain is one of the core reasons as why individuals, mainly adults seek medical care. It hinders mobility, day to day activities, causes panic attacks and depressions and destroys lifestyle.
People suffering from chronic pain are more prone to have psychological disorders than those who do not experience it. According to research, 6%-35% of the individuals suffering from chronic pain also have comorbid anxiety illness, and almost 50% of patients have anxiety and depression symptoms.
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in brain implants market are focused on their alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their brain implant market share.
Some of the recent developments of key Neural Implants providers are as follows:
- In April 2022, the FDA approved brain stimulation software for use in Parkinson’s disease. Vercise Neural Navigator with Stimview XT will allow clinicians to visualize the lead placement and stimulation modelling, and is designed to provide patient-specific 3D modeling for therapeutic customization. The software is intended to aid in the placement of leads, minimise programming time, and allow for more informed treatment.
- In June 2021, Medtronic plc received FDA approval for its SenSight Directional Lead System, which is used for deep brain stimulation therapy.
- In March 2021, Abbott announced the launch of NeuroSphere Virtual Clinic. Deep brain stimulation patients can get programmed their devices and reset them remotely, from the comfort of their own homes, without travelling to a specialist, owing to a newly launched FDA-approved tool.
- In December 2019, Aleva Neurotherapeutics received CE approval for its Deep Brain Stimulation Devices and raised USD 8 Mn in private equity funding. Aleva’s ground-breaking DBS system uses directional electrode technology and is intended to be more precise and efficient, with tailored stimulation that may lessen side effects. The company claims that it is the only emerging technology company that has received the CE-Mark for Deep Brain Stimulation.
- In February 2019, Medtronic PLC released a ‘brain pacemaker’ device to help people with epilepsy. This device was somewhat similar to cardiac pacemaker. Brain Pacemaker was also approved by Food and Drugs Administration, U.S.
Similarly, recent developments related to companies in Brain Implants Market have been tracked by the team at Future Market Insights, which are available in the full report.
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Brain Implants Market Report Scope
Historical Data Available for
US$ Mn for Value
Key Regions Covered
North America, Latin America, Europe, Asia Pacific, Middle East & Africa
Key Countries Covered
United States, Canada, Brazil, Mexico, Germany, U.K., France, Spain, Italy, Russia, China, Japan, South Korea, India, Australia, South Africa, Saudi Arabia, UAE and Israel.
Key Market Segments Covered
Product Type, Application, Region
Key Companies Profiled
Aleva Neurotherapeutics SA
Synapse Biomedical Incorporation
Boston Scientific Corporation
Edwards Lifesciences Corporation
Brain Implants Market Segmentation
By Product Type:
- Deep Brain Stimulator
- Spinal Cord Stimulator
- Vagus Nerve Stimulator
- Brain Implant for Chronic Pain
- Brain Implant for Epilepsy
- Deep Brain Simulation for Parkinson’s Disease
- Brain Implant for Depression
- Brain Implant for Essential tremor
- Brain Implant for Alzheimer’s Disease
- North America
- Latin America
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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