MarketResearchNest.com adds “Global Neuroprosthetics Market 2017-2021” new reports to its research database. The report spread across 79 pages with tables and figures in it.
The research analysts forecast the global neuroprosthetics market to grow at a CAGR of 7.08% during the period 2017-2021.
The neural prosthetics systems rely on the detection and processing of brain activity involved in the planning and execution of movement intentions. Neuroprosthetics are used for individuals suffering an amputation as it restores the damaged motor, sensory, and autonomic functions by stimulating various parts of the nervous system such as nerves, muscles, spinal cord, and brain. Neurological scientists are developing neural interfaces to record and control signals directly from the nervous system. They are also developing a brain-spinal interface to restore voluntary gait control after a spinal cord injury (SCI).
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Technavio recognizes the following companies as the key players in the global neuroprosthetics market: Abbott (St. Jude Medical), Boston Scientific, Cochlear, Medtronic, and Sonova.
Other Prominent Vendors in the market are: Atrotech, Autonomic Technologies, BrainGate, Cyberonics, DJO Global, electroCore, Mainstay Medical, Nevro, NeuroMetrix, NeuroPace, SensArs, Soterix Medical, Cogentix Medical, and Zynex Medical.
The latest trend gaining momentum in the market is Increasing focus on research. Various scientific publications have recognized the effectiveness of neuroprosthetics devices such as regaining and increasing muscle strength and continence, providing pain relief, and restoring body movement including limbs and arms. Over the years, there have been dedicated research involving the use of neuroprosthetics devices such as deep brain stimulators and nerve stimulators, which use electric current to stimulate the paralyzed muscle that is damaged or disabled. These researches aim to provide greater mobility to the individual being treated for rehabilitation condition or with any neurological disorders.
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According to the report, one of the major drivers for this market is Rising prevalence of SCIs. There is an increasing demand for neuroprosthetics due to its significant usage in the treatment of SCI. The neuroprosthetics devices help in restoring function and sensation of individuals with SCI and have a positive impact on the sales of neuroprosthetics devices in the global market. According to the National Institutes of Health (NIH), approximately 12,000 new cases of SCIs have reported annually.
Further, the report states that one of the major factors hindering the growth of this market is High cost of neuroprosthetics products. With the rise in the number of neurological diseases and increasing use of neuroprosthetics in various healthcare institutions such as hospitals and ASCs, the demand for neuroprosthetics devices has increased in various developed and developing countries. However, neuroprosthetics devices are highly priced as the insurance companies do not pay reimbursement for these devices. Health insurance covers prosthetic arms but its coverage largely depends on the amputation level and individual’s physical condition.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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