Brain Implants Market to hit USD 10 billion by 2032, says Global Market Insights Inc.
Brain Implants Industry is projected to witness a CAGR of 8.8% during the period 2023-2032. This growth can be attributed to the growing prevalence of neurological disorders increases the demand for brain implants among the geriatric population base.
Selbyville, Delaware, Sept. 10, 2023 (GLOBE NEWSWIRE) --Brain Implants Market size is expected to be worth USD 10 billion by 2032. The growing burden of neurological disorders along with the rapidly expanding geriatric population base will anchor the industry development. According to the National Institutes of Health, neurological diseases affect between 5% and 55% of people aged 55 years and older.
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The higher risk of adverse health outcomes, including disability, mortality, institutionalization and hospitalization caused due to several neurological conditions is driving the demand for several treatment techniques, including brain implants. The surging popularity of neural implants to treat multiple sclerosis is another major factor driving the industry evolution. Spinal Cord Stimulators segment to record considerable revenueThe brain implants market size from spinal cord stimulators may expand significantly through 2032. This is owing to the surging need for managing chronic pain conditions, such as failed back surgery syndrome, neuropathic pain, complex regional pain syndrome (CRPS), and degenerative spine conditions. As per Penn Medicine, up to 40% of patients experience failed back surgery syndrome (FBSS). The robust adoption of spinal cord stimulators for significantly improving the quality of lives of patients by reducing pain while offering increased mobility and functionality will further contribute to the market expansion.
*Growing application scope in depression treatment*
Brain implants market size from the depression application segment is slated to record significant traction through 2032. The expansion is mainly attributed to the ongoing research aimed at refining techniques, such as deep brain stimulation (DBS) to render improved patient outcomes. The rising amount of research highlighting the importance of neurostimulators in regulating complicated disorders, including Alzheimer’s disease and treatment-resistant depression will also add to the segment expansion. To quote an instance, in October 2021, a study published in Nature Medicine revealed that scientists cured depression using a stimulating brain implant.
*APAC to emerge as a lucrative market destination*
Asia Pacific brain implants market size is poised to reach significant value by the end of 2032 driven by the rapidly expanding aging population and the higher burden of neurological disorders in the region. The surging investments by governments and private entities on healthcare infrastructure and research in China, Japan, and South Korea has led to greater deployment of advanced medical technologies. To cite an instance, in September 2022, the Chinese Government announced a loan incentive policy of US$246.40 billion (CNY1.70 trillion) as part of its plans to upgrade and renovate equipment in medical facilities.
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*Brain Implants Industry Participants*
Few of the well-known brain implants market companies include Boston Scientific Corporation, ALEVA NEUROTHERAPEUTICS SA, Abbott (ST. JUDE MEDICAL INC), Synchron Inc, Medtronic, Renishaw PLC, NEVRO CORP., Neuralink, LivaNova PLC, and MicroTransponder Inc, among others.
*Partial Table of Contents (ToC) of the report:*
*Chapter 3 Brain implants Industry Insights*
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Increase in the prevalence of neurological disorders
3.3.1.2 Growing demand for minimally invasive neurosurgical procedures
3.3.1.3 Technological advancements in devices
3.3.1.4 Growing global geriatric population
3.3.2 Industry pitfalls & challenges
3.3.2.1 High cost of devices
3.3.2.2 Surgical risks and complexity in implant procedure
3.4 Growth potential analysis
3.4.1 By type
3.4.2 By application
3.4.3 By end-use
3.5 COVID- 19 impact analysis
3.6 Regulatory landscape
3.6.1 U.S.
3.6.2 Europe
3.7 Porter's analysis
3.8 PESTEL analysis
*Chapter 4 Competitive Landscape*
4.1 Introduction
4.2 Company matrix analysis, 2022
4.3 Competitive dashboard
4.4 Company market share, 2022
4.5 Competitive analysis of major market players
4.6 Competitive positioning matrix
4.7 Strategic outlook matrix
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*About Global Market Insights*
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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