According to a recently published Future Market Insights analysis, the brain implants market is expected to reach US$ 5.1 billion in sales in 2021 and grow at a compound annual growth rate (CAGR) of 12.3% from 2022 to 2032. The market for brain implants is expected to reach a valuation of US$ 18 billion by the end of 2032.
Because of the deferral of operations in 2020, the Brain Implants market suffered during Covid times. The lockdowns and postponements harmed both patients scheduled for surgery and those who had surgery. Patients were advised to maintain their previous optimal dosing schedule until the restrictions were lifted. As a result, demand for brain implants was low, limiting market growth.
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Following the economic recovery from the Covid-19 outbreak, demand for Brain Implants skyrocketed. In the post-covid scenario, a huge proportion of the population suffered from anxiety, depression, and many other brain-related ailments. As the economy recovered from the recession, the demand for brain implantation bounced back. The emergence of stress-related and obesity-related depression is also rising all over the world.
The brain implants market is estimated to increase considerably during the forecast period due to the rising prevalence of neurological illnesses throughout the world and the growing elderly population. With such a huge population belonging to the aging category, they are more prone to the diseases like Parkinson’s, leading to high demand for brain implants.
Key Takeaways:
- Brain Implants Market was valued at US$ 5.1 Bn in 2021. According to Future Market Insights, Brain Implants Market revenue would increase 3.5X between 2022 and 2032, reaching roughly US$ 18 Bn in 2032.
- In terms of Product Type, Deep Brain Stimulator is projected to account for the highest projected CAGR of over 14.4%.
- In terms of application, Chronic Pain accounts for the highest CAGR of 13.4% during the historic period (2017-21).
- US is the dominant country in Brain Implants Market with an absolute dollar growth opportunity of over US$ 4.6 Bn.
Competitive Landscape
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.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Brain Implants Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
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
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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