According to the latest report by IMARC Group “Brain Implants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global brain implants market is expected to exhibit a growth rate (CAGR) of 9.4% during 2023-2028.
What is Brain Implants?
Brain implants, also known as neural implants, are technological devices inserted into the human body to facilitate communication with neurons to stimulate senses, enhance memory, and improve physical function. They are commonly used in the deep brain stimulation (DBS) technique, to treat conditions such as neuropathic pain, Parkinson's disease, tinnitus, dystonia, epilepsy, and obsessive-compulsive disorder (OCD). Additionally, brain implants are utilized to aid in rehabilitating the body after injury, improve memory, and enable communication with prosthetic limbs. As a result, brain implants are extensively employed to gain a deeper understanding of brain functions, develop innovative medical procedures, record patterns of neural activity, and enhance the effectiveness of existing medications.
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What are the growth prospects and trends in the Brain Implants industry?
The market is primarily driven by the rising incidences of neurological disorders such as epilepsy, Parkinson's, and Alzheimer's. In addition, the growing geriatric population that is highly susceptible to these conditions, and the increasing awareness regarding brain implant benefits are contributing to the market growth. Moreover, the increasing utilization of deep brain stimulation (DBS) that targets dysfunctional areas of the brain and is employed to improve cognitive function in individuals with Tourette's syndrome, and psychiatric disorders represent another major growth-inducing factor. Besides this, various technological advancements, such as magnetic resonance imaging (MRI) safety-enabled brain implants and the launch of transdermal neuromodulation technology, are accelerating the product adoption rate. The market is further propelled by the introduction of microelectrode arrays, motor neuron prostheses, and brain-computer interfaces (BCIs) that provide benefits such as improved patient mobility. Furthermore, the researchers are developing carbon nanotubes and conventional silicone implants for use in the brains of soldiers and athletes to enhance combat performance and sports focus, thus creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Deep Brain Stimulators
- Spinal Cord Stimulators
- Vagus Nerve Stimulators
Breakup by Application:
- Chronic Pain
- Parkinson’s Disease
- Essential Tremor
- Alzheimer’s Disease
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Abbott Laboratories
- Aleva Neurotherapeutics SA
- Boston Scientific Corporation
- Cochlear Ltd.
- Edwards Lifesciences Corporation
- Ndi Medical LLC
- NeuroPace Inc.
- Nevro Corp.
- Synapse Biomedical Inc
- Synchron Inc.
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