According to the latest report by IMARC Group “Brain Implants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, The global brain implants market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 9% during 2021-2026.
Brain implants are technological devices that are placed inside the human body to interact with neurons. These systems facilitate communication between the brain and electronic devices for recording, translating and modifying brain activity. They are commonly used for understanding brain functions, rehabilitating one’s body after an injury, improving memory and communicating with prosthetic limbs.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The global market is majorly driven by the increasing incidences of neurological diseases across the globe. With the growing geriatric population and the rising prevalence of age-related neurological disorders on the global level, there has been a considerable increase in the requirement for deep brain stimulation (DBS) procedures for the treatment of dystonia, tinnitus, epilepsy, neuropathic pain, Alzheimer’s and Parkinson’s disease. Since brain implants form an essential component in DBS, this is creating a positive outlook for the market. The market is further driven by the continual research and development (R&D) activities conducted by key players to develop carbon nanotubes and conventional silicone implants to be used as brain implants that are expected to offer improved sensory results among amputees and injured athletes.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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