Brain Pacemaker Market Report 2024-2033 - Size, Share, Growth & Competitive Analysis

The Business Research Company recently released a comprehensive report on the Global Brain Pacemaker Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The brain pacemaker market size has grown rapidly in recent years. It will grow from $1.37 billion in 2023 to $1.57 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to increasing prevalence of Parkinson's disease, continuous improvements in neuromodulation technologies, clinical success and approvals, rising awareness of movement disorders, rising healthcare expenditure.

The brain pacemaker market size is expected to see rapid growth in the next few years. It will grow to $2.77 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to aging population, increased awareness and better diagnostic techniques for neurological conditions, expanding indications, improved surgical techniques, obtaining regulatory approvals for new devices, patient preference for non-pharmacological treatments. Major trends in the forecast period include advanced targeting algorithms, development of closed-loop DBS systems, integration of wireless charging capabilities, advancements in minimally invasive surgical techniques, innovations in battery technology.

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Market Drivers and Trends:

The growing incidence of neurological illnesses is expected to propel the growth of the brain pacemaker market going forward. Neurological illnesses, also known as neurological disorders, are conditions that affect the nervous system. The growing incidence of neurological illnesses is primarily due to an aging population, lifestyle habits, environmental exposures, genetic predispositions, infectious diseases, traumatic injuries, healthcare disparities, and the effects of urbanization and industrialization. A brain pacemaker helps in neurological illnesses by delivering targeted electrical impulses to regulate abnormal brain activity, alleviating symptoms, and improving the quality of life for patients with neurological conditions. For instance, in October 2023, according to the World Federation of Neurology, a UK-based association of national neurological societies, over 40% of the global population suffers from some neurological condition, which is projected to nearly double by 2050. Further, the number of people who die from stroke globally is estimated to be 9.7 million deaths per year, which is expected to increase by 50% by 2050. Therefore, the growing incidence of neurological illnesses is driving the growth of the brain pacemaker market.

Major companies operating in the brain pacemaker market are developing innovative products with advanced technologies, such as BrainSense technology, to enhance the precision and personalization of deep brain stimulation therapies. BrainSense technology captures and records brain signals, providing real-time data to personalize and optimize deep brain stimulation therapy. For instance, in January 2024, Medtronic, a US-based medical technology company, introduced the Percept RC deep brain stimulation (DBS) system. The Percept RC is the smallest and thinnest dual-channel neurostimulator available for DBS, featuring Medtronic's exclusive BrainSense technology. DBS therapy use a surgically implanted medical device, identical to a cardiac pacemaker, to administer electrical stimulation to precisely specified locations. BrainSense technology enables the Percept RC to capture and record brain signals, offering valuable insights that allow healthcare providers to adapt and personalize DBS therapy to meet the patient's evolving needs.

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Major Key Players of the Market:

Abbott Laboratories, Medtronic plc, Boston Scientific Corporation, LivaNova PLC, Renishaw plc, Beijing PINS Medical Co. Ltd., NeuroPace Inc., SPR Therapeutics, SceneRay Co. Ltd., Nexeon MedSystems Inc., Soterix Medical Inc., BrainsGate Ltd., Functional Neuromodulation Inc., Aleva Neurotherapeutics SA, NeuroSigma Inc., NeuroOne Medical Technology, Fisher Wallace Laboratories Inc., Bioinduction Limited, Neuronetics Inc., Synchron Inc., Neuro Device Group S.A.

Brain Pacemaker Market 2024 Key Insights:

• The brain pacemaker market size is expected to see rapid growth in the next few years. It will grow to $2.77 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%.
• Driving Factors Behind the Growth of the Brain Pacemaker Market Amidst Rising Neurological Illnesses
• Medtronic Introduces Percept RC with BrainSense Technology to Advance Deep Brain Stimulation Therapy
• North America was the largest region in the brain pacemaker market in 2023

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