Brain Implants Market to Grow at a CAGR of More Than 12.3% Between 2022 and 2032 | Future Market Insights, Inc.

According to Future Market Insights’ newly released Brain Implants Market Size analysis report, global sales of Brain Implants Market in 2021 will be US$ 5.1 Bn. The projected market growth rate from 2022 to 2032 is 12.3%, which is slightly higher than the historical rate.

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Revenue of Brain Implants Market From 2017 To 2021 Compared To Demand Outlook For 2022 To 2032

According to Future Market Insights, a market research and competitive intelligence provider, the market value of the Brain Implants Market increased at a CAGR of around 10.1% from 2017 to 2021.

The key revenue drivers influencing the Brain Implants Market are increased awareness among individuals about mental health and lifestyle, as well as an increase in the number of various neurological ailments such as depression, anxiety, chronic pain, epilepsy, Alzheimer’s, Parkinson’s, and others. Chronic pain dominated the brain implant therapeutics market in 2020, accounting for 58.8 percent of total revenue.

Rising public awareness, as well as technological advancements such as BCIs (Brain-Computer Interfaces), which are implanted into the brain and use microscopic electrodes to track neuron activity, drive up demand for advanced brain implants. With such a large population in the ageing category, they are more susceptible to diseases like Parkinson’s, resulting in a high market demand for brain implants.

Brain implant treatment will continue to be in high demand because it can be used to relieve chronic pain and improve body movements. In addition, to improve the patient’s mobility, brain implant technologies such as motor neuron prostheses, Brain Computer Interfaces, and micro electrode arrays will be widely used in the near future. Brain implants for seizures are also expected to grow in the coming years.

What Factors Are Propelling Brain Implants Demand?

The increasing prevalence of neurological disorders contributes to the growth of brain implant surgery. These disorders have increased the clinical need for long-term solutions such as spinal cord stimulation and deep brain stimulation. Stress-related and obesity-related depression are also on the rise around the world.

Because of these factors, advanced brain implant technologies have been demonstrated to play an important role in providing depression treatment options. These diseases are fueling the global market for brain implants.

Magnetic Resonance Imaging (MRI) and Neurowave Medical Technologies are set to revolutionise the market. Motor neuron prostheses, Brain Computer Interfaces (BCI), and micro electrode arrays are used to improve the patient’s mobility.

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What Could be the most Serious Issue with Brain Implantation In The Future?

Americans are far more likely to express reservations than enthusiasm about implanting computer chips in human brains. Brain implant chip manufacturers are also working hard to provide more technologically advanced solutions. And roughly twice as many of them believe they would not be willing to use this technology as those who believe they would.

Furthermore, adults in the United States are more likely to regard this type of technology as morally undesirable, with many remaining uncertain about the moral implications. The perspectives of religious organisations on this technology differ significantly. Americans who are deeply religious, including those who believe in gene editing, are more likely to see such a device as “meddling with nature.”

Region-Wise Insights

Which Region is projected to Offer the Largest Brain Implants Market Opportunity?

North American Brain Implants Market is expected to be the leading market for Brain Implants during the forecast period. According to Alzheimer’s disease Facts and Figures, as the number of senior citizens in the United States increases, so will the number of new and current cases of Alzheimer’s disease.

Without medical breakthroughs to prevent, slow, or cure Alzheimer’s disease, the number of people aged 65 and older with the disease is expected to rise to 12.7 million by 2050.

Furthermore, an increase in government spending and programmes aimed at raising awareness of movement disorders are expected to drive demand for brain implant devices in the region. For example, the Parkinson’s Foundation invested US$ 3.5 million in 2020 to support over 34 Parkinson’s disease research initiatives. These factors are likely to increase the region’s demand for brain implants.

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Competitive Analysis

Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in brain implants market are focused on their alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their brain implant market share.

Some of the recent developments of key Neural Implants providers are as follows:

  • In April 2022, the FDA approved brain stimulation software for use in Parkinson’s disease. Vercise Neural Navigator with Stimview XT will allow clinicians to visualize the lead placement and stimulation modelling, and is designed to provide patient-specific 3D modeling for therapeutic customization. The software is intended to aid in the placement of leads, minimise programming time, and allow for more informed treatment.
  • In June 2021, Medtronic plc received FDA approval for its SenSight Directional Lead System, which is used for deep brain stimulation therapy.
  • In March 2021, Abbott announced the launch of NeuroSphere Virtual Clinic. Deep brain stimulation patients can get programmed their devices and reset them remotely, from the comfort of their own homes, without travelling to a specialist, owing to a newly launched FDA-approved tool.
  • In December 2019, Aleva Neurotherapeutics received CE approval for its Deep Brain Stimulation Devices and raised USD 8 Mn in private equity funding. Aleva’s ground-breaking DBS system uses directional electrode technology and is intended to be more precise and efficient, with tailored stimulation that may lessen side effects. The company claims that it is the only emerging technology company that has received the CE-Mark for Deep Brain Stimulation.
  • In February 2019, Medtronic PLC released a ‘brain pacemaker’ device to help people with epilepsy. This device was somewhat similar to cardiac pacemaker. Brain Pacemaker was also approved by Food and Drugs Administration, U.S.

Similarly, recent developments related to companies in Brain Implants Market have been tracked by the team at Future Market Insights, which are available in the full report.

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Key Companies Profiled

Abbott Laboratories
Medtronic PLC
NeuroPace Incorporation
Nevro Corporation
Aleva Neurotherapeutics SA
Synapse Biomedical Incorporation
Boston Scientific Corporation
Sapiens Neuro
Edwards Lifesciences Corporation

Brain Implants Market Segmentation

By Product Type:

  • Deep Brain Stimulator
  • Spinal Cord Stimulator
  • Vagus Nerve Stimulator

By Application:

  • Brain Implant for Chronic Pain
  • Brain Implant for Epilepsy
  • Deep Brain Simulation for Parkinson’s Disease
  • Brain Implant for Depression
  • Brain Implant for Essential tremor
  • Brain Implant for Alzheimer’s Disease