Brain Implants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Brain Implants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The brain implants market is expected to register a CAGR of 9.25% over the forecast period (2022-2027).

The COVID-19 pandemic is expected to have a significant impact on the growth of the brain implants market globally, due to the suspension and postponement of most of the elective surgeries and treatment during the pandemic to reserve the hospital infrastructure and staff in treating COVID-19-infected patients. According to a research article published in medRXiV, 2021, the prevalence of SARS-COV2 viral infection in patients with Parkinson's disease was found to be 11.28%. Further, COVID-19 prevalence in Parkinson's disease patients with deep brain stimulation was found to be 18.18%. Additionally, as per a research study published in Frontiers in Neurology, 2020, the motor and psychiatric symptoms in Parkinson's disease patients and dystonic patients treated with deep brain stimulation was observed to have worsened during the lockdown restriction measures, leading to increased stress in the management of neurological disorders. Additionally, according to a research article published in JAMA Neurology, 2020, among the 214 patients with COVID-19, neurologic symptoms were seen in 36.4% of them. Thus, patients suffering from COVID-19 are prone to a high risk of developing neurological disorder during their hospital stays. Thus, owing to the strict lockdown restrictions and measures taken to contain the viral transmission, the chronic stress and burden of neurological disorders increased, requiring urgent opening of the neurological outpatient services. Thus, the brain implants market was significantly impacted during the pandemic.

The major factors for the growth of the brain implants market include the rise in the aging population and an increase in the prevalence of neurological disorders and technological advancements in devices. The increase in the number of cases of neurological disorders, such as Alzheimer’s, epilepsy, Parkinson’s, depression, and essential tremors, is anticipated to propel the demand for brain implants. Brain implants are likely to reduce the need for drugs that relieve chronic pain and improve body movement in patients suffering from Parkinson’s or any other neurological disease. The growing geriatric population is also prone to several neurological disorders. Thus, aging is a major factor that is driving the market for brain implants. According to the World Health Organization (WHO) October 2021 updates, around 1 in 6 people in the world will be aged 60 years or over by 2030 and by 2050, two-thirds of the world’s population over 60 years will live in low- and middle-income countries.

Additionally, as per the Parkinson's Foundation Statistics, 2020, more than one million people were living with Parkinson's disease in the United States by 2020 and nearly 60, 000 Americans are diagnosed with Parkinson's disease every year. Thus, in view of the high incidence of neurological disorders globally, along with the rising geriatric population, the brain implants market is expected to register significant growth over the forecast period.

Key Market TrendsAlzheimer’s Diseases is Expected to Be the Fastest Growing Segment Over the Forecast Period

The incidence of Alzheimer’s has been constantly increasing, and it is expected to continue increasing in the coming decades. According to the World Health Organization (WHO), 2020, nearly 50 million people across the world are living with Alzheimer's disease and other dementias, and the number is expected to reach more than 152 million by 2050. Additionally, according to a research article published in Ageing Research Reviews, 2020, Alzheimer's disease progression increases with aging and is the fifth-largest contributor to the global burden of diseases, accounting for more than USD 1 trillion, globally.

Furthermore, as per the article titled ' England: Recorded Dementia Diagnosis Data' published in May 2020, there were approximately 525,315 people diagnosed with dementia in the United Kingdom, and one million people in the United Kingdom are projected to be living with dementia by 2025, which may increase to two million by 2050. Among all dementia conditions, 60-70% of cases account for Alzheimer's disease. Hence, brain implants may improve cognitive function in people with Alzheimer’s disease, which is why Alzheimer’s patients prefer brain implant procedures. Hence, the increasing number of people with Alzheimer’s disease is expected to drive the brain implants market during the forecast period.

Additionally, as per a research article published in Frontiers in Human Neuroscience, 2020, transcranial magnetic stimulation (TMS) and transcranial direct current stimulation (tDCS) are considered promising approaches in the treatment and improvement of the cognition of patients with dementia. In January 2021, Cognito Therapeutics received a breakthrough device designation by the United States Food and Drug Administration for its neurostimulation device to treat memory and cognition symptoms of Alzheimer's disease. Thus, the high incidence of Alzheimer's diseases, along with the growing product approvals, is expected to help in the significant growth of the segment over the forecast period.

North America Region is Expected to Hold a Major Market Share Over the Forecast Period

North America holds a major share of the brain implants market. It is expected to show a similar trend over the forecast period, without significant fluctuations. The healthcare facilities in the country are of the highest standards and are accessible to the large population, due to favorable policies making healthcare affordable to the majority of the population in the region. This factor helps in gaining higher selling rates across the country. The increasing prevalence and incidence of various neurological disorders indicates a big potential for the market demand for brain implants. According to the Alzheimer's Disease Facts and Figures report by Alzheimer's Association 2022, an estimated 6.5 million Americans aged 65 and older are living with Alzheimers dimentia in 2022. And about 1 in 9 people aged 65 and older has Alzheimer's dementia. Hence, the need to diagnose and treat these diseases gives rise to the demand, which may be met by the product manufacturing companies in the country. Due to the favorable factors, the market in the North American region, particularly in the United States, is expected to grow at a steady rate in the coming years.

Additionally, the presence of key players in the region and the increasing number of product approvals are expected to drive the market growth. For instance, in June 2020, United States Food and Drug Administration approved Medtronic PLC's Percept deep brain stimulation (DBS) for the treatment of Parkinson’s symptoms. Thus, owing to the aforementioned factors, the North American brain implants market is expected to witness significant growth over the forecast period.

Competitive Landscape

The market studied is moderately consolidated with the presence of a few key players. Some of the market players are Abbott Laboratories, Boston Scientific Corporation, LivaNova PLC, Medtronic PLC, NDI Medical PLC, NeuroPace Inc., NeuroSigma, Synchron Inc., and Renishaw PLC.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.