Global Neurological Implants Market - 2024-2031

Overview

The global neurological implants market reached US$ 5.88 billion in 2023 and is expected to reach US$ 12.39 billion by 2031, growing at a CAGR of 9.8 % during the forecast period 2024-2031.

Neurological implants are medical devices that are surgically placed within the brain or nervous system, serving a variety of functions. These implants can stimulate specific regions of the brain to alleviate symptoms associated with neurological disorders such as Parkinson's disease, epilepsy, and chronic pain. For instance, deep brain stimulation (DBS) devices deliver electrical impulses to targeted areas in the brain to help manage motor symptoms effectively.

Neurological implants can interface with external devices, enabling individuals with disabilities to control prosthetic limbs or other assistive technologies using their thoughts. This is often achieved through brain-computer interfaces (BCIs), which convert neural signals into commands for external devices. Many neurological implants are utilized in research environments to investigate brain function and the underlying mechanisms of neurological disorders. By recording neural activity, researchers can gain valuable insights into brain operations and develop new treatment strategies.

These devices typically consist of a series of electrodes that are attached to specific brain areas, along with a control unit that processes the signals received from these electrodes. The electrodes can either stimulate neural activity by sending electrical impulses or record it for research and therapeutic purposes. These factors have driven the global neurological implants market expansion.

Market Dynamics: Drivers & Restraints

Rising Incidence of Neurological Disorders

The rising incidence of neurological disorders is significantly driving the growth of the global neurological implants market and is expected to drive throughout the market forecast period.

The rising incidence of neurological conditions such as Parkinson's disease, Alzheimer's disease, epilepsy, and chronic pain is a major factor driving the growth of the global neurological implants market. With millions of individuals affected by these disorders worldwide, there is an escalating demand for effective treatment options that can enhance patient outcomes and improve their quality of life.

A significant new study published in The Lancet Neurology reveals that over 3 billion people globally were living with a neurological condition in 2021. This analysis, which involved collaboration with the World Health Organization (WHO), is part of the Global Burden of Disease, Injuries, and Risk Factor Study (GBD) 2021 data.

Neurological conditions have now become the leading cause of ill health and disability worldwide. The overall burden of disability, illness, and premature death measured in terms of disability-adjusted life years (DALYs) attributable to neurological conditions has risen by 18% since 1990.

Notably, more than 80% of deaths and health loss associated with neurological disorders occur in low- and middle-income countries. There is a stark disparity in access to treatment; high-income countries have up to 70 times more neurological professionals per 100,000 people compared to their low- and middle-income counterparts. All these factors drive the global neurological implants market.

Neurological implants, including deep brain stimulation (DBS) devices, have proven effective in alleviating symptoms associated with movement disorders and epilepsy by delivering electrical impulses to targeted brain regions. These devices represent a promising option for patients who have not had success with traditional medications.

Furthermore, key players in the industry product launches and aiming for innovative studies that bwould drive this global neurological implants market. For instance, in July 2024, Mint Neurotechnologies Ltd (MintNeuro) announced the launch of the "EXPLORE" project, which is supported by a £100,000 grant from Innovate UK through the Biomedical Catalyst Feasibility Competition 2023. This initiative aims to build on the success of the previous DREAM project and expand the application of MintNeuro's innovative neural sensing technology beyond its initial focus on Drug-Resistant Epilepsy.

Also, in November 2024, Neuralink, Elon Musk's brain implant company, announced the launch of a new feasibility study aimed at testing its brain-computer interface (BCI) implant for a novel application enabling individuals to control a robotic arm using their thoughts. This development was shared in a post on Musk's social media platform, X, where Neuralink expressed excitement about the approval and initiation of this trial. Also, All these factors demand the global neurological implants market.

Moreover, the rising demand for technological advancements contributes to the global expansion of the neurological implants market.

High Costs of Devices and Procedures

The high costs of devices and procedures will hinder the growth of the global neurological implants market. The implantation of neurological devices, such as deep brain stimulators (DBS), involves intricate surgical procedures that necessitate specialized equipment and highly trained surgeons.

According to the HOSPIDIO. News in 2024, deep brain stimulation (DBS) surgery in India is a viable option for patients seeking treatment for conditions such as Parkinson's disease, essential tremor, and dystonia. The cost of this procedure typically ranges from $20,000 to $28,000, which is approximately ₹16,50,000 to ₹23,00,000. The cost can vary significantly depending on the type and brand of the DBS device used. Some devices are more advanced or come with additional features, which can increase the overall expense.

The costs for these surgeries can be quite significant, often ranging from USD 35,000 to USD 100,000 in high-income countries like the United States. In contrast, in countries like India, the costs are lower, typically between USD 15,000 and USD 30,000. The high costs associated with neurological implants place a considerable economic strain on healthcare systems, particularly in areas with limited resources. This financial pressure can lead to prioritization of funding for other medical needs over neurological treatments, thereby restricting availability and access for patients suffering from neurological disorders. Thus, the above factors could be limiting the global neurological implants market's potential growth.

Segment Analysis

The global neurological implants market is segmented based on product type, material, application, end-user, and region.

Product Type:

The deep brain stimulators segment is expected to dominate the global neurological implants market share

The deep brain stimulators segment holds a major portion of the global neurological implants market share and is expected to hold a significant portion of the global neurological implants market share during the forecast period.

Deep brain stimulation (DBS) involves the surgical implantation of electrodes into specific areas of the brain. These electrodes generate electrical impulses that modulate brain activity to treat various medical conditions. The electrical stimulation can also influence the cells and chemicals in the brain associated with these conditions.

The level of stimulation provided by DBS is regulated by a device similar to a pacemaker, which is implanted under the skin in the upper chest. A wire connects this device to the electrodes in the brain. DBS is an established treatment option for individuals with movement disorders, including essential tremor, Parkinson's disease, and dystonia.

Additionally, it is used for certain psychiatric conditions, such as obsessive-compulsive disorder (OCD), and has received approval from the Food and Drug Administration (FDA) for reducing seizures in patients with hard-to-treat epilepsy. DBS is typically recommended for patients whose symptoms are not adequately managed through medication alone.

Furthermore, key players in the industry research studies and product launches & approvals that would drive this segment growth in the global neurological implants market. For instance, in January 2024, researchers at the University of California San Diego developed an innovative neural implant that can capture information about brain activity from deep within the brain while resting on its surface. This breakthrough is made possible by a thin, transparent, and flexible polymer strip embedded with a dense array of graphene electrodes.

The technology represents a significant advancement toward creating a minimally invasive brain-computer interface (BCI) that can provide high-resolution data regarding deep neural activity through recordings taken from the brain's surface.

Also, in January 2024, Abbott announced that it had received approval from the U.S. Food and Drug Administration (FDA) to launch the Liberta RC deep brain stimulation (DBS) system. This device is notable for being the world's smallest rechargeable DBS system equipped with remote programming capabilities, specifically designed to treat individuals with movement disorders such as Parkinson's disease and essential tremor. These factors have solidified the segment's position in the global neurological implants market.

Geographical Analysis

North America is expected to hold a significant position in the global neurological implants market share

North America holds a substantial position in the global neurological implants market and is expected to hold most of the market share.

The prevalence of neurological disorders is steadily increasing due to various factors, including an aging population and lifestyle changes. For instance, as per Alzheimer's Disease Facts and Figures data in February 2021, the number of individuals living with Alzheimer's dementia in the United States is expected to rise from approximately 5.8 million in 2021 to 14.3 million by 2060, underscoring the urgent need for effective therapies to manage these conditions. Similarly, over 1 million Americans are diagnosed with Parkinson's disease, while around 5.1 million live with epilepsy.

Similarly, the incidence of neurological conditions such as Parkinson's disease, Alzheimer's disease, epilepsy, and chronic pain is steadily increasing. As per NCBI data in April 2022, In the U.S., millions are affected, leading to heightened demand for effective treatment options. For instance, approximately 6.5 million Americans aged 65 and older are living with Alzheimer's dementia as of 2022.

Deep brain stimulation (DBS) system equipped with sensing capabilities available on the market. This technology enables physicians to customize treatment for patients suffering from movement disorders, including Parkinson's disease, essential tremor, dystonia, and even epilepsy. In the United States, over 11 million individuals are affected by movement disorders, while approximately 3.4 million people live with epilepsy.

Moreover, in this region, a major number of key player's presence, well-advanced healthcare infrastructure, government initiatives & regulatory support, technological advancements, & investments and product launches & approvals would propel the global neurological implants market growth. For instance, in November 2024, Neuralink received authorization from Health Canada to commence clinical trials in Canada for its brain chip technology. This approval marks a significant step for the company as it expands its research efforts beyond the United States. Neuralink is now actively seeking volunteers to participate in these trials, which aim to evaluate the safety and effectiveness of its brain-computer interface (BCI) technology.

Also, in October 2022, Axoft officially launched its brain-machine interface (BMI) technology and announced that it has received the FDA Breakthrough Device designation. This designation is intended to expedite the development and review process for devices that have the potential to provide significant benefits to patients with serious conditions. The company has successfully secured $8 million in funding to support pre-clinical studies with the FDA and to scale up prototypes of its innovative neural implants, which are designed to be "as soft as the brain."

Thus, the above factors are consolidating the region's position as a dominant force in the global neurological implants market.

Asia Pacific is growing at the fastest pace in the global neurological implants market

Asia Pacific holds the fastest pace in the global neurological implants market and is expected to hold most of the market share.

The region is seeing a significant rise in neurodegenerative and psychiatric conditions, such as Parkinson's disease, Alzheimer's disease, and epilepsy. This growing incidence creates an urgent demand for effective treatment options, thereby boosting the need for neurological implants.

The aging population in Asia Pacific countries significantly contributes to the prevalence of neurological disorders, as older adults are more susceptible to these conditions. This demographic shift increases the demand for effective treatment options, including neurological implants.

According to The Lancet Regional Health - Western Pacific research data in 2021, China reported the highest age-standardized incidence and prevalence rates of Parkinson's disease (PD) among the G20 countries, with figures of 24.3 per 100,000 for incidence and 245.7 per 100,000 for prevalence. These rates significantly exceed the global averages. From 1990 to 2021, the age-standardized incidence of PD in China rose by 89.7%, while the age-standardized prevalence increased by 167.8%, marking the largest increase observed among the G20 nations. Thus, all these factors demand the neurological implant market.

The introduction of advanced technologies, such as MRI-safe brain implants, brain-computer interfaces (BCIs), and other innovative devices, enhances the treatment options available in the region. These advancements improve patient outcomes and encourage adoption among healthcare providers.

Furthermore, key players in the region more focus on research studies and product launches that would drive the neurological implant market. For instance, according to the NIPS data in April 2022, researchers from the University of South Alabama College of Medicine and the National Institute for Physiological Sciences in Japan have developed a novel method of deep brain stimulation (DBS) that is driven by motor cortical activity. This innovative approach has shown effectiveness in treating motor symptoms in monkeys with Parkinson's disease.

Also, in April 2024, Medtronic launched the NeuroSmart Portable MER Navigation System in India, specifically designed for deep brain stimulation (DBS) therapy in patients with Parkinson's disease. This advanced technology aims to enhance the precision and effectiveness of DBS procedures, which are used to alleviate motor symptoms associated with Parkinson's disease.

Thus, the above factors are consolidating the region's position as the fastest-growing force in the global neurological implants market.

Competitive Landscape

The major global players in the neurological implants market include Medtronic, Boston Scientific Corporation, NeuroPace Inc., Abbott Laboratories, Aleva Neurotherapeutics, Renishaw PLC, NEVRO CORP., Synapse Biomedical Inc., and LivaNova PLC among others.

Key Developments

• In January 2024, Medtronic plc announced that it has received approval from the U.S. Food and Drug Administration (FDA) for its Percept RC Deep Brain Stimulation (DBS) system. This rechargeable neurostimulator is the latest addition to the Medtronic Percept family, which also includes the Percept PC neurostimulator, BrainSense technology, and SenSight directional leads.

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• Pipeline & Innovations: Reviews ongoing clinical trials, and product pipelines, and forecasts upcoming advancements in medical devices and pharmaceuticals.
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• Physician Preferences & Health System Impact: Examines healthcare provider behaviors and the impact of health system mergers on adoption strategies.
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• Post-market Surveillance: Uses post-market data to enhance product safety and access.
• Pharmacoeconomics & Value-Based Pricing: Analyzes the shift to value-based pricing and data-driven decision-making in R&D.

The global neurological implants market report delivers a detailed analysis with 60+ key tables, more than 50 visually impactful figures, and 176 pages of expert insights, providing a complete view of the market landscape.

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