Brain Implants Market Size is anticipated to expand at an appreciable pace between 2022 and 2028. This is due to the rising use of neural implants to rehabilitate memory, treat disease, improve memory, and communicate with prosthetic limbs to effectively reduce the symptoms of brain-based disorders. In addition, the increasing reliance on deep brain stimulation as a safe and established therapy for patients with Parkinson’s disease will further generate growth opportunities for the industry in the coming years. Deep brain stimulation refers to an elective surgical procedure that involves the implantation of electrodes into certain areas of the brain. These implanted electrodes then produce electrical impulses that regulate the abnormal impulses. Brain implants are being deployed to treat various neurological dysfunctions and have emerged as a promising field of research for enhancing cognitive abilities.
Rapid advancement of the brain-computer interface technology and the research and development of neuroprosthesis for various use cases will foster the market trends through 2028. According to the WHO, nearly 5% of adults suffer from depression worldwide, which could further boost the adoption of brain implants for treatment of depression and other cognitive disorders. Additionally, the rising burden of epilepsy among Alzheimer’s disease patients is also expected to proliferate industry share during the forecast period.
With regards to application, the essential tremor segment will hold a considerable share by 2028. The segment expansion can be credited to the higher chances of developing Parkinson’s disease and other neurological conditions among essential tremor patients. Moreover, the mounting acceptance of brain implants technology as an effective treatment among artists like painters suffering from essential tremors will also contribute to the overall market dynamics.
The Middle East and Africa brain implants market will garner hefty profits by 2028, on account of the high incidences of stress and depression among the elderly population in Saudi Arabia. However, the lack of healthcare practitioners to treat neurological conditions and other non-communicable diseases in South Africa, owing to the burden of infectious outbreaks, may impede regional industry outlook in the coming years.
Key brain implants industry players include Renishaw, Synchron, NeuroPace, NDI Medical, NeuroSigma, LivaNova, Boston Scientific Corporation, Medtronic, and Abbott. New product launches, mergers, business expansions, and partnerships are some of the initiatives being taken by these firms to foster their presence in the competitive market.
For example, in June 2021, Medtronic plc gained the U.S. Food and Drug Administration approval of its SenSight Directional Lead System adopted for deep brain stimulation therapy. This system was designed to treat symptoms associated with movement disorders such as medically refractory epilepsy and dystonia. In March 2021, Abbott unveiled its FDA-approved NeuroSphere Virtual Clinic, developed for patients with chronic pain, essential tremor, and Parkinson’s Disease to help them remotely program their deep brain stimulation devices.
The rapid spread of the coronavirus pandemic has severely impacted the healthcare sector across the globe. Due to the challenges associated with a limited amount of PPE and other resources, several non-emergency elective procedures, including deep brain stimulation, were postponed during the peak of the pandemic. These factors created roadblocks to the growth of the brain implants industry over the past year.
However, the increased chances of developing neurological conditions among COVID-19 patients may aid industry recovery. According to Healthline Media’s data, around 20% of coronavirus-infected patients developed mental health issues like depression, which could stimulate the need for brain electrode implants and other stimulation techniques over the foreseeable future.
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