Global Brain Implants Market - 2023-2030

Global Brain Implants Market - 2023-2030

The Global Brain Implants Market reached US$ 5.3 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 10.8 billion by 2030. The global brain implants market is expected to exhibita CAGR of 9.5% during the forecast period (2023-2030).

Brain implants hold significant importance across various fields due to their potential to interface directly with the brain and enable communication between neural activity and external devices. Advances in wireless technology were enabling brain implants to communicate with external devices without the need for physical connectors. The trend aimed to improve the comfort and comfort of using brain implants while also reducing the risk of infection or other complications associated with wired connections.

In addition, there is an increasing number of neurodegenerative and mental illnesses, as well as an unmet demand for affordable, effective, and permanent therapies. The market size for brain implants is growing as a result of increasing effort being made by neurosurgeons and neurology clinics to increase awareness of brain implants.

Dynamics

The Rising Prevalence of Neurological Diseases

The increase in neurological disorders contributes to the market's expansion. For instance, one can stimulate or record signals from various parts of the brain by implanting electrodes in the brain tissue. Parkinson's disease is frequently treated using brain implants, specifically Deep Brain Stimulation (DBS). Parkinson's disease is a neurodegenerative condition marked by a progressive loss of brain cells that produce dopamine.

Motor symptoms like tremors, stiffness, bradykinesia (slow movement), and postural instability are brought on by this dopamine depletion. The Parkinson's symptoms are caused by aberrant brain activity, which the electrical stimulation helps control. Thus, the rise in Parkinson's disease contributes to the market's expansion.

For instance, according to Parkinson's Foundation, stated that, Parkinson's disease (PD) affects around one million persons in the US. By 2030, it is anticipated that this number would reach 1.2 million. After Alzheimer's disease, Parkinson's disease is the most common neurodegenerative condition. In the United States, PD is yearly diagnosed in close to 90,000 individuals. Over 10 million people worldwide suffer with PD. Thus, the increase in neurological illnesses contributes to the market's expansion.

Key Development Strategies Followed by the Companies

The increase in the product approvals, product launches, collaborations and acquisitions related to brain implants owing to its increasing demand to novel technologies to the market. For instance, in October 2022, in order to more effectively treat neurological illnesses, the brain-machine interface (BMI) developed by the neurotechnology company Axoft was designated an FDA Breakthrough Device. The business raised $8 million in funding to support pre-clinical FDA research and scale up prototypes of its ""soft as the brain"" neural implants.

Additionally, on May 26, 2023, Elon Musk and his co-founders at the neurotech business Neuralink announced that the Food and Drug Administration had given the company permission to carry out its first in-human clinical investigation. The Link, a brain implant being developed by Neuralink, intends to enable individuals with severe paralysis to operate external technology only utilizing neural signals. This suggests that people with terminal degenerative illnesses like ALS may someday regain the ability to type and move cursors with their minds. Due of the above factors the market will expand in forecast period.

High Cost Associated with the Treatment

Brain implants can be costly to develop and implant. Surgical treatments, post-operative care, and prospective gadget replacements are all included in the price. For instance, different manufacturers charge different prices for brain implants. The price of surgery (including the implanted device, hospital expenses, and anesthesia) can range from $35,000 to $100,000 in the United States.

Access to the technology may be hampered by the price, especially for those who cannot afford it. Additionally, placing brain implants requires highly sophisticated surgical techniques that call for experienced neurosurgeons and an operating theater outfitted with cutting-edge equipment. Surgery, anesthesia, and post-operative care can come at a significant financial expense. Thus above factors will restrain the market growth.

Segment Analysis

The global brain implants market is segmented based ontype, material, application, end user and region.

The Alzheimer's Disease Accounted for Approximately 31.07% of the Brain Implants Market Share

Dementia, a condition marked by memory loss and cognitive decline, is one of the main causes of dementia. ReTypes are needed for diagnosis, treatment, care, and support services for affected people, placing a significant load on healthcare systems. Age is the major risk factor for Alzheimer's disease. A larger portion of the population is at an elevated risk of contracting the disease as the world's population continues to age. An individual's risk increases as they age.

The intricate combination of genetic, environmental, and lifestyle factors affects the risk of Alzheimer's disease. These elements may combine as people get older, raising the risk that they may have the illness. Thus, the increase in the elderly population drives segment growth.

For instance, according to Eurostat, the EU population in January 2022, was estimated to be 446.7 million, out of which 21.1% were Older individuals aged 65 or over indicating an increase of 0.3 percentage points (pp) to the previous year and an increase of 3.1 pp compared with a decade earlier.

In addition, according to a new report by the United Nations (UN), the number of individuals aged 65 years or above globally is anticipated to increase two folds in the next 30 years. The geriatric population is expected to attain 1.6 billion in 2050, making up over 16% of the world population. By thus increasing the geriatric population will drive the segment growth.

Geographical Penetration

North America Accounted for Approximately 42.6% of the Market Share in 2022

The brain implant market is dominated by North America. Due to the regulations that make healthcare inexpensive for the vast majority of the population in the region, the nation's healthcare facilities are of the greatest quality and are accessible to the wide population. The prevalence and incidence of numerous neurological illnesses are rising, which will accelerate the growth of the region.

For instance, according to Alzheimer's Association, more than 6 million Americans of all ages have Alzheimer's. In 2023, there will be 6.7 million Americans 65 and older who have Alzheimer's. 73% of people are 75 years of age or older. The proportion of Americans who have Alzheimer's disease or another kind of dementia will increase along with the size of the population in the United States who are 65 years of age and older. Barring technological advances that prevent or treat Alzheimer's disease, the estimated number of persons aged 65 and older with the condition may increase to 12.7 million by 2050.

Thus, the demand for neurological treatments including brain implants is fueled by the need to identify and treat these diseases, which is anticipated to lead to a growth in the number of product manufacturing companies in the nation. The market in the North American region has grown as a result of the rise in neurological diseases.

Competitive Landscape

The major global players in the brain implants market Medtronic PLC, Boston Scientific Corporation, Renishaw PLC, Synchron Inc, Abbott Laboratories, LivaNova PLC, NeuroPace Inc, Sapiens Neuro, Neuralink, Nexstim and others.

COVID-19 Impact Analysis

The covid has affected negatively due to several factors. The danger of infection is present throughout any surgical operation, including brain implant surgeries. Since COVID-19 is extremely contagious, catching it while having a brain implant could result in serious illness or difficulties.Access to medical care has been hampered throughout numerous locations due to the pandemic.

Due of COVID-19's impact on the healthcare system, people with brain implants may have trouble getting timely treatment or device changes. In many hospitals, brain implant surgery, such as DBS, is an elective surgical procedure, hence the scheduled surgeries have been postponed. When the restrictions were eased, procedures were carried out and patients were advised to maintain their most recent optimal dosing schedule.

By Type
• Deep Brain Stimulator
• Spinal Cord Stimulator
• Vagus Nerve Stimulator

By Material
• Silicon
• Tungsten
• Platinum-iridium
• Nanotubes
• Others

By Application
• Alzheimer's Disease
• Parkinson's Disease
• Epilepsy
• Chronic Pain
• Others

By End User
• Hospitals
• Neurology clinics
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In May 2022, in order to allow six severely paralyzed people to operate digital gadgets hands-free and with only their thoughts, Elon Musk's competitor firm Neuralink, Synchron, has started conducting human trials on the subject. The US-based Synchron competes with Elon Musk's Neuralink, which also seeks to let paralyzed people to use computers and phones through its brain activities alone. Both companies create endovascular brain-computer interfaces (BCIs).
• In March 2021, one of the largest investments in the European medical nanotechnology sector to date has been made in a collaboration between two Barcelona institutions and the Nanomedicine Lab at The University of Manchester to treat brain disorders such as epilepsy and Parkinson's Disease.
• In December 2022, the Eterna spinal cord stimulation (SCS) system from Abbott, the smallest implantable, rechargeable spinal cord stimulator currently available on the market for the treatment of chronic pain, received FDA approval. The only SCS waveform technology with the greatest level of clinical proof (1A evidence), low-dose BurstDR stimulation, is used in Eterna SCS and has been shown to relieve pain 23% more than conventional waveform technology methods.

Why Purchase the Report?
• To visualize the global brain implants market segmentation based on type, material, application, end user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of brain implants market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global brain implants market report would provide approximately 53 tables, 54 figures and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies