At 11.7% CAGR, the Europe Brain Implants Market is Projected to be Worth US$ 5,162.17 million by 2030, Says Business Market Insights

According to Business Market Insights research, the Europe brain implants market was valued at US$ 2,133.30 million in 2022 and is expected to reach US$ 5,162.17 million by 2030, registering a CAGR of 11.7% from 2022 to 2030. Strategic initiatives by companies and rising number of spinal cord injuries are among the critical factors attributed to the Europe brain implants market expansion.

Companies operating in the brain implants market constantly focus on strategic developments such as product approvals, collaborations, expansions, agreements, and new product launches, which help them improve their sales, expand their geographic reach, and enhance their capacities to cater to a greater than existing customer base. A few of the noteworthy developments in the brain implants market are mentioned below: In December 2022, Abbott launched the Eterna spinal cord stimulation (SCS) system, which is the smallest implantable, rechargeable SCS system available on the market for the treatment of chronic pain. The company's portfolio of neuromodulation devices also includes Proclaim XR, the recharge-free SCS system, and Proclaim Plus featuring FlexBurst360. In September 2020, Boston Scientific launched its WaveWriter Alpha portfolio of spinal cord stimulator (SCS) systems in Europe, along with additional customization options. SCS therapies provide pain relief by transmitting mild electric current pulses to the spinal cord to disrupt pain signals traversing to the brain. The WaveWriter Alpha SCS systems are indicated as an aid to manage chronic intractable pain.

Brain implant manufacturers are taking steps to expand their operations around the world and launch their products in different regions, which is expected to boost the market penetration and accessibility of their offerings. Therefore, product introduction and strategic moves such as approvals, expansions, and acquisitions create significant growth opportunities in the brain implants market.

On the contrary, high cost associated with brain implant devices and procedures hampers the growth Europe brain implants market.

Based on treatment, the Europe brain implants market is classified into deep brain stimulation, spinal cord stimulation, vagus nerve stimulator, invasive and non-invasive brain-computer interface, responsive neurostimulation for seizures, auditory brainstem implant, and ophthalmic aid/implant. The spinal cord stimulation segment held 37.7% share of the Europe brain implants market in 2022, amassing US$ 804.13 million. It is projected to garner US$ 1,336.63 million by 2030 to expand at 6.6% CAGR during 2022-2030. Further, the auditory brainstem implant segment is bifurcated into retrocochlear hearing impairment and cochlear hearing impairment.

Based on application, the Europe brain implants market is categorized into chronic pain, Parkinson's disease, Alzheimer's disease, epilepsy, essential tremor, depression, dystonia, amyotrophic lateral sclerosis (ALS), and neurofibromatosis 2. The chronic pain segment held 37.8% share of the Europe brain implants market in 2022, amassing US$ 806.12 million. It is projected to garner US$ 1,873.32 million by 2030 to expand at 11.1% CAGR during 2022-2030.

Based on end user, the Europe brain implants market is bifurcated into hospitals and specialized clinics/neurological centers. The hospitals segment held 71.9% share of the Europe brain implants market in 2022, amassing US$ 1,534.56 million. It is projected to garner US$ 3,925.84 million by 2030 to expand at 12.5% CAGR during 2022-2030

Based on country, the Europe brain implants market is categorized into the UK, Germany, France, Spain, Italy, and the Rest of Europe. Germany held 26.6% share of Europe brain implants market in 2022, amassing US$ 567.63 million. It is projected to garner US$ 1,412.35 million by 2030 to expand at 12.1% CAGR during 2022-2030.

Key players operating in the Europe brain implants market are Abbott Laboratories, Aleva Neurotherapeutics SA, Boston Scientific Corp, Medtronic Plc, NeuroSky Inc, ONWARD Medical NV, Renishaw Plc, and CorTec GmbH, among others.

• In June 2023; Boston Scientific Corp received US Food and Drug Administration (FDA) approval for the Vercise Neural Navigator 5 Software, which when used as part of the Vercise Genus Deep Brain Stimulation (DBS) Systems. It provides clinicians with simple and actionable data for efficient programming in the treatment of people living with Parkinson's disease or essential tremor.
  
  
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