Neural Implants Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033

The Business Research Company’s Neural Implants Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 20, 2024 /EINPresswire.com/ -- The neural implants market has experienced rapid growth, expanding from $4.89 billion in 2023 to an estimated $5.39 billion in 2024, with a compound annual growth rate (CAGR) of 10.1%. This growth is attributed to factors such as the growth of well-established healthcare facilities, an aging population, preference for minimally invasive procedures, demand for personalized treatment options, and improved healthcare infrastructure.

Projected Growth and Market Dynamics
The neural implants market is anticipated to continue its upward trajectory, reaching approximately $7.98 billion by 2028, growing at a CAGR of 10.3%. This growth in the forecast period is driven by increasing prevalence of neurological disorders, rising patient awareness about advanced treatment modalities, availability of effective devices, preference for MR-conditional brain implants, and the rising adoption of high-frequency neuromodulation therapy. Key trends include product innovations, technological advancements, developments in neuroprosthetics, and the integration of deep learning algorithms into neural implants.

Neurological Disorder Prevalence Fuels Market Expansion
The rising incidence of neurological disorders, characterized by anatomical, biochemical, or electrical abnormalities in the nervous system, is expected to propel the neural implants market forward. Factors contributing to this trend include aging populations, genetic predispositions, and evolving diagnostic criteria. Neural implants play a crucial role in treating neurological diseases by directly interfacing with the nervous system to restore or enhance neural functions. These implants offer personalized approaches that enhance therapy efficacy and minimize adverse effects, particularly in conditions like Parkinson's disease, epilepsy, and spinal cord injuries.

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Key Players and Innovations
Major companies driving innovation in the neural implants market include Abbott Laboratories, Medtronic plc, Stryker Corporation, and Boston Scientific Corporation. These companies are focused on advancing technologies such as deep brain stimulation (DBS) devices, which are pivotal in treating movement disorders like Parkinson's disease and essential tremors. For example, Abbott Laboratories recently launched Liberta RC, the world's smallest rechargeable DBS device with remote programming capabilities. This innovation allows patients to receive updated treatment settings remotely, enhancing convenience and treatment efficacy.

Geographic Insights and Market Segments
North America led the neural implants market in 2023, bolstered by robust healthcare infrastructure and significant investments in healthcare. Meanwhile, Asia-Pacific is expected to emerge as the fastest-growing region during the forecast period, driven by increasing healthcare awareness and rising incidences of neurological disorders.

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Market Definition and Segmentation
Neural implants, also known as brain-computer interfaces (BCIs) or neural prosthetics, are medical devices designed to interface with the nervous system to restore or enhance neural function. These implants play a critical role in treating neurological diseases, improving cognitive abilities, and restoring sensory functions.

The neural implants market is segmented based on:
• Product: F and B Spinal Cord Stimulation (SCS), Deep Brain Stimulation (DBS), Vagus Nerve Stimulation (VNS) • Application: Chronic Pain, Parkinson’s Disease (PD), Epilepsy, Other Applications • End-user: Hospitals, Specialized Neurological Centers (SNCs), Outpatient Surgery Centers
Neural Implants Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.

The Neural Implants Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on neural implants market size, neural implants market drivers and trends, neural implants market major players, competitors' revenues, market positioning, and market growth across geographies. The neural implants market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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