A brain implant is a sophisticated technological device that interfaces directly with a person’s brain, typically situated on the brain’s surface or attached to the cortex. These devices serve as biomedical prostheses, bypassing areas in the brain that may no longer function properly due to factors like strokes or head injuries. Brain implants have many applications, including treating conditions such as paralysis, speech impairments, and vision impairment.
Sizing and Forecast
The brain implants market size has grown rapidly in recent years. It will grow from $5.58 billion in 2023 to $6.17 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to increased prevalence of neurological disorders, rising aging population, advancements in surgical techniques, expanding applications in research, awareness and acceptance..
The brain implants market size is expected to see rapidly grown in the next few years. It will grow to $8.77 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to innovations in material science, emerging therapeutic applications, increasing investment in research and development, rising healthcare expenditure, collaborations and partnerships.. Major trends in the forecast period include research focus on brain-machine interfaces (bmis), enhanced biocompatibility of implant materials, exploration of ethical and regulatory frameworks, emergence of consumer-grade brain-computer interfaces (bcis), collaborations between academic and industry players..
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Segmentation & Regional Insights
The brain implants market covered in this report is segmented –
1) By Product: Deep Brain Stimulator, Spinal Cord Stimulator, Vagus Nerve Stimulator
2) By Application: Chronic Pain, Epilepsy, Parkinson’s Disease, Depression, Essential Tremor, Alzheimer’s Disease
3) By End User: Hospitals, Neurology Clinics, Other End-Users
North America was the largest region in the brain implants market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the brain implants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in the prevalence of neurological diseases is expected to propel the growth of the brain implant market going forward. Neurological diseases are a broad category of medical conditions that affect the nervous system, which includes the brain, spinal cord, and peripheral nerves. Brain implants offer a level of customization and control that traditional medications often cannot achieve, allowing for the modulation of neural activity and the reduction of symptoms, ultimately enhancing the well-being and functionality of patients. For Instance, in February 2023, according to the World Health Organization (WHO), a US-based intergovernmental organization, epilepsy, a neurological disease, affects 5 million people globally yearly, with high-income countries seeing 49 per 100,000 cases, while low- and middle-income countries see up to 139 per 100,000. Therefore, the rise in the prevalence of neurological diseases is driving the growth of the brain implant market.
Key Industry Players
Major companies operating in the brain implants market report are Abbott Laboratories, Medtronic Plc., GE HealthCare Technologies Inc., Boston Scientific Corporation, Nihon Kohden Corporation, LivaNova Plc, Renishaw Plc, Nevro Corporation, NeuroPace Inc., BrainGate, Synchron Inc., Blackrock Neurotech, MicroTransponder Inc., NeuroSigma Inc., Pixium Vision SA, Inbrain Neuroelectronics, Neuralink Corporation, NDI Medical PLC, Neurosoft Bioelectronics SA, Blackrock Microsystems LLC, Fisher Wallace Laboratories LLC, Functional Neuromodulation Inc., Stimwave LLC, Aleva Neurotherapeutics SA, Beijing PINS Medical Co. Ltd.
The brain implants market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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