United States, Rockville MD, September 5, 2022 (GLOBE NEWSWIRE) — According to new industry analysis by Fact.MR, a provider of market research and competitive intelligence, the global brain implant market it is currently valued at around US$6.6 billion and is projected to expand rapidly at a CAGR of 11% through 2027.
One of the main drivers of market growth is the increasing prevalence of neurological disorders such as Parkinson’s disease, Alzheimer’s disease and epilepsy, as well as the growing awareness of the benefits of brain implants and the fruitful results of research.
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Furthermore, a major driver of the market is the increasing rate of neurological disorders worldwide.
- According to the WHO, neurological disorders are one of the leading causes of death worldwide, accounting for 13.2% of deaths in rich countries and 16.8% in low- and middle-income countries. They also contribute 6.3% to the global burden of disease.
Because of this, it is now clinically urgent to use long-term therapies such as deep brain and spinal cord stimulators. Additionally, sadness caused by stress and weight is becoming more common around the world, driving sales of brain implants.
What makes the United States a profitable market for neural implant providers?
“Effective Neural Implant Treatment Results Due to Qualified Physicians and Increasing Cases of Alzheimer’s Disease”
The brain implant market in the United States is expected to expand rapidly. This is due to several factors, such as an increase in the prevalence of neurological diseases, a high public awareness of available treatments, a well-developed health infrastructure, and the presence of morally upright doctors.
According to medical experts, brain implants are the most effective type of treatment for depression in the country.
- The number of new and active cases of Alzheimer’s disease will increase along with the number of older people in the United States, predict statistics provided by Alzheimer’s Disease Facts & Figures.
- The number of people aged 65 and older with Alzheimer’s disease is projected to rise to 12.7 million by 2050 if no medical advances are made to prevent, treat or cure the disease.
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Key segments covered in the brain implants industry survey
- By product:
- deep brain stimulators
- spinal cord stimulators
- vagus nerve stimulators
- By application:
- Chronic pain
- Epilepsy
- Parkinson’s disease
- Depression
- essential tremor
- Alzheimer disease
- obsessive compulsive disorder
- Multiple sclerosis
- Dementia
- By end user:
- hospitals
- Neurological Centers
- Specialized Clinics
- Others
- By region:
- North America
- Latin America
- Europe
- east asian
- South Asia and Oceania
- MEA
winning strategy
- US neurotech start-up Neuralink is becoming popular around the world as a result of testing a new brain implant in the sow Gertude.
Companies in the brain implant industry are modeling their development on prototype computer chips that wirelessly send information about an animal’s neurological activity to a screen. These scientific studies are being carried out to find a cure for dementia and Parkinson’s disease.
As a result, advances in the neurotechnology industry are creating job opportunities for scientists, experts, and others. Experts frequently express skepticism in response to research demonstrations, encouraging companies to make technological adjustments on the fly.
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key players in the brain implants Market
- medtronic plc
- Boston Scientific Corporation
- St Jude Medical, Inc (Abbott)
- Synapse Biomedical Inc
- Nevro Corporation
- NDI Medical LLC
- Terumo Corporation
- Edwards Lifesciences Corporation
Key takeaways from brain implants Market study
- Brain implant sales are expected to grow at a CAGR of 11% between 2022 and 2027.
- The United States and China are expected to be profitable markets for brain implants due to the presence of major companies and respective government support for R&D for the improvement of brain implant products.
- The significant cost of brain implants, the involvement of highly-skilled medical professionals, and cutting-edge technology and methodologies used in modern neurological practices are some of the major barriers to market expansion, as low-income patients are unable to afford These expenses.
- Elon Musk’s groundbreaking startup ‘Neuralink’ is expected to boom in the market.
- Another major factor that is driving the demand for brain implants is the adoption of AI. Artificial intelligence technologies are being used in brain implants that have exciting possibilities for turning thoughts into images.
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