Brain Implant Market To Boom in a World Plagued with Neurological Diseases

Posted by Pramod Arya on January 5th, 2022

According to the estimates of the market research company, P&S Intelligence, the market will exhibit rapid expansion during 2021–2030 (forecast period). The major factors fueling the growth of the market are the rising prevalence of neurological diseases, such as Parkinson’s, epilepsy, essential tremors, and Alzheimer’s, increasing healthcare expenditure, surging population of geriatric people, and growing incidence of depression across the world.

Get Deep Analysis With Revenue Estimation: Brain Implant Market Research Report

With the falling death rates and increasing life expectancy, the population of geriatric people is rising sharply all over the world. According to the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. Moreover, the share of geriatric people in the global population is expected to surge from 9% in 2019 to around 16% by 2050.

Similarly, the National Alliance on Mental Illness (NAMI), which is a mental health organization based in the U.S. and supports treatment, research, and campaigns aimed at raising public awareness about mental diseases, was founded in 1979 in order to improve the lives of those suffering from various mental health conditions. Depending on type, the brain implant market is divided into spinal cord simulation, vagus nerve stimulation, and deep brain stimulation. Out of these, the deep brain stimulation category is predicted to dominate the market in the coming years.

This is attributed to the various benefits of deep brain stimulation, such as reduction in slowness, walking difficulties, and stiffness, on account of neurological diseases, such as essential tremors and dystonia. Geographically, North America contributed the highest revenue to the brain implant market in the past. This was because of the surging geriatric population, rapid technological advancements and innovations, existence of several major players, and increasing number of product launches in the region. Additionally, the growing incidence of neurological diseases is also pushing up the demand for brain implants in the region.

Hence, it can be said without hesitation that the sales of brain implants will soar in the coming years, primarily because of the rising incidence of neurological diseases and ballooning population of geriatric people all over the world.