At 12.0% CAGR, the North America Brain Implants Market is Projected to be Worth US$ 7,768.72 million by 2030, Says Business Market Insights
According to Business Market Insights research, the North America brain implants market was valued at US$ 3,131.97 million in 2022 and is expected to reach US$ 7,768.72 million by 2030, registering a CAGR of 12.0% from 2022 to 2030. Technological advancements such as miniaturization, artificial intelligence, and modern brain-machine interfaces, and strategic initiatives by companies are among the critical factors attributed to the North America brain implants market expansion.
Advancements in technology have led to the development of smaller, more compact brain implants, making them more suitable for noninvasive or minimally invasive surgical procedures. Improved electrode designs, advanced programming algorithms, 3D printing, brain-computer interfaces (BCI), motor neuron prostheses, self-charging implants, memory chips, and miniaturization are a few of the modern trends in the brain implants market, which are likely to improve the effectiveness of treatments. These innovations provide patients with greater customization, adaptability, and other long-term benefits. In addition to the development of smaller and more flexible implants, advancements in wireless communication and power delivery systems can enhance the functionality and usability of brain implants. By reducing the invasiveness and improving the user experience, these advancements can expand the potential applications of brain implants and attract a broader patient population. Furthermore, these advancements benefit patients who require long-term implants, as smaller devices can lower the risk of complications and allow for easier placement and removal.
The integration of artificial intelligence (AI) and machine learning algorithms can further optimize the performance of brain implants by enabling personalized therapies and real-time adaptive stimulation. AI-powered neural implants have the potential to improve patients' quality of life, particularly those suffering from Alzheimer's disease. Recent research indicates that AI-powered brain-machine interfaces can effectively identify and track the progression of Alzheimer's, leading to earlier diagnosis and intervention. Innovations in BCI technology have provided new ways for communication and control for individuals with severe disabilities. BCIs can enable individuals with locked-in syndrome or spinal cord injuries to interact with their surroundings using their thoughts. These implants can decode neural signals and translate them into commands for external devices, such as prosthetic limbs or computer interfaces.
Companies such as Medtronic, Neuropace, and St. Jude Medical are developing systems to actively monitor brain activity. Some monitoring systems are used in conjunction with other assistive devices, such as robotic aids, to help patients suffering from neurological disorders to regain lost motor function. Companies such as Emotiv and NeuroSky are focused on advancing BCIs for improved device control. In May 2023, Neuralink, a brain implant company, received US FDA approval to begin the first-in-human clinical study of its brain implants in human subjects. The company is working on developing implants that promise to incorporate human brains with computer interfaces via AI. Similarly, in February 2023, Precision Neuroscience began working on its plan to introduce its groundbreaking medical technology to benefit paralyzed patients or those with other forms of limited mobility. Precision's brain implant device is a super thin film, about one-fifth of the width of a human strand of hair, that has a related consistency to that of a scotch tape. The company has plans to roll out the functionality of this device in stages.
On the contrary, high cost associated with brain implant devices and procedures hampers the growth North America brain implants market.
Based on treatment, the North America 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 North America brain implants market in 2022, amassing US$ 1,180.44 million. It is projected to garner US$ 2,011.53 million by 2030 to expand at 6.9% CAGR during 2022-2030. Further, the auditory brainstem implant segment is bifurcated into retrocochlear hearing impairment and cochlear hearing impairment.
Based on application, the North America 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 38.6% share of the North America brain implants market in 2022, amassing US$ 1,208.36 million. It is projected to garner US$ 2,878.69 million by 2030 to expand at 11.5% CAGR during 2022-2030.
Based on end user, the North America brain implants market is bifurcated into hospitals and specialized clinics/neurological centers. The hospitals segment held 71.6% share of the North America brain implants market in 2022, amassing US$ 2,243.31 million. It is projected to garner US$ 5,787.19 million by 2030 to expand at 12.6% CAGR during 2022-2030
Based on country, the North America brain implants market is categorized into the US, Canada, and Mexico. The US held 85.1% share of North America brain implants market in 2022, amassing US$ 2,665.10 million. It is projected to garner US$ 6,677.70 million by 2030 to expand at 12.2% CAGR during 2022-2030.
Key players operating in the North America brain implants market are Abbott Laboratories, Blackrock Microsystems Inc, Boston Scientific Corp, BrainGate, Fisher Wallace Laboratories Inc, Functional Neuromodulation Ltd, Medtronic Plc, Neuralink Corp, NeuroPace Inc, NeuroSky Inc, Neurospine LLC, ONWARD Medical NV, Paradromics Inc, Renishaw Plc, and Synchron Inc, 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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