LONDON, Jan. 22, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Brain Implants Global Market Report 2024, the global brain implants market has been experiencing rapid growth in recent years and is poised for significant expansion in the coming years. According to the latest market report, the brain implants market is set to grow from $5.58 billion in 2023 to $6.17 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. This brain implants market growth is attributed to factors such as the increased prevalence of neurological disorders, a rising aging population, advancements in surgical techniques, and expanding applications in research.
Forecasted Growth: The brain implants market is expected to continue its robust growth, reaching $8.77 billion by 2028, with a CAGR of 9.2%. The projected growth in the forecast period can be attributed to innovations in material science, emerging therapeutic applications, increasing investment in research and development, rising healthcare expenditure, and collaborations and partnerships. Major trends in the forecast period include a research focus on brain-machine interfaces (BMIs), enhanced biocompatibility of implant materials, exploration of ethical and regulatory frameworks, emergence of consumer-grade brain-computer interfaces (BCIs), and collaborations between academic and industry players.
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Driving Factors: The rising healthcare expenditure is anticipated to play a pivotal role in driving the expansion of the brain implants market in the future. Healthcare expenditure, representing the total amount of money spent on healthcare-related goods and services, has seen a significant increase. For example, according to the Canadian Institute for Health Information, healthcare expenditure rose to 0.8%, amounting to $331 billion in 2022, compared to 7.6% in 2021. This upward trend is expected to contribute to the growth of the brain implants market.
Industry Players and Innovations: Major companies operating in the brain implants market, including Abbott Laboratories, Medtronic Plc., and Boston Scientific Corporation, are focusing on developing technologically advanced brain implants with innovative therapies. For instance, LivaNova PLC recently launched SenTiva DUO, an implantable pulse generator with a dual-pin header, providing Vagus Nerve Stimulation (VNS) Therapy for drug-resistant epilepsy. This new device offers customized therapy, optimal seizure control, and maximum adherence to treatment.
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Regional Insights and Market Segmentation: North America dominated the brain implants market in 2023, while Asia-Pacific is expected to be the fastest-growing region in the forecast period. The brain implants market is segmented by product (deep brain stimulator, spinal cord stimulator, vagus nerve stimulator), application (chronic pain, epilepsy, Parkinson’s disease, depression, essential tremor, Alzheimer’s disease), and end-user (hospitals, neurology clinics, other end-users).
How Players Can Leverage the Report: This comprehensive brain implants market report provides valuable insights into growth prospects, key drivers, trends, and development potential within the brain implants market. Industry players, healthcare providers, investors, and policymakers can leverage this information to make informed decisions, identify growth opportunities, and navigate the evolving landscape of the brain implants industry.
Brain Implants Global Market Report 2024 by The Business Research Company provides insights on the brain implants market size, brain implants market segments, brain implants market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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