Neuroprosthetics 2019 Synopsis
The report that has been recently published by Market Research Future (MRFR) projects that the global neuroprosthetics market is marked to expand significantly at a CAGR of 12.4% during the forecast period of 2018-2023 and reach the market valuation of USD 10.48 Bn by the end of the forecast period, from USD 5.28 Bn in the year 2016.
Rapid advancement in artificial intelligence technology and easy adoption of technologically advanced healthcare solutions are majorly propelling the growth of the global neuroprosthetics market. Increased investment for promoting research and development activities in the healthcare sector and high demand for advanced treatment solutions are also fueling the growth of the global neuroprosthetics market. However, high cost of treatments are restraining the growth of the global neuroprosthetics market during the assessment period.
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Global Neuroprosthetics Market: Segmental Analysis
The global neuroprosthetics market has been segmented on the basis of type, technology, applications, and end users. Based on type, the neuroprosthetics market has been segmented into output neural prosthetics and input neural prosthetics. The output segment has been further sub-segmented into cognitive prosthetics, and motor prosthetics. The input segment has been further sub-segmented into cochlear implant, and visual prosthetic. Based on techniques, the global neuroprosthetics market has been segmented into vagus nerve stimulation, deep brain stimulation, sacral nerve stimulation, and spinal cord stimulation.
Based on application, the global neuroprosthetics market has been segmented into motor neuron disorders, physiological disorders, and cognitive disorders. The motor neuron disorders segment has been sub-segmented into Parkinson’s disease, and Epilepsy disorder. The physiological disorders segment market has been sub-segmented into auditory processing disorders, ophthalmic disorders, cardiovascular disorders, and urology disorders. The cognitive disorders segment has been sub-segmented into Alzheimer’s disease, paralysis, and severe depression. Based on end-users, the global neuroprosthetics market has been sub-segmented into hospitals and clinics, diagnostic centers, research centers and others.
Global Neuroprosthetics Market: Regional Analysis
Geographically, the global neuroprosthetics market has been segmented into four major regions such as the Americas, Europe, Asia Pacific and the Middle East and Africa.
The Americas command the dominant share of the global neuroprosthetics market owing to the rapid advancement in technology, easy adoption of technologically advanced healthcare solutions, high prevalence of neurological diseases due to changing lifestyle and increased stress levels among the population and rapid development of artificial intelligence technology in this region. Increased research activities for the development of technologically advanced treatment solutions, increased incorporation of artificial intelligence technology in the well-developed healthcare sector, and availability of favorable reimbursement policies for the population of this region.
The Asia Pacific region is exhibiting fastest growth in the global neuroprosthetics market owing to the increased government funding for the development of technologically advanced healthcare solutions in the emerging economies and increasing healthcare expenditure along with the incorporation of artificial intelligence technology in various treatment solutions.
The Middle East and Africa region is projecting steady growth in the global neuroprosthetics market owing to the low penetration of technologically advanced healthcare solutions in the remote locations of the underdeveloped areas of this region.
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Global Neuroprosthetics Market: Industry Updates
In January 2019, neuroengineers from Columbia University have announced the development of a new way to utilize artificial intelligence and speech synthesizers to translate an individual’s thoughts into word which will aid neuroprosthetics to have direct communication with the brain.
In November 2018, Samsung has created a smart TV software that can be controlled with the brainwaves with the help of neuroprosthetics.
Global Neuroprosthetics Market: Key Players
The prime players profiled by MRFR that are operating in the global neuroprosthetics market are Medtronic (US), Abbott (US), Cochlear (Australia), Boston Scientific (US), Livanova UK), Second Sight (US), Med-El (UK), Retina Implant (US), Sonova (UK), Neuropace (US), Nevro (California), and others.
TABLE OF CONTENT
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
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Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
5.1.2 Bargaining Power Of Buyers
5.1.3 Threat Of New Entrants
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