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Brain Implants Market size is slated to register enormous revenue gains by 2032 led by the growing use of neural implants to rehabilitate memory and treat brain disorders.
The increasing incidences of brain disorders in the recent past has fueled the demand for advanced implant technologies to facilitate communication with prosthetic limbs to minimize the symptoms of brain-based disorders. Additionally, the ongoing breakthroughs in deep brain stimulation as an effective therapy for patients suffering from Parkinson’s disease (PD) will offer lucrative business prospects for brain implant developers.
According to the study backed by Parkinson’s Disease, the Institute for Clinical Evaluative Sciences (ICES), and the Michael J. Fox Foundation for Parkinson’s Research (MJFF), the number of people with PD is estimated to surpass 1 million by 2030. The study also showcases a 50% rise in PD prevalence among older adults from previous projections of 60,000 diagnosed cases to 90,000 cases per year.
With respect to application, the brain implants market share from the essential tremor segment is poised to register significant growth over 2032. The high risk of developing neurological disorders, such as PD among patients suffering from essential tremors is fueling the need for relevant brain therapies. The growing awareness regarding modern brain implants and the increasing need for effectiveness in the treatment of brain conditions will foster the product demand for the treatment of essential tremors.
The Middle East and Africa (MEA) brain implants industry is set to garner huge revenue gains by 2032 owing to the increasing incidences of stress and depression in countries, such as Saudi Arabia. Hefty government investments for the development of healthcare infrastructure and the introduction of favorable policies pertaining to healthcare services and neurological care will aid in the industry value. However, the lack of healthcare experts and the growing burden of infectious diseases could hamper the industry outlook.
Some key players in the global brain implants market include Medtronic, Renishaw, NeuroPace, Synchron, NDI Medical, LivaNova, NeuroSigma, Boston Scientific Corporation, and Abbott. These companies are focusing on new product launches, business expansions, mergers, and partnerships to strengthen their presence in the competitive market.