Brain Implants Market Revenue, Top Companies, Report 2033

Published Date : 29 May 2024

Brain Implants Market Revenue and Opportunity

The global brain implants market revenue was valued at USD 6.40 billion in 2023 and is poised to grow from USD 6.99 billion in 2024 to USD 15.38 billion by 2033, at a CAGR of 9.16% during the forecast period 2024 - 2033. The increasing prevalence of neurological conditions, including epilepsy, depression, essential tremors, and Alzheimer's disease, is expected to drive the growth of the brain implants market.

Brain Implants Market Revenue and Growth Rate From 2024 to 2033

Market Overview

The brain implant is a technological device that helps to develop a biomedical prosthesis circumventing areas in the brain. The device is connected directly to the biological brain of a patient. Brain implants are usually attached to the brain's cortex and placed on the brain's surface. Brain implants assist in communicating with prosthetic limbs, improving memory, rehabilitating the body after injury, and treating diseases. The increasing awareness about positive research outcomes and brain implant benefits and the growing geriatric population over the globe are anticipated to enhance the growth of the market. In addition, growing technological innovations, increasing health awareness, increasing healthcare expenditure, rising investments in healthcare infrastructure, and increasing available treatments are further attributed to the growth of the brain implants market during the forecast period.

Increasing reliance on deep brain stimulation fuels market growth

Deep brain stimulation is a neurological process that utilizes implanted electrical and electrode stimulation to treat diseases related to dystonia, essential tremor, Parkinson's disease, and other neurological disorders. Doctors may utilize deep brain stimulation for neuropsychiatric conditions and movement disorders when medication has created side effects with a patient’s daily activities.

Movement-associated symptoms of Parkinson’s disorder and other neurological diseases are caused by unorganized electrical signals in the brain area that control movement. Deep brain stimulation disturbs the irregular signals, causing movement symptoms and tremors. In this condition, brain implants help to detect and monitor this kind of disease. Brain implants help patients recover after a serious brain or head injury, and this advanced DBS technique is heavily used in brain implants. In addition, DBS has improved awareness in people with traumatic brain injuries. These are the major driving factors expected to enhance the growth of the brain implant market.

However, surgical risks, malfunction or failure ethical concerns, and security risks may restrain the growth of the market. The procedure of executing the device into the brain includes surgery, which carries unwanted risks such as damage, bleeding, and infection to surrounding brain tissue. These risks can create complications and also death in some incidents. Brain implants are electronic devices that can fail over time and can malfunction. This may be responsible for unwanted consequences such as damage to the brain, unintended stimulation, and loss of function.

As brain implants become interconnected and more advanced, they get unauthorized access or become vulnerable to hacking. This creates concerns about the control by malicious actors, manipulation, and potential for privacy breaches. These are restraining factors of brain implants that may be responsible for hindering the growth of the brain implants market.

Brain Implants Market Report Scope

Report Coverage Details
Brain Implants Market Revenue in 2024 USD 6.99 Billion
Projected Forecast Revenue by 2033 USD 15.38 Billion
Growth Rate from 2024 to 2033 CAGR of 9.16%
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa


Brain Implants Market Top Companies

  • Aleva Neurotherapeutics SA
  • Synapse Biomedical Inc.
  • Nevro Corporation
  • NeuroPace, Inc.
  • St. Jude Medical (Abbott)
  • Boston Scientific Corporation
  • Neuralink
  • Medtronic

Recent Innovation in Brain Implants Market by Neuralink

  • In January 2024, Neuralink, Elon Musk’s brain-computer interface company, launched its first successful human brain implantation chip with promising neuron spike detection. The Neurolink company utilizes a robot to place a brain-computer interface.

Recent Innovation in Brain Implants Market by Medtronic

  • In April 2024, in India, a wholly owned subsidiary of Medtronic Plc, India Medtronic announced the launch of the NeuroSmart Portable Micro Electrode Recording Navigation System. This advanced and innovative system was launched for the treatment of Parkinson’s disease. This system was also developed by Alpha Omega Engineering, and it is a very effective treatment for psychiatric and neurological diseases.

 

Regional Insights

Asia Pacific is estimated to grow fastest during the forecast period. The efforts by neurology and neurosurgeon clinics to raise the about brain implants, increase the number of awareness programs, increase the affordability of brain implants, increase the unmet need for long-term and effective treatment solutions, and increase the prevalence of psychiatric and neurodegenerative diseases are expected to drive the growth of brain implants market in the Asia Pacific. India, China, Japan, and South Korea are the major leading countries in the Asia Pacific region.

India and China are the major countries and have the largest markets in this region due to the increasing number of Parkinson’s and other neurological diseases in Asia Pacific. In China, a Chinese company discovered a brain-computer interface, “homegrown,” that enabled a monkey to control a robotic arm by thinking about this homegrown. According to state-run news media outlet Xinhua, the system was developed by the Chinese Institute of Brain Research and NeuCyber NeoroTech.

  • For instance, in February 2024, a Chinese clinical team launched the “brain-computer interface,” a wireless processor. This processor has been used in the skull of a paralyzed man to recover his motor skills, such as drinking a bottle of water on his own. This technology-assisted rehabilitation of patients with injuries and brain diseases. The person was caused by a severe accident and suffered from complete spinal cord injury for 14 years.

North America dominated the brain implants market in 2023. The increasing government initiatives and funding, the increasing presence of well-developed healthcare facilities, the increasing availability of highly skilled physicians, the increasing awareness of treatment options, and the rising prevalence of neurological disorders are anticipated to drive the growth of the market in North America. The U.S. and Canada are the major emerging countries in North America. The U.S. has the largest market and is a leading country in the brain implants market.

  • For instance, in August 2022, at the Mount Sinai Health System in New York City, the first American was transformed with a revolutionary new brain-computer interface. This U.S. clinical trial was shown by the U.S. Food and Drug Administration for improving a permanently embedded brain-computer interface by Synchron.

Market Potential and Growth Opportunity

Transformative neural interfaces

Brain implants are developing unstoppably on the cutting-edge of experimental technology to established enhancements. They are witnessed to be primarily integrated for therapeutic purposes. Companies such as Facebook, Kernel, and Neuralink are taking charge of guiding individuals with neurological conditions such as memory loss, epilepsy, and paralysis. These implants hold the significance of allowing tasks like movement or typing via computer interfaces via neural signals. In addition, they could significantly meet conditions such as dementia, addiction, and OCD. Consumer-oriented brain implants could significantly enhance telepathy, emotion regulation, and increased reality vision memory augmentation due to the continuously improving capabilities. These are the major opportunities enhancing the growth and demand for the brain implants market in the coming future.

Brain Implants Market News

  • In April 2024, a rival to Elon Musk’s Neuralink brain implant startup, Synchron Inc, launched an online registry for patients willing to join the trial meant to involve various participants and got interest from about 120 centers of clinical trial to help neurologic and memory loss patients. Synchron helps in the testing of brain implants and aims to help paralyzed patients.
  • In January 2023, Motif Neurotech, a company of neurotechnology, is emerging minimally forward bioelectronics for a person’s mental health, such as neuropsychiatric disorders, via Rice Biotech Launch Pad announced by Rice University.

Market Segmentation

By Product Type

  • Deep Brain
  • Stimulator
  • Vagus Nerve Stimulator
  • Spinal cord stimulator

By Applications

  • Parkinson’s Disease
  • Epilepsy
  • Chronic Pain
  • Alzheimer’s Diseases
  • Depression
  • Essential Tremor

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