NEWARK, Del, July 04, 2022 (GLOBE NEWSWIRE) -- The Brain Implants revenues were estimated at US$ 5.1 Bn in 2021 and is anticipated to grow at a CAGR of 12.3% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the Brain Implants Market is expected to reach a valuation of US$ 18 Bn.
The Brain Implants market suffered during Covid times due to the deferral of operations in 2020. Patients who were slated for surgery and those who had surgery suffered as a result of the lockdowns and postponements. Patients were advised to keep to their previous optimal dose schedule until the limitations were lifted. As a result, demand for brain implants were low, which limited market expansion.
Following the economic recovery from the Covid-19 outbreak, demand for Brain Implants skyrocketed. In the post-covid scenario, a huge proportion of the population suffered from anxiety, depression, and many other brain-related ailments. As the economy recovered from the recession, the demand for brain implantation bounced back. The emergence of stress-related and obesity-related depression is also rising all over the world.
The brain implants market is estimated to increase considerably during the forecast period due to the rising prevalence of neurological illnesses throughout the world and the growing elderly population. With such a huge population belonging to the aging category, they are more prone to the diseases like Parkinson’s, leading to high demand for brain implants.
Key Takeaways from the Study
- Brain Implants Market was valued at US$ 5.1 Bn in 2021. According to Future Market Insights, Brain Implants Market revenue would increase 3.5X between 2022 and 2032, reaching roughly US$ 18 Bn in 2032.
- In terms of Product Type, Deep Brain Stimulator is projected to account for the highest projected CAGR of over 14.4%.
- In terms of application, Chronic Pain accounts for the highest CAGR of 13.4% during the historic period (2017-21).
- US is the dominant country in Brain Implants Market with an absolute dollar growth opportunity of over US$ 4.6 Bn.
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in brain implants market are focused on their alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their brain implant market share.
Some of the recent developments of key Neural Implants providers are as follows:
- In April 2022, the FDA approved brain stimulation software for use in Parkinson's disease. Vercise Neural Navigator with Stimview XT will allow clinicians to visualize the lead placement and stimulation modelling, and is designed to provide patient-specific 3D modeling for therapeutic customization. The software is intended to aid in the placement of leads, minimise programming time, and allow for more informed treatment.
- In June 2021, Medtronic plc received FDA approval for its SenSight Directional Lead System, which is used for deep brain stimulation therapy.
- In March 2021, Abbott announced the launch of NeuroSphere Virtual Clinic. Deep brain stimulation patients can get programmed their devices and reset them remotely, from the comfort of their own homes, without travelling to a specialist, owing to a newly launched FDA-approved tool.
- In December 2019, Aleva Neurotherapeutics received CE approval for its Deep Brain Stimulation Devices and raised USD 8 Mn in private equity funding. Aleva's ground-breaking DBS system uses directional electrode technology and is intended to be more precise and efficient, with tailored stimulation that may lessen side effects. The company claims that it is the only emerging technology company that has received the CE-Mark for Deep Brain Stimulation.
- In February 2019, Medtronic PLC released a ‘brain pacemaker’ device to help people with epilepsy. This device was somewhat similar to cardiac pacemaker. Brain Pacemaker was also approved by Food and Drugs Administration, U.S.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Brain Implants Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
Brain Implants Market Segmentation
By Product Type:
- Deep Brain Stimulator
- Spinal Cord Stimulator
- Vagus Nerve Stimulator
- Brain Implant for Chronic Pain
- Brain Implant for Epilepsy
- Deep Brain Simulation for Parkinson’s Disease
- Brain Implant for Depression
- Brain Implant for Essential tremor
- Brain Implant for Alzheimer’s Disease
- North America
- Latin America
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
4. Global Brain Implants Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) Projections, 2022-2032
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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