PUBLISHER: Allied Market Research | PRODUCT CODE: 1298423
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298423
The brain implant market valued for $1.4 billion in 2022 and is estimated to reach $4.5 billion by 2032, exhibiting a CAGR of 12.2% from 2023 to 2032.
A brain implant is a medical device that is surgically implanted into the brain to monitor or control brain functions. Brain implant are also known as neural implants, neuroprosthetics, or brain-computer interfaces (BCIs). They are designed to help restore lost function or improve quality of life for those with neurological disorders or injuries. Several types of brain implant are there, each designed to serve a specific purpose. Some brain implant are used to treat neurological disorders such as Parkinson's disease and epilepsy. These implants work by delivering electrical impulses to specific regions of the brain to alleviate symptoms. In addition, compared to traditional medications, electrical stimulation of nerves can offer several advantages, such as targeted and adjustable stimulation, reduces risk of systemic side effects, and the potential for long-term benefits.
The global brain implant market growth is majorly driven by rise in prevalence of lifestyle diseases such as depression, increase in number of neurological disorders, and investment for neurological R&D. For instance, according to World Health Organization (WHO), more than 1 billion people throughout the world are affected by some type of neurological disease. Thus, prevalence of such conditions drives the demand for brain implant to manage and treat the neurological conditions. Moreover, adoption of technologically advanced products and surge in aging population propel the growth of the market as they are more susceptible to neurological disorders, such as epilepsy and parkinson's disease.
However, high costs associated with brain implant and the lack of skilled personnel in some countries hinder market growth to some extent. In addition, side effects such as allergic reaction due to implantation of device into the body and availability of other treatment options such as drug therapies and surgeries limit the growth of the market.
Moreover, development and technological advancements have improved the effectiveness and accessibility of brain implant, which is expected to drive the market growth. Furthermore, surge in awareness among healthcare providers and patients about advantages of brain implant, to treat a variety of conditions, is expected to drive demand in the market during the forecast period.
The brain implant market is segmented into type, application, end user, and region. By type, the market is categorized into deep brain stimulation and vagus nerve stimulation. By application, the market is classified into Parkinson's disease, epilepsy and others. By end user, the market is divided into hospitals, neurology clinics and others. Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global brain implant market are: Abbott Laboratories, Aleva Neurotherapeutics SA, Boston scientific corporation, Functional Neuromodulation Ltd., Medtronic plc, NeuroPace Inc., Beijing PINS Medical Co., Ltd, LivaNova PLC., MicroTransponder Inc. and SceneRay Co., Ltd. Key players operating in the market have adopted product approval and product launch as their key strategies to expand their product portfolio.