Global brain implants market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Growth of the Brain Implants Market to Remain Influenced by Technology Backup
With rapid evolution of technology, several complex problems and challenges are being resolved with a higher success rate. That said, technology penetration in the medical field has transformed the brain implants market significantly. The adoption of advanced technologies such as the transdermal neuromodulation technology and MRI has fuelled the brain implants market growth. In addition, introduction of motor neuron prostheses, BCIs (Brain Computer Interfaces) and microelectrode arrays have opened new avenues with higher probability of patient success and enhanced mobility profile. Moreover, smart neural chips facilitate the transmission of signals in brain to hands and fingers wirelessly with higher accuracy. This has propelled the adoption of the brain implant technology thus auguring well for the brain implants market.
In addition, key players in the brain implants market are collaborating with technology companies for the development of prototype computer chips. These chips can transmit data associated with neural activities wirelessly. Such research and development activities are being conducted to treat Parkinson’s disease and dementia. Moreover, the proliferation of artificial intelligence has backed such research experiments and is likely to resolve complex problems associated with the functioning of new technologies. Powered with AI machines, new age brain implants are likely to gain steam providing promising solutions with the ability of translating an individual’s thoughts into detailed images. Such developments are expected to bode well for the growth of the market in the forthcoming years.
Rising Prevalence of Neurological Diseases to Bode Well for Brain Implants Market
Rising prevalence of neurological diseases remains instrumental in driving need for brain implants. According to World Health Organization, neurological diseases account for around 6% of the disease burden globally and are considered as one of the main causes of deaths worldwide. In addition, growing rate of Alzheimer’s disease is another factor driving the growth of the brain implants market. For instance, according to WHO (World Health Organization), approximately 50 million individuals across the globe suffer from Alzheimer’s disease and this count is projected to increase to cross 150 million by end of 2050. This has created an urgency for long term medical solutions to treat various neurological diseases.
In addition, growing rate of geriatric population worldwide has further pushed the incidences of various target diseases such as Parkinson’s disease and epilepsy. For instance, according to World Health Organization, one in six individuals would be in the age range of 60 years and above by 2030 and the number is likely to increase going forward. The aging factor is highly responsible for causing neurological disorders, thus fuelling the technological advancement in the neural space. Moreover, with the use of brain implants, the need and dependency on drugs can be reduced significantly. Also, they can help improve the cognitive functioning of the individual. This factor continues to influence the growth of brain implants market.
Flexible Implants to Open New Avenues in Brain Implants Market
The brain implants market is expected to witness stable growth backed by the ability of the device to treat diseases such as epilepsy, severe depression, and Parkinson’s. Individuals suffering from locked-in syndrome and paralysis can regain movement and communication to a large extent by using brain implants. Key companies in the brain implants market are focused on enhancing the flexibility of systems, given the fact that rigid material can likely cause inflammation and potential tissue damage over a period of time. Flexible brain implants have the capability to mold with human brain contours at the same time avoiding tissue damage and other complications. This has resulted in institutions carrying out research on developing flexible brain implants. For instance, in 2020, researchers in MIT have developed 3D printed rubbery and soft brain implants. This pursuit of gaining high density with thinness via flexible implants is expected to present new growth opportunities for brain implants market.
Deep Brain Stimulators to Witness Rising Demand in Brain Implants Market
The demand for deep brain stimulators is expected to increase at a significant pace in the forthcoming years. This is mainly owing to the effectiveness of deep brain stimulators in the treatment of diseases such as Parkinson’s disease, obsessive compulsive disorder, essential tremor, Alzheimer’s disease, dystonia, and epilepsy. Furthermore, the stimulation settings can be customized to enhance effectiveness and reduce potential side effects. Also, deep brain stimulators can provide a continuous control on symptoms 24 hours a day. These factors have resulted in a surge in the use of deep brain stimulators, in turn contributing towards revenue growth of the brain implants market.
North America Likely to Account for a Significant Value and Volume Share in Brain Implants Market
Developed economies in North America are expected to account for a significant value share in the brain implants market. This can be attributed towards rising neurological diseases in the region backed by macro factors such as superior healthcare infrastructure, strong economic growth and stable increase in GDP per capita and growing medical technology. Diseases such as Parkinson’s disease, Alzheimer’s disease and epilepsy have embossed significant economical and mental burden on individuals. According to Parkinson’s Foundation, in 2020, over 1 million individuals were suffering from Parkinson’s disease in the United States and about 60,000 people are diagnosed with the disease each year. Likewise, as per Alzheimer’s Association, in 2022, around 6.5 million individuals in the age range of 65 years and above are suffering from Alzheimer’s disease and approximately one in nine individuals in the same age range have Alzheimer’s dementia. These factors have propelled the demand for brain health devices such as deep brain stimulators, spinal cord stimulators and vagus nerve stimulators, in turn paving new avenues for the brain implants market in the region.
Brain Implants Market: Competitive Scenario
Some of the major players in brain implants market include Medtronic, Aleva Neurotherapeutics SA, Boston Scientific Corporation, Nevro Corporation, NeuroPace Inc., Abbott Laboratories, Renishaw PLC, and Synchron.
Regional Classification of the Global Brain Implants Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Brain Implants Market
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