Brain Implant Market Expected to Reach $4.5 Billion by 2032—Allied Market Research

Brain Implant Market

Report Code : A47451

quote Increase in number of neurological disorders such as Parkinson’s disease, epilepsy and depression, technological advancements in brain implant and rise in geriatric population are the factors expected to drive the brain implant market. quote

Onkar Sumant - Manager
Life Sciences at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Brain Implant Market," The brain implant market analysis was valued at $1.4 billion in 2022, and is estimated to reach $4.5 billion by 2032, growing at a CAGR of 12.2% from 2023 to 2032.

The demand for brain implant devices is expected to witness a significant rise with increase in diagnosis of neurological disorders. The brain implant (neurostimulation devices) market has piqued the interest of healthcare providers owing to several benefits offered by these implant to treat neurological disorders and improve the quality of life of the patients. In addition, there have been remarkable technological advancements in these devices such as miniaturization of implant, improved designs, and improved battery technology to provide advanced treatment options for the management of symptoms of neurological disorders. Thus, such advanced features offered by the brain implant support the brain implant industry. 

Furthermore, rise in geriatric population, which is susceptible to neurological disorders such as epilepsy and Parkinson’s, is anticipated to drive the demand of brain implant. For instance, according to the report published by Australian Institute of Health and Welfare (AIHW), in March 2022, epilepsy affected around 151,000 Australians. In addition, according to an article published by UpToDate Inc., in August 2021, the incidence rate of epilepsy increased with age and is highest in patients over 75 years of age. Thus, rise in geriatric population and surge in prevalence of epilepsy is anticipated to drive the market growth. Furthermore, the demand for brain implant is expected to rise more during the brain implant market forecast period owing to rise in drug resistance epileptic conditions. For instance, according to article published by the University of Chicago Medicine, in December 2022, 30-40% people out of 65 million suffer from drug resistant epilepsy. Thus, brain implant have emerged as a potential alternative to patients with drug resistance epilepsy. 
Moreover, the changing life style and increase in amount of stress in daily life add to the growth of the neurological disorders such as depression, stress and anxiety, anticipated to drive the market growth. Furthermore, prevalence of Alzheimer's is expected to drive the brain implant industry. For instance, according to Alzheimer's Association, about 1 in 9 people aged 65 and older (10.7%) has Alzheimer's. Thus, prevalence of such conditions drives the demand for brain implant market trends to manage and treat the neurological conditions. 
Furthermore, availability of specific brain implant depending on the disease conditions, makes it more precise and accurate, resulting in lesser side effects. Thus, such advantage is further anticipated to drive the market growth. In addition, emerging markets have gained more importance for majority of the neurostimulation device manufacturers and distributors. Furthermore, rise in investment for neurological R&D, introduction of new devices, and rise in regulatory approvals for brain implant are expected to drive the growth of the market during the forecast period. For instance, in Jan 2020, Abbott, global healthcare leader, received U.S. Food and Drug Administration (FDA) approval for Infinity DBS Neurostimulation System to treat Parkinson’s. Thus, rise in number of product approvals of brain implant is expected to drive the growth of brain implant market.  
Depending on the type, the market is classified into deep brain stimulation and vagus nerve stimulation. The deep brain stimulation segment accounted for largest brain implant market share in 2022 and is also expected to witness highest CAGR during the forecast period, owing to rise in number of people suffering from Parkinson’s and tremors. In addition, implanted DBS 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. Thus, reducing the perceptions of tremors and improving a patient's quality of life, further supports the segment growth. 

Depending on application, the market is divided into Parkinson’s disease, epilepsy and others. The Parkinson’s disease segment accounted for the largest brain implant market share in 2022 and is also expected to witness highest CAGR during the forecast period. This is attributed to a rise in prevalence of Parkinson’s in adults and geriatric population. 

Depending on the end user, the market is categorized into hospitals, neurology clinics and others. The hospitals segment dominated the brain implant market size in 2022 and is expected to remain dominant during the forecast period owing to increase in patient admission in hospital and availability of trained medical staff in hospitals that help to provide better services to patients. 

Region wise, North America was the largest shareholder in the global brain implant market size in 2022, owing to 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, Asia-Pacific is anticipated to register the highest CAGR during the 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. 

Key findings of the study 

  • By type, deep brain stimulation segment was largest contributor to the brain implant market size in 2022. 
  • By application, the Parkinson’s disease segment dominated the market in 2022.  
  • By end user, the hospitals segment dominated the market in 2022, and is expected to grow at a highest CAGR during the forecast period. 
  • Region wise, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period. 

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quote Brain Implant Market by Type (Deep brain stimulation, Vagus nerve stimulation), by Application (Parkinson's disease, Epilepsy, Others), by End User (Hospitals, Neurology clinics, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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