The global brain implant market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). A brain implant is a technological system that enables the communication between the brain and electronic devices, thus enabling brain activity to be modified or translated. According to National Center for Biotechnology Information (NCBI), neurological diseases are more frequent in older adults. Thus, the rise in the prevalence geriatric population is anticipated to drive the global brain implant market during the forecast period. For instance, according to the data published by World Health Organization in 2021, the share of the population aged 60 years is anticipated to increase from 1 billion in 2020 to 1.4 billion and by 2050 the world’s population of people aged 60 and older is anticipated to double to 2.1 billion. Moreover, the number of persons aged 80 years and older are anticipated to triple between 2020 to 2050 to reach 426 million.
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According to data published by the Center for Disease Control and Prevention (CDC) in 2020, Alzheimer’s is the leading cause of mortalities in the US. In 2020, Approximately 5.8 million Americans aged above 65 years and older had Alzheimer’s. Moreover, the number is expected to triple to 14 million people by 2060. Moreover, according to the annual report released by Alzheimer’s Association in 2021, approximately 6.1 million people are suffered from Alzheimer’s dementia, out of which 72.0% are aged 72 years and older and 11.3% are age 65 years and old. Also, two third Americans with Alzheimer’s are women. Thus, the rise in the prevalence of Alzheimer’s disease is anticipated to drive the growth of the global brain implant market.
Looking towards the demand for brain implants, key market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in June 2021, Medtronic Plc had received the US FDA approval of Sensight Directional Lead System used for Deep Brain stimulation (DBS) therapy. The Sensiight is a patient-specific DBS therapy used for the treatment of several symptoms associated with movement disorders such as Parkinson’s disease, dystonia, essential tremor, and medically refractory epilepsy.
In March 2021, Abbot Laboratories had announced the US launch of Neursphere Virtual Clinic. The Neurosphere Virtual clinic is a kind of technology that allows patients to communicate with physicians, ensure proper settings and receive new treatment settings remotely as required. Further in January 2021, Abbot Laboratories has launched Neurosphere myPath digital app, designed to track and report patient-perceived pain relief associated with spinal cord stimulation (SCD) therapy. Thus, such product launches coupled with technological innovations are anticipated to drive the growth of the global brain implant market during the forecast period.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Boston Scientific Corp., Medtronic PLC, NeuroPace Inc, and Renishaw PLC among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Brain implant Market Report by Segment
By Type
- Deep Brain Stimulator
- Spinal cord Stimulator
- Vagus Nerve Stimulator
By Application
- Chronic pain
- Epilepsy
- Parkinson’s Disease
- Depression
- Essential Tremor
- Alzheimer’s disease
- Others
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