Who are the key players in the brain implants market?

San Francisco, Calif., USA, Oct 14, 2022 — /EPR Network/ —

Brain Implants Industry Overview

The global brain implants market size was valued at USD 4.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.1% from 2021 to 2028. Increasing incidence of neurological conditions such as Parkinson’s disease, Alzheimer’s, and epilepsy, coupled with increasing awareness regarding brain implant benefits, and positive research outcomes are among the major factors driving the growth of the overall market.

The increasing prevalence of neurological disorders is a high-impact rendering driver for the market. For instance, according to the WHO, neurological diseases contribute 6.3% to the global disease burden and are one of the major causes of mortality worldwide, resulting in 13.2% deaths in developed countries and 16.8% in low- and middle-income countries. This has created clinical urgency for the incorporation of long-term solutions such as spinal cord stimulators and deep brain stimulators. Moreover, the global prevalence of stress and obesity-induced depression is constantly increasing. As per the National Institute of Mental Health (NIHM), in 2016, 16.2 million adults had been through at least one major depressive episode in the U.S. Brain implants have been proved to play a crucial role in providing therapeutic solutions for depression. Thus, a rise in the prevalence of such diseases is expected to drive market growth during the forecast period.

Gather more insights about the market drivers, restraints, and growth of the Global Brain Implants market

Moreover, the growing global geriatric population and increase in the incidence of target diseases, especially Parkinson’s, epilepsy, and Alzheimer’s, as well as high unmet medical needs has increased the demand for brain implants. The growing base of the aging population is more prone to Parkinson’s disease. Individuals suffering from Parkinson’s are not able to release adequate dopamine in the brain, which leads to walking problems, tremors, and stiffness, among other conditions. As per the CDC, Parkinson’s disease is largely diagnosed in people over the age of 60 and it is projected that it affects 1.0% of the population over 60 to 4.0% by age 80. According to the WHO 2018 report, the population pertaining to the age group of 60 and above is expected to reach approximately 2 billion by 2050, from 900 million in 2015. Thus, the geriatric population is highly susceptible to PD, which is expected to be a key factor driving the market for brain implants.

Furthermore, the introduction of advanced technologies such as MRI safety-enabled brain implants by Medtronic and the launch of transdermal neuromodulation technology (introduced by Neurowave Medical Technologies) is further anticipated to drive the market. In addition, technologies such as motor neuron prostheses, microelectrode arrays, and Brain Computer Interfaces (BCIs) exhibit benefits such as improved patient mobility profile. This advancement acts as a high-impact-rendering driver for the market. For instance, smart neural chips improve the wireless transmission of brain signals into fingers and hands with around 95% accuracy and this is anticipated to upsurge the demand for brain implants during the forecast period.

Furthermore, the increasing number of research activities leading to technological breakthroughs is expected to witness lucrative growth opportunities in the market for brain implants. These include self-charging implants and memory chips that are anticipated to provide the market with growth opportunities over the forecast period. For instance, Andersen Lab has research on cognitive signals in Post Parietal Cortex (PPC) for decoding target position for motions. The signals received by the cortex are used for controlling the device. Additionally, potential benefits of these devices, such as better management of postoperative outcomes and long-term efficacy are expected to facilitate market growth over the forecast period. These key factors are anticipated to raise the demand for brain implants.

The lockdown and restrictions pertaining to preventing the spread of COVID-19 in 2020 have had a significant impact on both the patients who have scheduled surgery and those who already undergone the DBS surgery. Brain implant surgery such as DBS is an elective surgical procedure in several institutes due to which the scheduled surgeries have been put on hold. Patients were advised to continue their last optimized dose regimen and surgeries were performed when the restrictions were lifted. Thus, the outbreak of COVID-19 has resulted in low demand for brain implants, therefore restraining market growth.

Browse through Grand View Research’s Healthcare Industry Research Reports

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Key Companies profiled:

Some prominent players in the global Brain Implants market include

• Medtronic
• Boston Scientific Corporation
• Jude Medical (Abbott)
• NeuroPace, Inc.
• Nevro Corporation
• Synapse Biomedical Inc.
• Aleva Neurotherapeutics SA

Order a free sample PDF of the Brain Implants Market Intelligence Study, published by Grand View Research.