The global brain implants market size is expected to reach USD 9.21 billion by 2028, according to a new study by Polaris Market Research. The report “Brain Implants Market Share, Size, Trends, Industry Analysis Report, By Product (Deep Brain Stimulators, Spinal Cord Stimulators, Vagus Nerve Stimulators); By Application (Chronic Pain, Epilepsy, Parkinson’s Disease, Depression, Essential Tremor, Alzheimer’s Disease); By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Brain implants, also known as neural implants, are used in the electrical stimulation of the nervous system. There are many kinds of brain implants such as deep brain stimulator, spinal cord stimulator, and vagus nerve stimulator and all these devices have applications in the treatment of Alzheimer's disease, Parkinson’s disease, epilepsy, and chronic pain.
A deep brain stimulator is a neurostimulator that will transmit electrical impulses to specific regions in the brain that are affected due to various neuro disorders. A spinal cord stimulator is placed in the epidural space in the spine, and it will send electric currents to the nerves which help in relieving the pain in the patients. A Vagus nerve stimulator is implanted near the collarbone which will help the affected vagus nerve in sending signals to the brain.
Epilepsy is one of the common neurological disorders and globally around 50 million people suffer from the disease. Middle-income and underdeveloped countries contribute to nearly 80% of epilepsy cases. Chronic pain is an important disorder that affects a significant population across the globe and in the U.S. alone over 20% of the population suffers from chronic pain.
Numerous developments taking place in the field of brain implants with the launch of novel technologies such as brain implants enabled with MRI safety. There are also promising developments to develop implants by Neuralink that can unify human brains with computer interfaces through AI.
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Some of the key market factors that will help in the market growth of the brain implant market include the increasing number of products launch along with increasing collaborations and acquisitions since the major players in the market are looking at spreading their presence globally. In January 2021, Boston Scientific Corporation received FDA approval for Vercise Genus Deep Brain Stimulation System.
Stimgenics, a private firm in the market that has pioneered novel spinal cord stimulation (SCS) waveform, was acquired by Medtronic in January 2020. Medtronic will incorporate this new technology through its Intellis implantable neurostimulator for the management of chronic pain.
In March 2021, INBRAIN Neuroelectronics, a bioelectronics company that develops graphene brain implant technology has raised the funding of €14.35m for conducting a test of this technology in humans. Nanoscale graphene electrode has the ability to reach a single-neuron resolution.
Similarly, a team of Waterford-based researchers received €4.4m in EU funding in February 2021 to develop an innovative living brain implant that can suppress epilepsy seizures by sensing seizures before it happens in the patients.
Market Participants operating in the market include Boston Scientific Corporation, Medtronic, NeuroPace, Inc., Synapse Biomedical Inc., St. Jude Medical (Abbott), Nevro Corporation, and Aleva Neurotherapeutics SA are some of the key players operating in the global market.
Polaris Market Research has segmented the brain implants market report on the basis of product, application, and region:
Brain Implants, Product Outlook (Revenue - USD Million, 2016 - 2028)
Brain Implants, Application Outlook (Revenue - USD Million, 2016 - 2028)
Brain Implants, Regional Outlook (Revenue - USD Million, 2016 - 2028)