Neuroprosthetics Market to Gain Substantial Growth During the Forecast Period 2021-2024

Posted on 2022-01-20 by researchinsights in Healthcare // 0 Comments

San Jose, California , USA, Jan 20, 2022 — /EPR Network/ —

The Neuroprosthetics Market report provides a detailed evaluation of the industry by highlighting information on different aspects which include drivers, restraints, growth opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing. It also provides a detailed analysis of global market size, regional and country-level market size, competitive landscape, impact of domestic market players and value chain optimization. Furthermore, it sheds light on the market contribution, recent developments and successful marketing strategies of leading companies.

Market Insights

The market for neuroprosthetics in 2015 was estimated at USD 4.2 billion globally. This can be attributed to high prevalence rate of disorders such as severe depression, Alzheimer’s, muscle/neuromuscular junction disorder, ophthalmic, auditory, epilepsy, and Parkinson’s which will drive the growth.

Also, the increasing investments in R&D for new products and device innovation & development for effective treatment plans to be used for neurological diseases are anticipated to provide significant boost to the overall demand. The increasing preference of self-charging devices, which uses bioenergy is expected to propel demand for brain implants throughout the forecast period. Furthermore, rise in aging population susceptible to neurological diseases is presumed to be a high impact factor for increasing neural implants demand throughout the forecast period.\

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Global Neuroprosthetics Type Outlook (Revenue, USD Million, 2013 – 2024)

Motor Prosthetics
Auditory Prosthetics/Cochlear Implants
Cognitive Prosthetics
Visual Prosthetics/Retinal Implants

Global Neuroprosthetics Technology Outlook (Revenue, USD Million, 2013 – 2024)

Deep Brain Stimulation (DBS)
Vagus Nerve Stimulation (VNS)
Spinal Cord Stimulation (SCS)
Sacral Nerve Stimulation (SNS)

Global Neuroprosthetics Application Outlook (Revenue, USD Million, 2013 – 2024)

Motor Neuron Disorders
Parkinson’s Disease
Epilepsy
Physiological Disorders
Auditory Processing Disorders
Ophthalmic Disorders
Cardiovascular Disorders
Kidney Diseases
Cognitive Disorders
Alzheimer’s Disease
Severe Depression

Various companies which offer solutions for a wide range of neurological disorders are BrainGate, Sonova, MED-EL, Nervo Corp., Retina Implant AG, St. Jude Medical Inc., and Boston Scientific Corporation. The prominent players include NeuroPace Inc, NDI Medical LLC, Medtronic Inc., Cyberonics Inc., and Cochlear Limited.

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The largest share of over 50.0% in terms of revenue was held by North America in 2015. The dominancy in terms of revenue can be attributed to various factors such as, private and government funding as well as supportive healthcare infrastructure. Europe is anticipated to witness an upward shift as a consequence of advent of technologically advanced products for patients with impaired hearing and increasing initiatives by the government.

The fastest growing region is predicted to be Asia Pacific owing to the untapped opportunities present in this emerging region. The shifting focus towards overall cost containment in manufacturing of implants and high awareness amongst patients are predicted to drive the growth prospects. Moreover, increasing investments by the key players for development of new manufacturing facilities is expected to provide high growth potential over the coming years for neural implants.

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