Brain Implant Market to Reach $4.5 Billion, Globally, by 2032 at 12.2% CAGR: Allied Market Research
The global brain implant market is driven by factors such as increase in prevalence of neurological disorders, initiatives by government and non-government organizations and rise in geriatric population.
PORTLAND, Ore., May 11, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Brain Implant Market by Type (Deep Brain Stimulation and Vagus Nerve Stimulation), Application (Parkinson's Disease, Epilepsy and Others), and End User (Hospitals, Neurology Clinics, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032." According to the report, the global brain implant industry generated $1.4 billion in 2022, and is anticipated to generate $4.5 billion by 2032, witnessing a CAGR of 12.2% from 2023 to 2032.
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Prime determinants of growth
Increase in prevalence of neurological disorder, increase in initiatives by government and non-government organizations and technological advancement drive the growth of the global brain implant market. However, high cost of brain implant and operational challenges are hampering the market growth. On the contrary, the growing healthcare infrastructure and rise in adoption of advance technology by both healthcare professional and patients are expected to offer remunerative opportunities for expansion of the brain implant market during the forecast period.
Report coverage & details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Type, Application, End User and Region.
Increase in prevalence neurological disorder
Rise in technological advancements
High cost of brain implant
- The outbreak of the COVID-19 pandemic had a negative impact on the global brain implant market due to the subsequent lockdown.
- However, as the global situation started ameliorating, the demand for brain implant was restored back. This is attributed to the increase in adoption of advanced brain implant and augmentation in demand for advanced manufacturing systems. This, in turn, presented various growth opportunities for companies operating in the brain implant market.
The deep brain stimulation segment to maintain its leadership status throughout the forecast period
Based on type, the deep brain stimulation segment accounted for largest market share in 2022, accounting for more than two-thirds of the global brain implant market revenue, and is anticipated to register highest CAGR of 12.4% during forecast period. This is due to rise in number of people suffering from Parkinson's and tremors. In addition, implanted deep brain stimulation devices are effective in treating Parkinson's and tremors by sending electrical impulses to the brain to regulate abnormal brain activity that causes the symptoms of these movement disorders.
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The Parkinson's disease segment to maintain its leadership status throughout the forecast period
Based on application, the Parkinson's disease segment accounted for largest market share in 2022, accounting for around two-fifths of the global brain implant market revenue and is estimated to register highest CAGR of 12.6% during forecast period. The growth is attributed to a rise in prevalence of Parkinson's disease in adults and geriatric population.
The hospitals segment to maintain its lead position during the forecast period
Based on end user, the hospitals segment held the largest market share in 2022, accounting for more than two-thirds of the global brain implant market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The same segment is expected to manifest the highest CAGR of 12.5% from 2023 to 2032. This is due to an increase in patient admission in hospital and availability of trained medical staff in hospitals that help to provide better services to patients.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly three-fifths of the global brain implant market revenue and is estimated to retain its dominance from 2023 to 2032. This is due to an increase in target diseases such as Parkinson's & epilepsy, high availability of advanced brain implant, presence of well-developed healthcare infrastructure, and favorable reimbursement policies in healthcare systems. However, the Asia-Pacific region is expected to witness the fastest CAGR of 13.7% during forecast period, owing to upsurge in geriatric population, surge in prevalence of neurological diseases, and rise in awareness about advantage of brain implant such as long-term efficacy.
Leading Market Players: -
- Boston Scientific Corporation
- Medtronic Plc
- Livanova Plc
- Aleva Neurotherapeutics SA
- Neuropace, Inc.
- Functional Neuromodulation, Ltd.
- Beijing Pins Medical Co., Ltd
- Abbott Laboratories
- Sceneray Co., Ltd.
- Microtransponder Inc.
The report provides a detailed analysis of these key players of the global brain implant market. These players have adopted different strategies such as new product approval and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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