Brain Implants Market to Attain a Valuation of USD 8.8 billion by 2031: Transparency Market Research Study
Technological advancements and miniaturized devices are expected to drive demand for brain implants.
Wilmington, Delaware, United States, Jan. 04, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The brain implants market was valued at US$ 4.2 billion in 2022. A CAGR of 8.4% is forecast for the industry from 2023 to 2031, resulting in a market value of over US$ 8.8 billion at the end of the decade.
Brain-machine interfaces, as well as neuroprosthetics, are likely to experience significant growth. Developing devices that communicate directly with the brain can help paralyzed people, those with amputations, and others cope with disabilities.
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Brain implants will be safer and more effective with advances in miniaturization and biocompatible materials. The effectiveness of long-term implants may be improved through smaller, more biocompatible devices. In the future, cognitive enhancement technology may improve memory, learning, and general cognitive function by using brain implants. The implications of this could affect both medical and non-medical situations.
Global Brain Implants Market: Key Players
A large number of players compete in the global brain implant market. Manufacturers strive for increased market presence and invest in research, development, and collaboration.
- Boston Scientific Corporation
- Renishaw plc
- LivaNova plc
- Nevro Corp.
Key Findings of the Market Report
- Based on application, chronic pain is projected to experience rapid growth during the forecast period.
- In terms of product type, spinal cord stimulators accounted for the largest share of the global brain implant market in 2022.
- Brain-computer interfaces and neuroprosthetics are offering lucrative opportunities for brain implants to players in the market.
- In terms of end-users, hospitals are expected to dominate the global brain implants market over the next five years.
- In terms of market share, North America held the largest share in 2022.
Global Brain Implants Market: Growth Drivers
- Brain implants are gaining popularity due to a rise in neurological disorders, including epilepsy, Parkinson’s disease, and chronic pain. Managing and treating these conditions may be possible with brain implants. Neurotechnology advances, such as improved electrode designs and materials, drive growth in the brain implant market. In response, brain implants have become more functional, effective, and safe.
- A growing number of age-related neurological diseases are becoming prevalent as the population ages. Alzheimer’s disease is one of these conditions. Because it promises to improve cognitive function and quality of life for elderly individuals, the brain implant market is predicted to expand in the near future. Brain implant market growth is attributed to continued public and private investments in research and development. To develop novel implantable devices and therapies, neuroscience research and innovative technologies are funded.
- As brain-machine interfaces become more widely accepted for applications ranging from neuroprosthetics to brain-controlled prosthetic limbs to communication devices, they are being adopted more widely. This broader acceptance is driving various medical and non-medical applications of brain implants. Pain management with brain implants is an effective way to manage chronic pain. Brain implants are a key driver for the market because they offer alternatives and effective treatments for chronic pain.
- Brain implants can be developed and commercialized with government grants, initiatives, and regulatory frameworks. These things influence innovation and market growth. In recent years, healthcare professionals and patients have become more aware of how brain implants can help certain medical conditions, resulting in a growth in the market. Promoting understanding and acceptance of the product through patient education and advocacy initiatives helps expand the market.
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Global Brain Implants Market: Regional Landscape
- Brain implants were the most popular in North America in 2022, with the US leading the way. The FDA scrutinizes brain implants, and there are concerns that tiny threads might migrate to other areas of the brain. Brain implants have a significant market in North America, driven by fast-growing patient populations, a highly developed healthcare infrastructure, and substantial investment in medical research.
- Alzheimer’s disease, Parkinson’s disease, and epilepsy are relatively common neurological disorders in North America. As a result, innovative treatments, such as brain implants, are in high demand. In developing brain implants, advances in neurotechnology play an important role in North America. Regional institutions, medical centers, and technology companies are actively researching and developing these fields.
- Healthcare and biotechnology investments are significant in the region. Research and development funding for brain implants from the public and private sectors further fuels market growth. Regulatory approvals, such as those from the U.S. Food and Drug Administration (FDA), influence the acceptance of brain implants. Regulatory processes must be stringent and predictable for the market to be stable.
- In November 2023, Neuralink, a company founded by Elon Musk that develops brain-reading implants, completed a $43 million venture capital round of financing.
- In December 2023, Neurosoft Bioelectronics tested a new flexible brain implant on humans. Researchers still have to prove the device is safe and effective, but it could help analyze the brain or stimulate it via precise electric shocks.
Global Brain Implants Market: Segmentation
By Product Type
- Deep Brain Stimulator
- Vagus Nerve Stimulator
- Spinal Cord Stimulator
- Chronic Pain
- Parkinson’s Disease
- Essential Tremor
- Others (traumatic nerve injury, dystonia, etc.)
By End Users
- Specialty Centers
- Others (research centers, academics, etc.)
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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