Brain Implants Market Size & Share 2024 to 2032
Market Size by Type (Deep Brain Stimulators, Spinal Cord Stimulators, Vagus Nerve Stimulators), by Application (Chronic Pain, Epilepsy, Parkinson’s Disease, Depression, Essential Tremor, Alzheimer’s Disease), by End Use (Hospitals.
Report ID: GMI3855
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Published Date: June 2023
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Report Format: PDF
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Authors:
Mariam Faizullabhoy, Gauri Wani
Brain Implants Market Size
Brain Implants Market size was valued at over USD 5.1 billion in 2023 and is projected to grow at a CAGR of 9% from 2024 to 2032. Brain implants, also known as neural implants or neuroprosthetics, are medical devices that are surgically implanted into the brain to restore or enhance brain function. These implants can interface with the brain's neural circuits to stimulate or record neural activity. The prevalence of neurological disorders has been on the rise in recent years.
Brain Implants Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
As the global population ages, the prevalence of neurological disorders, such as Alzheimer's disease, Parkinson's disease, and stroke, increases. Age is a significant risk factor for varied neurological conditions, and with longer life expectancies, more people are living to an age where they are more likely to be susceptible to these disorders. Thus, the growing prevalence of neurological disorders increases the demand for brain implants among the geriatric population base.
Furthermore, the rising demand for minimally invasive neurological procedures owing to the surge in the prevalence of neurological disorders. For instance, according to the World Health Organization (WHO), neurological illnesses are one of the leading causes of death worldwide, accounting for 13.2% of fatalities in affluent nations and 16.8% in low- and middle-income nations. Additionally, they also contribute 6.3% to the global disease burden. This has led to clinical urgency for the implementation of long-term solutions such as spinal cord stimulators and deep brain stimulators.
COVID-19 Impact
The COVID-19 pandemic considerably impacted the advancement of the market, owing to the interruption and delay of most elective surgeries and procedures. According to the study published in medRXiV, 2021, the prevalence of SARS-COV2 infection in patients with Parkinson's disorder was estimated to be 11.28%. Additionally, it was discovered that 18.18% of Parkinson's disorder patients receiving deep brain stimulation had COVID-19 prevalence. As a result, COVID-19 patients pose a significant risk of experiencing neurological problems while they are receiving hospital care. The strict lockdown restrictions and measures taken to prohibit the viral transmission raised the chronic stress and burden of neurological disorders. This enhanced the need for neurological outpatient services to open.
Brain implants Market Trends
The market is anticipated to be driven by the introduction of cutting-edge technologies such as Medtronic's MRI-safe brain implants and Neurowave Medical Technologies' transdermal neuromodulation technology. Additionally, technology including brain computer interfaces (BCIs), microelectrode arrays, and motor neuron prosthesis have advantages in enhanced patient mobility profiles. For instance, smart neural microchips strengthen the wireless transfer of brain signals into hands and fingers with approximately 95% precision.
Brain Implants Market Analysis
Based on type, the brain implants market is segmented into deep brain stimulators, spinal cord stimulators, vagus nerve stimulators. The deep brain stimulators segment witnessed the largest revenue size over USD 1 billion in 2022 and is estimated to witness significant development more than USD 4 billion by 2032. Deep brain stimulators (DBS) are a type of brain implant that uses electrical stimulation to modulate neural activity in specific regions of the brain. One of the key factors driving this segmental evolution is the increasing use of deep brain stimulators to treat a variety of neurological illnesses, such as obsessive-compulsive disorder, epilepsy, Parkinson's disease, essential tremor, dystonia, and Alzheimer's disease.
Based on application brain implants market is bifurcated into chronic pain, epilepsy, Parkinson’s disease, depression, essential tremor, Alzheimer’s Disease. The chronic pain segment is anticipated to grow over USD 6 billion by 2032. Increase in the frequency of chronic pain has initiated clinical urgency for incorporating long-term solutions. Brain implants for chronic pain are primarily used for specific conditions that have neuropathic components, such as failed back surgery syndrome, complex regional pain syndrome (CRPS), or phantom limb pain. These conditions involve altered neural signalling or nerve damage, making brain implants a potential option to modulate neural activity and reduce pain perception.
The brain implants market is segmented by end-use into hospitals, specialty clinics, and others. Hospitals segment dominated the industry accounting for more than 60% market share in 2022 and is estimated to witness USD 6 billion by 2032. Hospitals that offer brain implant procedures have specialized surgical facilities equipped with advanced imaging technology, such as MRI or CT scanners. These imaging tools help guide the placement of the implants precisely within the brain.
U.S. brain implants market accounted for more than USD 1 billion in 2022.The growth is majorly attributable to increase in the frequency of neurological disorders, the presence of highly skilled medical professionals, a better understanding of available treatments, and established healthcare facilities. Additionally, it is anticipated that increased government funding and campaigns to improve awareness of movement disorders. For instance, in 2020, the Parkinson's Foundation invested approximately USD 3.5 million to support over 34 Parkinson's disease research initiatives.
Brain implants Market Share
Some of the notable key brain implants market players operating in the brain implants industry include
Brain Implants Industry News:
Brain implants market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
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By Type (USD Million)
By Application (USD Million)
By End-use (USD Million)
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
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Our 6-step research process
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4. Market sizing
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