Brain Implants Global Market Report 2024, Featuring Profiles of Leading Companies Abbott Laboratories, Medtronic, GE HealthCare Technologies, Boston Scientific and Nihon Kohden
DUBLIN, Feb. 19, 2024 /PRNewswire/ — The “Brain Implants Global Market Report 2024” has been added to ResearchAndMarkets.com’s offering.
The brain implants market size has grown rapidly in recent years, from $5.58 billion in 2023 to $6.17 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth observed in the historical period can be attributed to several key factors. These include the increased prevalence of neurological disorders among the population, a rising aging demographic prone to such conditions, advancements in surgical techniques facilitating the development and utilization of brain implants, expanding applications of these devices in research initiatives, and a growing awareness and acceptance of this technology within medical communities and society at large. These elements collectively contributed to the growth and advancements in brain implant technologies during this period.
The brain implants market size is expected to see rapidly growth in the next few years, growing to $8.77 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. Anticipated growth in the forthcoming period is expected to stem from various factors. These include innovations in material science facilitating the development of more advanced brain implants, the emergence of new therapeutic applications for these devices, escalating investments in research and development initiatives, a rise in healthcare expenditure fostering technological advancements, and an increased focus on collaborations and partnerships within the industry.
The increasing prevalence of neurological diseases is anticipated to drive the growth of the brain implant market in the coming years. Neurological diseases cover a spectrum of medical conditions affecting the nervous system, including the brain, spinal cord, and peripheral nerves. Brain implants offer personalized control beyond traditional medications, allowing for neural activity modulation and symptom reduction. For instance, the World Health Organization’s February 2023 report highlighted that epilepsy, a neurological disease, affects 5 million individuals globally annually. The surge in neurological conditions fuels the demand for brain implants, aiming to enhance patient well-being and functionality.
The expected surge in healthcare expenditure is poised to fuel the expansion of the brain implants market in the foreseeable future. Healthcare expenditure pertains to the total spending on healthcare-related goods and services within a healthcare system or economy. This expenditure is pivotal in backing the development and accessibility of brain implant technologies. For instance, the Canadian Institute for Health Information’s November 2022 report noted a 0.8% rise in healthcare expenditure to $331 billion in 2022, compared to 7.6% in 2021. This escalating expenditure substantiates the growth momentum of the brain implants market.
Leading companies in the brain implants market prioritize the development of technologically advanced implants, integrating innovative therapies like Vagus Nerve Stimulation (VNS) Therapy to bolster market revenues. VNS Therapy, addressing drug-resistant epilepsy in adults and children, prevents and halts seizures effectively.
Key players in the brain implants market are actively developing diverse implant technologies like brain-computer interface (BCI) implants, aimed at paralysis patients, to drive market growth. A BCI, or brain-machine interface (BMI), establishes direct communication between external devices and the brain.
The main products included in brain implants are deep brain stimulators, spinal cord stimulators, and vagus nerve stimulators. These are used for several applications, including chronic pain, epilepsy, Parkinson’s disease, depression, essential tremor, and Alzheimer’s disease, by various end-users, such as hospitals, neurology clinics, and others.
The brain implant market consists of sales of implant devices, implantable electrodes, and neurostimulation devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Markets Covered:
1) by Product: Deep Brain Stimulator; Spinal Cord Stimulator; Vagus Nerve Stimulator
2) by Application: Chronic Pain; Epilepsy; Parkinson’s Disease; Depression; Essential Tremor; Alzheimer’s Disease
3) by End User: Hospitals; Neurology Clinics; Other End-Users
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Companies Profiled
Abbott LaboratoriesMedtronic Plc.GE HealthCare Technologies Inc.Boston Scientific CorporationNihon Kohden CorporationLivaNova PlcRenishaw PlcNevro CorporationNeuroPace Inc.BrainGateSynchron Inc.Blackrock NeurotechMicroTransponder Inc.NeuroSigma Inc.Pixium Vision SAInbrain NeuroelectronicsNeuralink CorporationNDI Medical PLCNeurosoft Bioelectronics SABlackrock Microsystems LLCFisher Wallace Laboratories LLCFunctional Neuromodulation Inc.Stimwave LLCAleva Neurotherapeutics SABeijing PINS Medical Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/wm4rme
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SOURCE Research and Markets
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