Ottawa, Sept. 29, 2023 (GLOBE NEWSWIRE) -- The growing prevalence of neurological disorders, technological advancements in implantable devices, and increased government funding for neuroscience research are driving the growth of the brain implant market.
Key Insights
- By product, the deep brain stimulators segment dominated the market for brain implants and accounted for the highest revenue share of 39% in 2022.
- By application, the chronic pain segment dominated the market for brain implants and accounted for the largest revenue share of 60% in 2022.
- North America has accounted highest revenue share of 44% in 2022.
Ask here for report sample pages@ https://www.precedenceresearch.com/sample/2770
According to the WHO, neurological diseases account for 6.3% of the global disease burden and are one of the leading causes of death worldwide, accounting for 13.2% of deaths in developed countries and 16.8% in low- and middle-income countries. This has increased the clinical urgency for the use of long-term solutions such as spinal cord stimulators and deep brain stimulators. Additionally, the global prevalence of stress and obesity-induced depression is steadily rising.
Furthermore, Rapid advancements in brain-computer interface technology, as well as research and development of neuroprocessing for a variety of applications, will drive market trends through 2032.
- According to the WHO, nearly 5% of adults worldwide suffer from depression, which could increase the use of brain implants for the treatment of depression and other cognitive disorders. Moreover, the rising prevalence of epilepsy among Alzheimer's disease patients is expected to expand industry share during the forecast period.
- For Instance, recently Elon Musk revealed that his brain-interface technology company Neuralink will start implanting chips into the brains of humans by 2022.
Customize this study as per your requirement@ https://www.precedenceresearch.com/customization/2770
Market Dynamics for Brain Implant Market
Drivers: Brain-computer interface technology driving the market
Rapid advancements in brain-computer interface technology, as well as research and development of neuroprocessing for a variety of applications, will drive market trends throughout 2032. BCI is a system that measures central nervous system (CNS) activity and converts it into artificial output that replaces restores, enhances, supplements, or improves natural CNS output, thereby changing the ongoing interactions between the CNS and its external or internal environment.
- Additionally, according to the WHO, nearly 5% of adults worldwide suffer from depression, which could increase the use of brain implants for the treatment of depression and other cognitive disorders. Furthermore, the rising prevalence of epilepsy among Alzheimer's disease patients is expected to expand industry share during the forecast period.
- For instance, an FDA-approved neuroprosthetic is a cochlear implant for hearing augmentation (ages 2 and over). Approximately 180,000 patients have received cochlear implants, and many of them, many of whom are prelingually deaf, have demonstrated a newfound ability to understand speech without the use of lip reading. The success of these neuroprosthetic devices demonstrates BCI (Brain computer interface) technology's life-changing potential.
Restraint: High cost hindering the market growth
High surgical costs are likely to stifle growth in the global brain implant market. People who have brain implants may need to undergo additional treatments and procedures in the future to replace them. As a result, the high cost of revenant surgery may play a significant role in brain implant sales.
- For instance, Neuralink Brain Chip Costs around $1,000 bucks. The high cost of brain chips and implant treatment may hinder the market growth.
Opportunities: AI-controlled brain implant Future
AI-based brain implants are in trend, recently published studies focused on using artificial intelligence (AI) neural networks to generate audio output from brain signals have shown promising results, namely by producing identifiable sounds up to 80% of the time. Participants in the studies first had their brain signals measured while they were either reading aloud or listening to specific words.
In the first study, researchers from Columbia University and Hofstra Northwell School of Medicine in New York recorded brain signals from five epileptic participants as they listened to stories and numbers being read to them. The signal data was fed into a neural network, which then rebuilt audio files that were correctly identified by participating listeners 75% of the time.
Moreover, people are being tested with brain implants that deliver electrical pulses tuned to a person's feelings and behavior. Two teams funded by the Defense Advanced Research Projects Agency (DARPA), the US military's research arm, have begun preliminary trials of 'closed-loop' brain implants that use algorithms to detect patterns associated with mood disorders. These devices can shock the brain back to health without the intervention of a doctor. In July 2022, Elon Musk claims that Neuralink's brain implants will help in save memories like photos and allow paraplegics to walk again. With the help of neural links, the app store for programs can be downloaded and controlled by the brain.
Segmentation Landscape:
Product Type: The vague nerve stimulator segment is expected to grow at the fastest compound annual growth rate (CAGR) of 9.6% from 2023 to 2032, owing to applications in the treatment of disorders such as anxiety, migraines, fibromyalgia, tinnitus, and obesity. It is primarily used to deliver electrical impulses to the vague nerve. Furthermore, product launches with advanced technology are improving the quality of therapy.
Application Type: The Parkinson's disease segment is expected to grow at the fastest rate of 10% from 2023 to 2032, owing to an increasing geriatric population susceptible to conditions such as Parkinson's and Alzheimer's. According to the United Nations Department of Economic and Social Affairs, the global population is currently 7.7 billion and is expected to grow to 9.7 billion by 2050, supporting segment growth during the forecast period.
Regional Landscape:
North American Brain Implants Market is dominating the brain Implants during the forecast period. For Instance, according to Alzheimer's disease Facts and Figures, as the number of senior citizens in the United States increases, it increases the number of new and current cases of Alzheimer's disease.
- According to the Alzheimer's Association 2022, Alzheimer's Disease Facts and Figures report, an estimated 6.5 million Americans aged 65 and older will have Alzheimer's disease in 2022.
- In addition, one in every nine people aged 65 and up have Alzheimer's disease. As a result, the need to diagnose and treat these diseases creates a demand that may be met by the country's product manufacturing companies. Because of favorable factors, the market in North America, particularly in the United States, is expected to grow steadily in the coming years.
Furthermore, the presence of key players in the region, as well as the increasing number of product approvals, are expected to drive market growth. For example, in June 2020, the US Food and Drug Administration approved Medtronic PLC's Percept deep brain stimulation (DBS) for the treatment of Parkinson's symptoms. As a result of the aforementioned factors, the North American brain implant market is expected to grow significantly over the forecast period. In addition to this, increased government spending and programs to raise awareness of movement disorders are expected to drive demand for brain implant devices in the region.
Covid 19 impact on the Brain implant Market:
The lockdown and restrictions imposed in 2020 to prevent the spread of COVID-19 had a significant impact on both patients who have scheduled surgery and those who have already had DBS surgery. In several institutes, brain implant surgery, such as DBS, is an elective surgical procedure, though scheduled surgeries have been canceled. When the restrictions were lifted, patients were advised to continue their last optimized dose regimen, and surgeries were performed. As a result of the COVID-19 outbreak, there is a low demand for brain implants, limiting the market growth.
Related Reports
- Brain Imaging and Neuroimaging Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032
- Digital Brain Health Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032
- Brain Health Supplements Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032
Key Development:
- In February 2021, The U.S. FDA approved gammaCore, a vagus nerve stimulation device indicated to treat migraine in adults between the age of 12 and 17.
- In June 2021, Medtronic plc announced that SenSight Directional Lead System, which is utilized for deep brain stimulation therapy, received FDA approval.
Market Segmentation
By Product Type
- Deep Brain
- Stimulator
- Vagus Nerve Stimulator
- Spinal cord stimulator
By Applications
- Parkinson’s Disease
- Epilepsy
- Chronic Pain
- Alzheimer’s Diseases
- Depression
- Essential Tremor
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/2770
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333
About Us
Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
For Latest Update Follow Us:
https://www.linkedin.com/company/precedence-research
https://www.facebook.com/precedenceresearch
https://twitter.com/Precedence_R
