[250 Pages Report] Global brain implants market worth is expected to rise at a CAGR of 12.3% to USD 18 Billion by 2032, supported by:
Globally, there were approximately 308,102 cases reported of brain and nervous system cancer in 2020, according to statistics from GLOBOCAN 2020. Manifestations for cranial abnormalities include trauma, malignant tumours, external decompression of intracranial hypertension, and congenital deformities. The rise in such disorders has presented new opportunities for the brain implant market players that can be instrumental for the further development of the technology and its adoption.
| Attributes | Details |
|---|---|
| Brain Implants Market CAGR (2022 - 2032) | 12.3% |
| Brain Implants Market Size (2022) | USD 5.7 Billion |
| Brain Implants Market Size (2032) | USD 18 Billion |
| USA Market CAGR (2022 - 2032) | 12.6% |
| Key Companies Covered | Abbott Laboratories; Medtronic PLC; NeuroPace Incorporation; Nevro Corporation; Aleva Neurotherapeutics SA; Synapse Biomedical Incorporation; Boston Scientific Corporation; Sapiens Neuro; Edwards Lifesciences Corporation |
Though the increase in the population of older people is the major reason for the deployment of brain implants, in recent years, children have been observed in need of this technology in higher amounts. One of the most prevalent birth defects in infants, craniosynostosis, which often manifests during the infancy or first year of life, is what needs to be properly monitored and is achieved by brain implants.
Additionally, regenerative medicine improvements are being supported by the adoption of technological developments like computer-aided design and 3D printed products. Today, patient-specific implants made from a range of polymer, ceramic, or metal components may be 3D printed, which has substantially brought down the manufacturing cost of microchips.
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Key players are focussing on marketing the implants that can be customized according to the patient's anatomy and have benefits, including offering exactly restored shapes, which produce superior cosmetic outcomes. This is crucial for addressing the major flaws in particular and is anticipated to generate higher demand for brain implants in the coming years. Secondly, because insertion of the implant takes less time with tailored implants, operating room time is reduced and is expected to provide some better brain implant market opportunities.
The very first human brain-computer interface (BCI) implantation in the United States was announced by Synchron in July 2022. This method, which is the first to use an endovascular BCI approach and does not necessitate invasive open-brain surgery, marks a key technological milestone for scalable BCI devices. As the United States is the country with the most demand for brain implants any advancement in this sector is expected to be a major success in this region and become a lucrative opportunity for the market participants in the following years.
Clinical studies of implanting brain chips in people to enable thought-to-thought communication with computers were launched by Elon Musk's Neuralink in January 2022. This development is poised to be a watershed movement for all the brain implants market players, as a substantial amount of money has already been invested for this purpose. However, this technology is yet to be marketed, giving some leeway for smaller players involved in the brain implants business to promote the conventional technology.
Until now, the massive prices of implantation and procedures involved in it have restricted the growth of the market in third-world economies. Moreover, the danger involved with surgical operations and the lack of the necessary healthcare infrastructure and qualified experts in emerging nations may, however, prove to be major growth barriers for the market for brain or cranial implants.
Also, after sensing the necessity for regular maintenance of implanted chips and recognizing any side-effects arising therein, many prominent brain implants market players have come up with new models of business by integrating services for it. And the new start-ups that have entered the market recently are also vying to capitalize on this particular front of the global brain implants market.
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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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.
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."
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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 USD 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.
The United States is expected to account for the highest market of USD 6.6 Bn by the end of 2032. Currently, the U.S. market is estimated at USD 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 USA
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.
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:
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.
| Attribute | Details |
|---|---|
| Forecast Period | 2022-2032 |
| Historical Data Available for | 2017-2021 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, UK, 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 | Abbott Laboratories; Medtronic PLC; NeuroPace Incorporation; Nevro Corporation; Aleva Neurotherapeutics SA; Synapse Biomedical Incorporation; Boston Scientific Corporation; Sapiens Neuro; Edwards Lifesciences Corporation |
| Pricing | Available upon Request |
The global Brain Implants Market is worth more than USD 5.1 Billion at present.
The value of Brain Implants Market is projected to increase at a CAGR of around 12.3% during 2022 to 2032.
The value of Brain Implants Market increased at a CAGR of around 10.1% during 2017 to 2021.
The demand for stimulation devices has increased tremendously. The global demand for brain implants is being fueled by a considerable increase in the ageing populations and the resulting age-related neurological illnesses.
The growth of the market for Brain Implants in China is projected to expand at a CAGR of around 13.8% during 2022 to 2032.
While the market in South Korea is expected to grow at nearly 16%, the market in Japan is projected to register a CAGR of nearly 16.1% during 2022 to 2032.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017-2021 and Forecast, 2022-2032 5. Global Market Analysis 2017-2021 and Forecast 2022-2032, By Product Type 5.1. Deep Brain Stimulator 5.2. Spinal Cord Stimulator 5.3. Vagus Nerve Stimulator 6. Global Market Analysis 2017-2021 and Forecast 2022-2032, By Application 6.1. Chronic Pain 6.2. Epilepsy 6.3. Parkinson’s Disease 6.4. Depression 6.5. Essential Tremor 6.6. Alzheimer’s Disease 7. Global Market Analysis 2017-2021 and Forecast 2022-2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa 8. North America Market Analysis 2017-2021 and Forecast 2022-2032, By Country 9. Latin America Market Analysis 2017-2021 and Forecast 2022-2032, By Country 10. Europe Market Analysis 2017-2021 and Forecast 2022-2032, By Country 11. Asia Pacific Market Analysis 2017-2021 and Forecast 2022-2032, By Country 12. Middle East and Africa Market Analysis 2017-2021 and Forecast 2022-2032, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Abbott 15.2. Medtronic 15.3. Neuropace 15.4. Nevro Corp. 15.5. Aleva Neurotherapeutics 15.6. Synapse Biomedical Inc. 15.7. Boston Scientific Corporation 16. Assumptions & Acronyms Used 17. Research Methodology
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Brain Implants Market
