Neuroprosthetics Market Research Report, by Type (Cognitive Prosthetics, Cochlear Implant), Techniques (Vagus Nerve Stimulation), Application (Motor Neuron Disorders) End-User (Hospitals and Clinics, Diagnostic Centers)—Global Forecast till 2023
Neuroprosthetics Market Size is projected to grow at a 12.4% CAGR by 2023. The Neuroprosthetics domain refers to a blend of neuroscience and biomedical engineering. Neuroprosthetics refers to a series of equipment which is used as a substitute for sensory motor and cognitive abilities of a human. Primarily, neuroprosthetics is used when injuries or diseases cause neurological damage in a human.
Global Neuroprosthetics Market is likely to reach a revenue valuation of USD 10.48 billion by the end of the forecast period. Such market growth can be attributed to various factors including increasing prevalence in neural diseases, overactive bladder syndrome, and various chronic disorders such as epilepsy and parkinson’s disease. Further, advanced technologies are providing tools that don’t need implanting and are minimally invasive, hence, driving accelerated growth to the global neuroprosthetics market during the forecast period.
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Neuroprosthetics Market Segmentation:
Global neuroprosthetics market is segmented by Type, technology, applications, and end-users
Based on the type, the neuroprosthetics market is segmented into neural prosthetics and input neural prosthetics. The output covers cognitive prosthetics, and motor prosthetics. The input can be segmented into cochlear implant, and visual prosthetic.
Based on the techniques, the neuroprosthetics market is segmented into vagus nerve stimulation, sacral nerve stimulation, deep brain stimulation, and spinal cord stimulation.
Based on the application, the neuroprosthetics market is segmented into motor neuron disorders, physiological disorders, and cognitive disorders. The motor neuron disorders encompass Parkinson’s disease, and Epilepsy disorder. The physiological disorders segment consists ophthalmic disorders, auditory processing disorders, cardiovascular disorders, and urology disorders. The cognitive disorders is segmented into disorders, such as paralysis, Alzheimer’s disease, and severe depression.
Based on the end-users, the neuroprosthetics market is segmented into diagnostic centres, hospitals & clinics, research centres, and others.
Neuroprosthetics Market Regional Analysis:
On a region-specific scale, the global neuroprosthetics market can be segmented into North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa (MEA). Such a segmentation holds better sway over the demographic challenges that can transform regional markets.
North America is witnessing substantial investment in the form of funding to ensure better market growth for neuroprosthetics. Various private and government funding are pouring in to support research and development sector. At the same time, various diseases like epilepsy and Parkinson’s disease are witnessing strong rise, which is giving the regional market substantial space to operate.
Europe is also gaining much from funds for R & D. The region has several developed countries like the UK, France, and Germany that are investing much to develop their top-class infrastructure.
The APAC region is witnessing strong uptake in the segment owing to massive population and hike in per capita income, which make the neuroprosthetics available to a lot of people. At the same time, developing regions are revamping their healthcare sector, which can ensure strong boost for the regional neuroprosthetics market.
The MEA market can face dents due to the presence of poor economies in the African region where the market is finding less space to operate.
Neuroprosthetics Market Competitive Landscape:
Companies are getting involved in the neuroprosthetics market to profit from its growing permeation. These companies are employing various strategies to substantially promote the global neuroprosthetics market and solidify their own market position. These companies have been recorded by MRFR for an evaluative study of the market where the detailed profiling revealed market trends. These companies are Cochlear (Australia), Medtronic (US), Abbott (US), Retina Implant (US), Sonova (UK), Livanova (UK), Boston Scientific (US), Med-El (UK), Second Sight (US), Nevro (California), Neuropace (US), and others
Recently, the National Institutes of Health (NIH) has given fund worth USD 1.95 million to researchers from the Carnegie Mellon University to develop advanced high-density neural probes, which would be essential for recording of neurological data. This would also help the evolution of neuroprosthetics.
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