Market Trends of Brain Implants Industry
This section covers the major market trends shaping the Brain Implants Market according to our research experts:
Alzheimer’s Diseases is Expected to Hold Significant Growth in the Brain Implants Market Over the Forecast Period
Alzheimer's disease is a neurological disease that impacts the memory of the patient and often deteriorates with time. Factors such as the increasing prevalence of Alzheimer's disease coupled with increasing initiatives such as grants are expected to increase the market growth. The incidence of Alzheimer's has been constantly increasing, and it is expected to continue increasing in the coming decades. The Alzheimer's Association's 2021 report titled Alzheimer's Disease Facts and Figures stated that an estimated 6.2 million Americans aged 65 and older were living with Alzheimer's dementia in 2021 in the United States. By 2050, the number of people aged 65 and older with Alzheimer's dementia is projected to increase to 12.7 million. According to the World Alzheimer Report published in September 2021, over 55 million people live with dementia worldwide. This is forecasted to reach 78 million by 2030. Among all dementia conditions, 60-70% of cases account for Alzheimer's disease. Various research studies provide insight into the effects of brain implants on Alzheimer's disease. For instance, in November 2022, a study published in the Journal of Neural Engineering stated that the team developed deep learning methods that could detect seizure events with a sensitivity between 87.4% and 97.6 %. The team also is addressing the application of such therapies to Alzheimer's disease. 'Impaired sleep has been associated with Alzheimer's, and many people suffer from different levels of sleep disorders. Hence, brain implants may improve cognitive function in people with Alzheimer's disease, which is why Alzheimer's patients prefer brain implant procedures. Hence, the increasing number of people with Alzheimer's disease is expected to drive the brain implants market during the forecast period.
Additionally, increasing grants for research related to Alzheimer's disease are another factor in market growth. In April 2021, the government invested USD 30 million to Brown University for establishing a new Center for Alzheimer's Disease Research to build a world-class research program focused on the early detection and treatment of Alzheimer's disease. In January 2021, Cognito Therapeutics received a breakthrough device designation by the United States Food and Drug Administration (FDA) for its neurostimulation device to treat memory and cognition symptoms of Alzheimer's disease. Thus, the high incidence of Alzheimer's disease, along with the growing investments, is expected to help in the significant growth of the segment over the forecast period.
North America Region is Expected to Hold a Significant Market Share in the Brain Implants Market Over the Forecast Period
North America holds a significant share of the brain implant market. It is expected to show a similar trend over the forecast period, without significant fluctuations. The healthcare facilities in the country are of the highest standards and are accessible to the large population, due to favorable policies making healthcare affordable to the majority of the population in the region. This factor helps in gaining higher selling rates across the country. The increasing prevalence and incidence of various neurological disorders indicate a big potential for the market demand for brain implants. According to the Alzheimer's Disease Facts and Figures report by Alzheimer's Association 2022, an estimated 6.5 million Americans aged 65 and older are living with Alzheimer's dementia in 2022. And about 1 in 9 people aged 65 and older has Alzheimer's dementia. Similarly, as per the Alzheimer's Association 2022 report, the projected number of Alzheimer-related deaths in Mexico during the past year was 43,000 whereas, it is expected to reach up to 53,000 by the year 2025. Hence, the need to diagnose and treat these diseases gives rise to the demand for neurological treatment involving brain implants, which is expected to increase the number of product manufacturing companies in the country. Due to the increasing number of cases of neurological disorders, the market in the North American region, particularly in the United States, is expected to grow at a steady rate in the coming years.
Furthermore, approval for brain implants is expected to increase the market growth. As product approvals of brain implants are expected to increase its adoption for neurological disorders. For instance, in October 2022, Axoft, a neurotechnology company, received FDA Breakthrough Device designation for its brain-machine interface (BMI) to better treat neurological disorders. The company secured USD 8 million in capital to fund pre-clinical studies with the FDA and to scale up prototypes of its neural implants "as soft as the brain." Thus, owing to the aforementioned factors such as the increasing prevalence of neurological disorders and product approvals, the North American brain implants market is expected to witness significant growth over the forecast period.
