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.

Download Free Sample Report: https://www.alliedmarketresearch.com/request-sample/47926

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:

Covid-19 Scenario

• 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.

Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/47926

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. 

Trending Reports in Healthcare Industry (Book Now with 10% Discount):

AI in Healthcare Market by Offering (Software, Hardware, & Services), Algorithm (Deep Learning, Querying Method, Natural Language Processing, and Context Aware Processing), Application (Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis, and Others), and End User (Healthcare Providers, Pharmaceutical & Biotechnology Companies, Patients, and Payer): Global Opportunity Analysis and Industry Forecast, 2021-2030

Medical Spa Market by Service (Body Shaping, Hair Removal, Facial Treatment, Tattoo Removal, Scars & Striae, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

Hemodialysis Market by Type (Conventional [3 times per week], Daily [6 days a week], and Nocturnal [3-6 nights per week]), Product & Service (Equipment, Consumable, Drug, and Service), and End User (In-center dialysis and Home dialysis) - Global Opportunity Analysis and Industry Forecast, 2021-2030

Telemedicine Market by Application (Teleradiology, Telepsychiatry, Telepathology, Teledermatology, Telecardiology and Other Applications), Component (Software, Hardware and Services), and End User (Healthcare Providers, Payers, Healthcare Consumers and Other End Users): Global Opportunity Analysis and Industry Forecast, 2021-2030

Digital Therapeutics Market by Product (Software and Devices), Sales Channel (Business-to-Business and Business-to-Consumers), Application (Diabetes, Obesity, Cardiovascular Disease (CVD), Central Nervous System (CNS), Disease Respiratory Disease, Smoking Cessation, Gastrointestinal Disorder (GID) and Others: Global Opportunity Analysis and Industry Forecast, 2022-2031

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

SOURCE Allied Market Research