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Neural Implants Market Report 2024-2033 | Share, Trends, Demand, overview
Neural Implants Market Size
According to The Business Research Company's, The neural implants market size has grown rapidly in recent years. It will grow from $4.89 billion in 2023 to $5.39 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to growth in well-established healthcare facilities, growth in aging population, growth in preference for minimally invasive procedures, growth in demand for personalized treatment options, and availability of improved healthcare infrastructure.
The neural implants market size is expected to see rapid growth in the next few years. It will grow to $7.98 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to the rising prevalence of neurological disorders, rising awareness among patients about new treatment modalities for neurological disorders, increasing availability of effective devices, increasing preference for MR-conditional brain implants, rising use of high-frequency neuromodulation therapy. Major trends in the forecast period include product innovations, technological advancements, advances in neuroprosthetics, and integration of deep learning algorithms into neural implants.
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Market Drivers and Trends:
The rising prevalence of neurological disorders is expected to propel the growth of the neural implants market going forward. A neurological disorder refers to any disorder of the nervous system that includes anatomical, biochemical, or electrical abnormalities in the brain, spinal cord, or peripheral nerves. Neurological disorders have seen an increase due to several reasons, such as aging populations, genetic predispositions, and changes in diagnostic criteria. Neural implants treat and manage various neurological diseases by interfacing directly with the nervous system to restore or enhance neural functions. These implants provide a tailored approach, which may improve therapy efficacy while decreasing adverse effects, particularly in illnesses such as Parkinson's disease, epilepsy, and spinal cord injuries. For instance, in March 2022, according to the Alzheimer's Association, a US-based nonprofit voluntary health organization that focuses on Alzheimer's disease care, nearly 7 million Americans age 65 and older were living with Alzheimer's dementia, and this number could grow to 13.8 million by 2060. Moreover, health and long-term care costs for people living with dementia are projected to reach $360 billion in 2024 and nearly $1 trillion in 2050.Therefore, the rising prevalence of neurological disorders is driving the growth of the neural implants market.
Major companies operating in the neural implant market are focused on developing innovative products, such as deep brain stimulation (DBS) devices, to treat movement disorders, such as Parkinson's disease and essential tremors, and gain a competitive edge in the market. Deep Brain Stimulation (DBS) devices are medical implants used to treat neurological disorders by delivering electrical impulses to specific areas of the brain. For instance, in January 2024, Abbott Laboratories, a US-based medical devices and healthcare company, launched Liberta RC, the world's smallest rechargeable deep brain stimulation (DBS) device with remote programming, to treat people living with movement disorders. It has the fewest recharges of any FDA-approved DBS system, requiring only 10 recharge sessions per year for most users. This product is linked to Abbott's proprietary NeuroSphere virtual clinic, allowing customers to contact clinicians, confirm proper settings and functionality, and receive updated treatment settings remotely. The system employs a wireless charger that can be put over the product, allowing users to remain active while wearing it. The device provides customers with useful notifications and customized settings to ensure a personalized charging experience.
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Major Key Players of the Market:
Abbott Laboratories, Medtronic plc, Stryker Corporation, Boston Scientific Corporation, Smith & Nephew plc, Integra LifeSciences, Cochlear Ltd., LivaNova PLC, Renishaw plc, MicroPort Scientific Corporation, Nevro Corp., Inspire Medical Systems Inc., Cyberonics Inc., Axonics Modulation Technologies Inc., Saluda Medical, NeuroPace Inc., Fisher Wallace, BioControl Medical, Cerbomed GmbH, Nuvectra Corporation
Neural Implants Market 2024 Key Insights:
• The neural implants market size is expected to see rapid growth in the next few years. It will grow to $7.98 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
• Neurological Disorder Prevalence Fuels The Neural Implant Market Expansion
• Innovative Deep Brain Stimulation (DBS) Device Revolutionizes Treatment For Movement Disorders
• North America was the largest region in the neural implants market in 2023
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