Brain Implants Industry is projected to witness a CAGR of 8.8% during the period 2023-2032. This growth can be attributed to the growing prevalence of neurological disorders increases the demand for brain implants among the geriatric population base.
Selbyville, Delaware, Sept. 10, 2023 (GLOBE NEWSWIRE) --
Brain Implants Market size is expected to be worth USD 10 billion by 2032. The growing burden of neurological disorders along with the rapidly expanding geriatric population base will anchor the industry development. According to the National Institutes of Health, neurological diseases affect between 5% and 55% of people aged 55 years and older.
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The higher risk of adverse health outcomes, including disability, mortality, institutionalization and hospitalization caused due to several neurological conditions is driving the demand for several treatment techniques, including brain implants. The surging popularity of neural implants to treat multiple sclerosis is another major factor driving the industry evolution. Spinal Cord Stimulators segment to record considerable revenue
The brain implants market size from spinal cord stimulators may expand significantly through 2032. This is owing to the surging need for managing chronic pain conditions, such as failed back surgery syndrome, neuropathic pain, complex regional pain syndrome (CRPS), and degenerative spine conditions. As per Penn Medicine, up to 40% of patients experience failed back surgery syndrome (FBSS). The robust adoption of spinal cord stimulators for significantly improving the quality of lives of patients by reducing pain while offering increased mobility and functionality will further contribute to the market expansion.
Growing application scope in depression treatment
Brain implants market size from the depression application segment is slated to record significant traction through 2032. The expansion is mainly attributed to the ongoing research aimed at refining techniques, such as deep brain stimulation (DBS) to render improved patient outcomes. The rising amount of research highlighting the importance of neurostimulators in regulating complicated disorders, including Alzheimer’s disease and treatment-resistant depression will also add to the segment expansion. To quote an instance, in October 2021, a study published in Nature Medicine revealed that scientists cured depression using a stimulating brain implant.
APAC to emerge as a lucrative market destination
Asia Pacific brain implants market size is poised to reach significant value by the end of 2032 driven by the rapidly expanding aging population and the higher burden of neurological disorders in the region. The surging investments by governments and private entities on healthcare infrastructure and research in China, Japan, and South Korea has led to greater deployment of advanced medical technologies. To cite an instance, in September 2022, the Chinese Government announced a loan incentive policy of US$246.40 billion (CNY1.70 trillion) as part of its plans to upgrade and renovate equipment in medical facilities.