San Francisco, 01 April 2024: The Report Brain Implants Market Size, Share & Trends Analysis Report By Product (Deep Brain Stimulator, Spinal Cord Stimulator), By Application (Chronic pain, Epilepsy, Parkinson's, Depression, Essential Tremor), By Region, And Segment Forecasts, 2023 - 2030

The global brain implants market size is anticipated to reach USD 11.19 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.7% from 2023 to 2030. The rise in neurological disorders such as epilepsy, Parkinson’s disease, depression, and tremors as well as growing investments in R&D to develop cost-effective brain implants is attributing to the growth of the market.

The presence of a large population base suffering from various neurological and physiological disorders and conditions is expected to boost the demand for implants during the forecast period. For instance, as per the Parkinson’s Foundation 2016 report, over 10 million people globally are living with Parkinson’s disease (PD). Thus, the increasing cases of PD are expected to drive the market. However, the outbreak of the COVID-19 pandemic is restricting the growth of the market. For instance, as per the Neuromodulation Society of the U.K. and Ireland, in the U.K. all the NHS hospitals were instructed to suspend all the non-urgent elective surgeries due to the pandemic from 15th April in 2020 for at least three months.

In addition, technological advancements such as self-charging implants and memory chips are anticipated to provide the market with growth opportunities over the forecast period. For instance, in January 2020, Abbott’s Infinity DBS received an extended indication approval from the U.S. FDA for PD treatment.

The increasing incidence of neurological conditions such as Parkinson's, Alzheimer's, and epilepsy, coupled with increasing awareness regarding brain implant benefits and positive research outcomes, are among the major factors driving the growth of the overall market. For instance, according to Parkinson's Foundation 2022 study, approximately 90,000 individuals are diagnosed with Parkinson's disease in the U.S. each year. This marks a significant 50% rise from the earlier estimated figure of 60,000 yearly diagnoses. In simpler terms, this research shows that the number of new Parkinson's disease cases identified annually has increased by half compared to previous estimates.

The increasing prevalence of neurological disorders is a high-impact rendering driver for the market. For instance, according to the Pan American Health Organization (PAHO), in 2023, neurological conditions contributed to 533,172 deaths across a specific region. Among these deaths, 40% (213,129) were among men, while 60% (320,043) were among women. The age-standardized death rate, which adjusts for population differences, stood at 32.9 deaths per 100,000 individuals. When looking at gender-specific rates, it was 33.1 deaths per 100,000 for men and slightly lower at 32.2 deaths per 100,000 for women. These standardized rates showed considerable variation between countries, ranging from a higher rate of 47.4 deaths per 100,000 in the U.S. to a lower rate of 6.6 deaths per 100,000 in Venezuela. In essence, this data highlights the impact of neurological conditions on mortality within this particular region, underscoring differences between genders and countries.

Request sample report of Brain Implants Market@ https://www.grandviewresearch.com/industry-analysis/brain-implants-market/request/rs1

Moreover, the growing global geriatric population and increase in the incidence of target diseases, especially Parkinson's, epilepsy, and Alzheimer's, as well as high unmet medical needs, has increased the demand for brain implants. The growing base of the aging population is more prone to Parkinson's disease. Individuals who have Parkinson's are not able to release adequate dopamine in the brain, which leads to walking problems, tremors, and stiffness, among other conditions. For instance, according to the World Health Organization (WHO), epilepsy affects approximately 50 million individuals worldwide, establishing it as one of the most prevalent neurological disorders on a global scale. An overwhelming 80% of those affected by epilepsy reside in countries with limited economic resources. Studies suggest that about 70% of individuals living with epilepsy could lead a life free from seizures if they receive an accurate diagnosis and appropriate treatment. The likelihood of premature death is elevated up to threefold among people with epilepsy compared to the general population. Shockingly, three out of four individuals with epilepsy in low-income countries lack access to necessary treatment. Moreover, many regions worldwide witness people with epilepsy and their families encountering social stigma and unjust treatment.

Brain Implants Market Report Highlights

• The deep brain stimulators segment accounted for the largest revenue share of 36.7% in 2022 attributed to its use in various applications in neurological disorders.
• The vagus nerve stimulator segment is expected to grow at the fastest CAGR of 10.1% during the forecast period owing to the factors such as applications in the treatment of various disorders such as anxiety, migraines, fibromyalgia, tinnitus, and obesity.
• The chronic pain segment accounted for the largest revenue share of 58.5% in 2022 owing to an increase in the incidence of chronic pain has created clinical urgency for incorporating long-term solutions.
• North America dominated the global brain implants market and accounted for the largest revenue share of 42.2% in 2022. This dominance can be attributed to factors such as an increase in the prevalence of neurological disorders, a rise in awareness about treatments, the availability of highly skilled physicians, and the presence of well-established healthcare facilities.
• Asia Pacific is expected to grow at the fastest CAGR of 10.9% over the forecast period owing to various factors such as the rising prevalence of neurodegenerative and psychiatric disorders, coupled with unmet need for effective and long-term treatment solutions, increasing affordability, and a rising number of awareness programs.

Furthermore, the introduction of advanced technologies such as MRI safety-enabled brain implants by Medtronic and the launch of transdermal neuromodulation technology (introduced by Neurowave Medical Technologies) is further anticipated to drive the market. In addition, technologies such as motor neuron prostheses, microelectrode arrays, and Brain-Computer Interfaces (BCIs) exhibit benefits such as improved patient mobility profile. This advancement acts as a high-impact-rendering driver for the market. For instance, Neuralink is a neurotechnology company founded by Elon Musk that is developing brain implants that can be used to treat various neurological disorders, including paralysis, Alzheimer's disease, and Parkinson's disease. Neuralink's implants are designed to be minimally invasive and can be implanted in the brain using a surgical robot. The implants can also record and stimulate brain activity, which could be used to restore lost function or control prosthetic devices.

Furthermore, the increasing number of research activities leading to technological breakthroughs is expected to witness lucrative growth opportunities in the market for brain implants. These include self-charging implants and memory chips that are anticipated to provide the market with growth opportunities over the forecast period. For instance, a study conducted by researchers at the University of California, where the study found that a brain implant called a "memory prosthesis" can improve memory in people with damaged brains. The memory prosthesis is a small device implanted in the hippocampus, an important part of the brain for memory. The device records electrical activity in the hippocampus and then uses this activity to stimulate the hippocampus in a way that helps to improve memory.

Brain Implants Market Report Scope

The Parkinson's segment is expected to grow at the fastest CAGR of 10.7% during the forecast period owing to the increasing number of the geriatric population prone to conditions such as Parkinson's and Alzheimer's diseases. For instance, according to CDC, Alzheimer's disease is the most common type of dementia. Presently, roughly 5.8 million people in the U.S. have Alzheimer's disease and related forms of dementia. This includes around 5.6 million individuals aged 65 and above and approximately 200,000 individuals under 65 with early-onset Alzheimer's. Projections suggest that by 2060, the number of Alzheimer's cases could rise to about 14 million individuals, with minority groups experiencing a greater impact.

List of Key Players of Brain Implants Market

• Medtronic
• Boston Scientific Corporation
• St. Jude Medical (Abbott)
• NeuroPace, Inc.
• Nevro Corporation
• Synapse Biomedical Inc.
• ALEVA NEUROTHERAPEUTICS