The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The neural implants market has experienced significant growth in recent years and is poised for continued expansion. This article explores the factors driving this growth, key trends, and emerging innovations in the industry.

Market Overview and Growth Projections

• Current Market Size and Growth:
  • 2023: $4.89 billion
  • 2024: $5.39 billion
  • CAGR: 10.1%
• Future Growth Projections:
  • 2028: $7.98 billion
  • CAGR: 10.3%

The rapid increase in market size can be attributed to several factors, including advancements in healthcare infrastructure and an aging population.

Factors Driving Market Growth

• Established Healthcare Facilities: Growth in healthcare infrastructure has improved accessibility to neural implants.
• Aging Population: The increasing number of elderly individuals contributes to a higher demand for treatments for neurological disorders.
• Minimally Invasive Procedures: A shift towards less invasive surgical options has boosted the popularity of neural implants.
• Personalized Treatment Options: Growing demand for customized medical treatments supports market expansion.

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The Impact of Neurological Disorders

• Prevalence of Disorders: The rising incidence of neurological disorders like Parkinson’s disease, epilepsy, and Alzheimer’s is a major driver of the neural implants market.
• Treatment and Management: Neural implants offer a tailored approach to managing these disorders, improving efficacy and minimizing side effects.
• Statistics: For instance, nearly 7 million Americans aged 65 and older had Alzheimer’s dementia in 2022, with numbers expected to reach 13.8 million by 2060.

Innovative Developments in Neural Implants

• Deep Brain Stimulation (DBS) Devices:
  • Recent Launch: Abbott Laboratories introduced the Liberta RC, a compact, rechargeable DBS device with remote programming in January 2024.
  • Features: The device requires minimal recharges (only 10 per year), offers remote monitoring and adjustments, and supports active lifestyles.
• Partnerships and Alliances:
  • Butterfly Network and Forest Neurotech: In October 2023, these companies partnered to develop a minimally invasive whole-brain neural interface using ultrasound technology.
  • Objective: This collaboration aims to create more effective brain-computer interfaces and enhance treatment options for neurological conditions.

Market Segmentation

• By Product:
  • Spinal Cord Stimulation (SCS)
  • Deep Brain Stimulation (DBS)
  • Vagus Nerve Stimulation (VNS)
• By Application:
  • Chronic Pain
  • Parkinson’s Disease (PD)
  • Epilepsy
  • Other Applications
• By End-User:
  • Hospitals
  • Specialized Neurological Centers (SNCs)
  • Outpatient Surgery Centers

Regional Insights

• North America: Held the largest market share in 2023.
• Asia-Pacific: Expected to be the fastest-growing region due to increasing healthcare investments and rising awareness of neurological treatments.

Conclusion
The neural implants market is set for robust growth driven by technological advancements, increasing prevalence of neurological disorders, and innovative product developments. As companies continue to push the boundaries of neural implant technology, the future looks promising for both patients and the industry.

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