How Are Product Approvals Boosting Brain Implant Market Growth?

Factors such as the increasing incidence of neurological diseases, such as Parkinson's, Alzheimer's, essential tremors, and epilepsy, escalating healthcare spending, booming geriatric population, and the burgeoning number of people suffering from depression will help the brain implant market revenue surge from $4.5 billion in 2020 to $9.5 billion by 2030. Moreover, rapid product development is also contributing to the market growth worldwide. Besides, the mounting public awareness of neurological ailments and their treatment procedures will also drive the demand for brain implants during the forecast period (2021–2030).

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Several not-for-profit and for-profit healthcare organizations across the globe are undertaking numerous initiatives to impart knowledge about mental disorders among people. For instance, the World Health Organization (WHO) has designated 10th October as World Mental Health Day to impart awareness about mental illnesses to reduce the stigma associated with these diseases, educate people about different treatment choices, and promote access to various mental healthcare services. Similarly, the National Alliance on Mental Illness (NAMI), a mental health organization, is actively providing support and treatment, conducting researches, and raising public awareness about mental illnesses in the U.S.

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The type segment of the brain implant market is classified into spinal cord stimulation, deep brain stimulation, and vagus nerve stimulation. In 2020, the deep brain stimulation category accounted for the largest market share, due to the various advantages offered by such implants over other therapies, such as reduction in walking difficulties, slowness, and stiffness, which are commonly caused by neurological diseases such as dystonia, essential tremor, and Parkinson's disease. This treatment is usually recommended to the patients who have been non-responsive to medication for at least five years.

Therefore, the soaring prevalence of neurological disorders and growing public awareness of mental illnesses and associated treatment procedures will supplement the market growth in the forthcoming years.

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