Rising prevalence of neurological disorders is driving the sales of Neuroprosthetics Market | insightSLICE
The size of the international market for Neuroprosthetics was estimated to be US$ 9.5 billion throughout 2021 and to increase at a CAGR of 9.5% until 2032.
The market projections in the Neuroprosthetics market analysis include the years 2023 to 2032. In this research, the years 2021 serve as the historical period, the baseline year has been 2022, and the projection term is 2023 to 2032.
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Along with a description of the market rivalry, the major companies’ profiles are provided. A thorough analysis and estimation have been done of the shares held by well-known corporations in this market.
This study includes company profiles that include an introduction, product portfolio, economic condition, business strategies, and pertinent recent partnerships. In the end, this report’s readers will be better equipped to comprehend important information and make essential business decisions.
The key players of the Global Neuroprosthetics Market are:
Key companies with a majority stake in the global Neuroprosthetics market are Cochlear, Neuropace, Abbott, Medtronic, Sonova, Livanova, Boston Scientific, Med-El, Second Sight, Retina Implant, and Nevro among many others.
Driving factors for the growth of Global Neuroprosthetics Market
The early introduction of pipeline products with cutting-edge self-charging neural implants in the sector is driving the growth of the global neuroprosthetics market. The necessity for the expensive and risky operation to restore a discharged battery and monitoring gear is reduced by the self-charging brain implant.
The most popular neuroprosthetic is the motor prosthesis market. During the projected period, the market for visual neuroprosthetics is anticipated to increase at the fastest rate.
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In the upcoming years, the Parkinson’s disease category is anticipated to increase at exponential rates. Additionally, there are several potential prospects for the global neuroprosthetics market due to the enormous untapped market in emerging economies’ neuroprosthetics industries.
The creation of new products by businesses and the use of cutting-edge R&D facilities are also providing several prospects for the expansion of the worldwide neuroprosthetics market.
Some of the developments seen in the global neuroprosthetic market include hybrid neuroprosthetic equipment, next-generation treatments for problems of the central nervous system, and visually appealing implants.
Factors that may prohibit growth:
New treatments, such as stem cell therapy, are showing great promise for the successful management of a variety of neurological illnesses. A new field of medicine called stem cell therapy does have the potential to help patients with severe wounds or chronic illnesses regain function in their organs and tissues.
For patients, these treatments have benefits like increased recovery rates and shorter recovery times compared to nascent neuroprosthetic implants. Additionally, stem cells hold great promise for the treatment of Alzheimer’s, Parkinson’s, and motor neuron diseases.
A number of neurological illnesses can also be treated with medical, physical, occupational, and cognitive treatments. For example, Parkinson’s sufferers presently prefer pharmacological therapy more because of the lower price and simplicity of the procedure.
The accessibility of such potential alternative treatments is among the major problems restricting the demand and adoption of neuroprosthetic devices and implants within their target patient population.
Benefits and uses of neuroprosthetics market:
In order to replace missing sensory or motor functions, neuroprostheses connect with the central as well as a peripheral nervous system using electrodes. These gadgets are capable of receiving neural impulses from the brain and the outside world and converting them to restore abilities like lost hearing and vision.
Applications for them include the treatment of musculoskeletal, sensory, cognitive, and ocular diseases. There is a younger generation of prostheses called neuroprosthetics that vary from conventional prosthetics.
They are more in line with how the human body operates and works when connected to a computer via a brain-computer interface (BCI), also known as a brain-machine interface.
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These gadgets will make it possible for BCI to allow for thought-based computer control. The electrical impulses produced by some ideas, such as bending or exercising a muscle, stimulate nerve cells and brainwaves, that can be easily triggered by neuroprosthetics.
These cutting-edge tools allow us to give paralyzed patients neuroprosthetic capabilities. The neuroprosthetics market is predicted to have substantial development and economic opportunities based on current conditions and future predictions.
Global Neuroprosthetics Market Key Segments:
By Technology
- Deep Brain Simulation (DBS)
- Vagus Nerve Stimulation (VNS)
- Spinal Cord Stimulation (SCS)
- Sacral Nerve Stimulation (SNS)
By Type
- Motor Neuroprosthetics
- Auditory Neuroprosthetics/ Cochlear implants
- Visual Neuroprosthetics/ Retinal implants
- Cognitive Neuroprosthetics
By Technology
- Deep Brain Simulation (DBS)
- Vagus Nerve Stimulation (VNS)
- Spinal Cord Stimulation (SCS)
- Sacral Nerve Stimulation (SNS)
By Type
- Motor Neuroprosthetics
- Auditory Neuroprosthetics/ Cochlear implants
- Visual Neuroprosthetics/ Retinal implants
- Cognitive Neuroprosthetics
By Application
- Motor Neuron disorders
- Physiological disorders
- Cognitive disorders
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
Regional performance of Neuroprosthetics Market
In 2015, North America had the most revenues and possessed 50.0% of the market. The high percentage is ascribed to the existence of elements like public and private financing in addition to established medical facilities.
Due to the expanding policy measures related to the creation of technologically improved equipment for people with hearing impairments, which promise swift and rapid growth, neuroprosthetics is predicted to experience an upward movement in the European market.
Due to the existence of unexplored prospects in the rising economies, Asia Pacific is anticipated to experience the quickest growth. The elements driving the market expansion in this sector are the growing emphasis on overall cost reduction in implant production and the increasing customer awareness levels.
Additionally, it is anticipated that new production facilities being built by industry participants would result in increased investments, which will boost the market for brain implants.
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