According to the latest research report titled, “Brain Implants Market (2024 – 2029)” by Mordor Intelligence, the brain implants market is estimated at USD 7.35 billion in 2024 and growing at a CAGR of 10.67% during the forecast period.
The brain implant market is witnessing significant growth due to several key factors. These include the increasing aging population, a rise in neurological disorders, and advancements in technology. Conditions like Alzheimer’s, epilepsy, Parkinson’s, depression, and essential tremors are becoming more prevalent, driving the demand for brain implants. For instance, Parkinson’s disease affects an estimated 7 to 10 million people (about half the population of New York) globally, with around 60,000 new cases diagnosed in the United States annually. Projections suggest that by 2030, approximately 1.2 million Americans will be living with Parkinson’s disease, indicating a promising market outlook.
The aging population is increasingly susceptible to various neurological disorders. WHO’s October 2021 update indicates that by 2030, approximately one-sixth of the global population will be aged 60 or older, with two-thirds of this demographic residing in low- and middle-income countries by 2050.
Report Summary
- Market Size (2024): USD 7.35 billion
- Market Size (2029): USD 12.20 billion
- CAGR (2024 – 2029): 10.67%
- Study Period: (2021-2029)
- Forecast Units: Value (USD Billion)
- Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends
- Market Drivers: Rise in Aging Population and Increase in Prevalence of Neurological Disorders and Technological Advancements in Devices
Which are the Top Companies in the Brain Implants Market?
The brain implant market is characterized by moderate consolidation, with only a handful of key players dominating the industry.
Prominent players in the brain implant market:
- Abbott Laboratories
- Boston Scientific Corporation
- LivaNova Plc
- Medtronic Plc
- NDI Medical PLC
- NeuroPace Inc.
- NeuroSigma
- Synchron Inc.
- Renishaw Plc
- Fisher Wallace
- Functional Neuromodulation Ltd.
- Stimwave LLC
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Key Highlights from the Brain Implants Market Report
1. Alzheimer’s Disease: A Driving Force in Brain Implants Market Growth
- The increasing prevalence of Alzheimer’s disease, projected to rise significantly by 2050, is a primary driver of market growth.
- Various research studies highlight the potential of brain implants in addressing Alzheimer’s symptoms, such as impaired sleep and cognitive decline.
- Government grants and investments in Alzheimer’s research, including initiatives like the establishment of specialized research centers, contribute to market expansion.
- Regulatory approvals for innovative neurostimulation devices, aimed at treating memory and cognition symptoms of Alzheimer’s disease, further drive market growth.
- The preference for brain implant procedures among Alzheimer’s patients underscores the growing demand for such treatments, supporting market growth projections.
2. North America’s Strong Hold on Brain Implant Market
North America maintains a significant share in the brain implant market, expected to remain stable over the forecast period due to high-standard healthcare facilities and favorable policies ensuring accessibility. With the increasing prevalence of neurological disorders like Alzheimer’s, the region sees substantial market potential. For example, in 2022, an estimated 6.5 million Americans aged 65 and older have Alzheimer’s dementia. Similarly, in Mexico, Alzheimer-related deaths are projected to rise from 43,000 in the past year to 53,000 by 2025 according to the Alzheimer’s Association 2022 report.
What are the Latest Developments in the Brain Implants Market?
- In July 2022, Synchron conducted the first human-brain-computer interface (BCI) implant procedure in the United States. This procedure represents a significant technological milestone for scalable BCI devices and is the first to occur in the United States using an endovascular BCI approach, which does not require invasive open-brain surgery.
- In January 2022, Elon Musk’s Neuralink started clinical trials of implanting brain chips in humans to be able to communicate with machines by thought.
Mordor Intelligence Report on the Brain Implants Market segments the market based on product type, application, and geography:
- By Product Type (Market Size & Forecast based on Value (USD billion), 2024-2029)
- Deep Brain Stimulator
- Spinal Cord Stimulator
- Vagus Nerve Stimulator
- By Application (Market Size & Forecast based on Value (USD billion), 2024-2029)
- Chronic Pain
- Epilepsy
- Parkinson’s Disease
- Depression
- Essential Tremor
- Alzheimer’s Disease
- Other Applications
- By Geography (Market Size & Forecast based on Value (USD billion), 2024-2029)
- North America
- United States
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East and Africa
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the brain implants industry. Get a glance at the Brain Implants Market Report (2024 – 2029)
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