United States, Rockville MD, Sept. 05, 2022 (GLOBE NEWSWIRE) -- As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global brain implants market is currently valued at around US$ 6.6 billion and is predicted to expand rapidly at a CAGR of 11% through 2027.
One of the main drivers propelling the growth of the market is rising prevalence of neurological disorders such as Parkinson's disease, Alzheimer's disease, and epilepsy, as well as growing awareness about the benefits of brain implants and fruitful research outputs.
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In addition, a significant market driver is the increased rate of neurological disorders across the world.
- According to WHO, neurological disorders are one of the leading causes of death worldwide, accounting for 13.2% of fatalities in affluent nations and 16.8% in low- and middle-income nations. They also contribute 6.3% to the global disease burden.
Due to this, it is now clinically urgent to use long-term therapies such as deep brain and spinal cord stimulators. Also, sadness brought on by stress and weight is becoming more common worldwide, thereby boosting the sales of brain implants.
What Makes the United States a Profitable Market for Neural Implant Suppliers?
“Effective Results of Neural Implant Treatment Due to Qualified Doctors & Growing Cases of Alzheimer’s Disease”
Market for brain implants in the United States is expected to expand quickly. This is due to several factors, such as an increase in the prevalence of neurological illnesses, high public awareness of available treatments, well-developed healthcare infrastructure, and the presence of morally upright doctors.
According to medical experts, brain implants are the most effective kind of treatment for depression in the country.
- The number of new and active cases of Alzheimer's disease will rise along with the number of senior persons in the United States, predicts the statistics provided by Alzheimer's Disease Facts and Figures.
- The number of people aged 65 and older with Alzheimer's disease is predicted to increase to 12.7 million by 2050 if medical advancements to prevent, treat, or cure the disease are not made.
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Key Segments Covered in the Brain Implants Industry Survey
- By Product :
- Deep Brain Stimulators
- Spinal Cord Stimulators
- Vagus Nerve Stimulators
- Deep Brain Stimulators
- By Application :
- Chronic Pain
- Epilepsy
- Parkinson’s disease
- Depression
- Essential Tremor
- Alzheimer’s Disease
- Obsessive-compulsive Disorder
- Multiple Sclerosis
- Dementia
- Chronic Pain
- By End User :
- Hospitals
- Neurological Centers
- Specialized Clinics
- Others
- Hospitals
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
- North America
Winning Strategy
- The American neurotechnology start-up Neuralink is becoming popular across the world as a result of its testing of a brand-new brain implant on the pig Gertude.
Companies in the brain implant industry are modelling their development of prototype computer chips that wirelessly send information about an animal's neurological activity to a display. These scientific studies are being carried out to find a cure for dementia and Parkinson's disease.
As a result, advancements in the neurotechnology industry are generating job possibilities for scientists, experts, and others. Experts frequently express skepticism in response to research demonstrations, which encourages businesses to make technological adjustments on the fly.
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Key players in the Brain Implants Market
- Medtronic Plc
- Boston Scientific Corporation
- St Jude Medical, Inc (Abbott)
- Synapse Biomedical Inc
- Nevro Corporation
- NDI Medical LLC
- Terumo Corporation
- Edwards Lifesciences Corporation
Key Takeaways from Brain Implants Market Study
- Sales of brain implants are expected to surge at a CAGR of 11% from 2022 to 2027.
- The United States and China are predicted to be profitable markets for brain implants due to the presence of top firms and respective government support for R&D for brain implant product improvement.
- Significant cost of brain implants, involvement of highly qualified medical professionals, and cutting-edge technology & methodologies used in modern neurological practices are some of the main barriers to market expansion as low-income patients are not able to afford these expenses.
- Elon Musk's innovative start-up 'Neuralink' is expected to boom into the market.
- Another significant factor that is fueling the demand for brain implants is the adoption of AI. Artificial intelligence technologies are being used in brain implants that hold intriguing possibilities for turning thoughts into visuals.
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