According to the current analysis of Reports and Data, the Global Neuroprosthetics Market was valued at USD 6.85 Billion in 2019 and is expected to reach USD 17.75 Billion by the year 2027, at a CAGR of 12.4%. The study covers Neuroprosthetics, neuroscience, and biomedical engineering discipline, concerned with developing neural prostheses. Neural prostheses are the assistive devices that can restore functions lost because of neural damage by substituting motor, sensory, or cognitive modality. Growing healthcare awareness all over the globe, rising prevalence of chronic diseases, increase in the number of patients with nerve injuries and neurological diseases, an increasing number of road mishaps and accidents elevating the number of amputation cases, and rising hearing loss incidences, are some of the key factors propelling Neuroprosthetics market growth in the industry.
However, non-favorable reimbursement scenarios, high cost of neuroprosthetics, lack of skilled professionals, and availability of advanced alternative treatment options are the major hindrance for Neuroprosthetics market growth during 2020-2027. The Neuroprosthetics market is much fragmented, and major players are adopting various techniques to grow their range of product offerings. For instance, In June, Medtronic, a medical device company, announced a new outcomes-based agreement with Aetna, one of the largest healthcare companies in the States. The agreement focuses on patients who rely on multiple daily insulin injections for type 1 and type 2 diabetes. The agreement is a dedication for the smooth transition of Aetna members’ multiple daily injections to a Medtronic insulin pump.
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Further key findings from the report suggest
- The Neuroprosthetics market is growing at a CAGR of 6% in the Asia Pacific, followed by North America and Europe, with 12.2% and 12.1% CAGR, respectively. The rising prevalence of chronic diseases and growing healthcare awareness all over the globe is the prominent factor in accelerating the Neuroprosthetics market growth during the forecast period across all regions.
- As of 2019, Auditory Prosthetics/Cochlear Implants was dominating the Neuroprosthetics industry, which holds 36.7% of the global market. Rising incidences of hearing loss are driving the growth of the market segment. The European region is the major revenue-generating source for this market segment, followed by North America and Asia-Pacific regions.
- Motor Prosthetics is expected to be the fastest-growing market segment during the forecast period 2020-2027, with a CAGR of 12.8%. However, associated side effects and high costs are major challenges for the Neuroprosthetics market growth of this market segment.
- The Deep Brain Stimulation Technology type segment was valued at USD 1.18 billion in 2019 and is expected to reach USD 3.02 billion by 2027, growing at a CAGR of 12.1 %
- The Asia Pacific region is anticipated to account for around 20% of the global Neuroprosthetics market in 2019. Developing nations such as China and India are likely to witness significant Neuroprosthetics market growth owing it to increasing healthcare awareness and increasing cases of amputation due to road mishaps and accidents.
- The high cost of Neuroprosthetics and lack of favorable reimbursement scenarios and skilled professionals is likely to hinder the Neuroprosthetics market growth during the forecast period.
- Key participants include Second Site, Boston Scientific Corporation, Medtronic, Inc., Neuropace, Cochlear Limited, Abbott, Sonova, NeuroPace, Inc., Cyberonics, Inc., and Nervo Corp.
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Segments covered in the report
This report forecasts revenue growth at global, regional, and country levels to provide an in-depth analysis of market trends in each segment and sub-segment from 2017 to 2027. For the purpose of this study, Reports and Data has segmented the Neuroprosthetics Market on the basis of type, technology type, application, and region.
Type (Revenue, USD Million; 2017–2027)
- Motor Prosthetics
- Auditory Prosthetics/Cochlear Implants
- Cognitive Prosthetics
- Visual Prosthetics/Retinal Implants
Technology Type (Revenue, USD Million; 2017–2027)
- Deep Brain stimulation
- Vagus Nerve stimulation
- Spinal Cord stimulation
- Sacral Nerve Stimulation
- Transcranial magnetic Stimulation
Application Type (Revenue, USD Million; 2017–2027)
- Motor Neuron Disorders
- Parkinson’s Disease
- Physiological Disorders
- Auditory Processing Disorders
- Ophthalmic Disorders
- Cardiovascular Disorders
- Kidney Diseases
- Alzheimer’s Disease
- Severe Depression
Regional Outlook (Revenue in USD Million; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
- Rest of Latin America
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/neuroprosthetics-market
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