Demand for Brain Implants Shooting Up in Aging World
Posted: Sep 29, 2022
The global brain implant market revenue stood at nearly $4.5 billion in 2020, and it is expected to surge to approximately $9.5 billion by 2030. The market is being driven by the rising prevalence of neurological diseases, such as epilepsy, Alzheimer’s, essential tremors, and Parkinson’s, surging healthcare expenditure, mushrooming population of geriatric people, and growing occurrence rate of depression across the world. According to 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.
Besides the aforementioned factor, the rising public awareness about neurological illnesses and their treatment procedures is also propelling the demand for brain implants across the world. Because of the several measures taken by various private and public healthcare companies across the world, the public awareness about mental illnesses has risen massively over the last few years. The World Health Organization (WHO) celebrates October 10th as the World Mental Health Day to raise public awareness about several mental ailments and conditions, reduce stigma, improve access to mental healthcare services, and educate people about the available treatment options.
Likewise, the National Alliance on Mental Illness (NAMI), which is a mental health company focusing on the treatment, research, support, and increasing public awareness about mental conditions, was established in 1979 in the U.S. to provide support and psychoeducation to improve the lives of the individuals suffering from various mental illnesses. These initiatives are fueling the requirement for brain implant devices. Depending on type, the brain implant market is classified into spinal cord stimulation, vagus nerve stimulation, and deep brain stimulation.
Out of these, the deep brain stimulation category is expected to dominate the market in the coming years. This will be because of the various advantages offered by deep brain stimulation over other procedures, such as reduced stiffness, walking difficulties, and slowness, which are primarily caused because of neurological diseases, such as Parkinson’s disease, essential tremors, and dystonia. This treatment is generally recommended to patients who show no major improvement in their condition from conventional medication for at least five years.
Globally, North America will hold the largest share in the brain implant market in the upcoming years, as per the estimates of the market research company, P&S Intelligence. This is ascribed to the surging population of geriatric people, rapid technological advancements in brain implants, existence of several industry players, and increasing frequency of product approvals in the region. Additionally, the increasing incidence of neurological diseases is expected to massively boost the sales of brain implants in the region in the coming years.
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