Globe Newswire07.08.21
As per the findings of Market Study Report research, the worldwide brain implants market size was valued $4.2 billion in 2019 and is projected to register a compound annual growth rate (CAGR) of 9.1 percent over the forecast period 2020-2027, subsequently accounting $8.4 billion by the end of the analysis period. Growing prevalence of neurological conditions like Parkinson’s disease and Alzheimer due to surge in geriatric population is primarily driving the industry growth.
Citing an instance, the number of Americans with Alzheimer's dementia reached approximately 5.8 million in 2019 and is estimated to grow to 14 million by the year 2050, claims the Alzheimer's Association. Moreover, the report of Global Burden of Disease 2015 cites that global burden of Parkinson's was nearly 6.2 million in 2015 and touted to reach 13 million by 2040, indicating a sustained demand in global brain implants industry throughout the forecast timeframe.
The advent of advanced technologies such as MRI safety enabled brain implants is further enhancing the industry outlook. On the contrary, high costs associated with the technology and procedure is likely to impede global brain implants market expansion over the forecast timeframe.
For the uninitiated, brain implants, also known as neural implants, are devices that are linked directly to the brain’s cortex mainly to record, reflex, cover up, and promote the five senses of the patient’s body. Several clinical trials are still underway in analysis of animal brain activity by using brain implant technology. Whereas, in humans, computer chips are increasingly being attached for brain analysis, such as electroencephalogram (EEG).
Clinical trials for brain implant devices on Parkinson's disease clinical depression have shown promising result as they encouraged brain functions and relaxed the patient’s mind, thereby reinforcing the prospects of adopting brain implants.
Key contributors to global brain implants industry value are North America, Latin America, Europe, and Asia Pacific. Industry experts cite that North America market will continue to showcase strong growth trends through 2027, largely attributable to high concentration of industry vendors, and increasing government support and funding aimed at raising awareness about neurological disorders.
Meanwhile, Asia Pacific industry size is slated to expand significantly in the upcoming years owing to rising burden of neurological ailments, particularly epilepsy and Parkinson’s disease, along with rapidly developing healthcare infrastructure in emerging nations like India and China.
Citing an instance, the number of Americans with Alzheimer's dementia reached approximately 5.8 million in 2019 and is estimated to grow to 14 million by the year 2050, claims the Alzheimer's Association. Moreover, the report of Global Burden of Disease 2015 cites that global burden of Parkinson's was nearly 6.2 million in 2015 and touted to reach 13 million by 2040, indicating a sustained demand in global brain implants industry throughout the forecast timeframe.
The advent of advanced technologies such as MRI safety enabled brain implants is further enhancing the industry outlook. On the contrary, high costs associated with the technology and procedure is likely to impede global brain implants market expansion over the forecast timeframe.
For the uninitiated, brain implants, also known as neural implants, are devices that are linked directly to the brain’s cortex mainly to record, reflex, cover up, and promote the five senses of the patient’s body. Several clinical trials are still underway in analysis of animal brain activity by using brain implant technology. Whereas, in humans, computer chips are increasingly being attached for brain analysis, such as electroencephalogram (EEG).
Clinical trials for brain implant devices on Parkinson's disease clinical depression have shown promising result as they encouraged brain functions and relaxed the patient’s mind, thereby reinforcing the prospects of adopting brain implants.
Key contributors to global brain implants industry value are North America, Latin America, Europe, and Asia Pacific. Industry experts cite that North America market will continue to showcase strong growth trends through 2027, largely attributable to high concentration of industry vendors, and increasing government support and funding aimed at raising awareness about neurological disorders.
Meanwhile, Asia Pacific industry size is slated to expand significantly in the upcoming years owing to rising burden of neurological ailments, particularly epilepsy and Parkinson’s disease, along with rapidly developing healthcare infrastructure in emerging nations like India and China.