Neuroprosthetics Market Overview
New technologies are providing tools that need no implanting, and minimum invasive surgery can often design the system. This is garnering significant traction from the patient pool. This can ensure future market growth for the neuroprosthetics market. Prevalence of neurological disorders and overactive bladder syndrome are also effective factors that can trigger market growth. But the forecast period of the can also witness slight leashing owing to the high cost of the products.
Neuroprosthetics is a discipline that includes neuroscience and engineering to create devices that work on a brain-computer interface. The process includes devices that can substitute damaged motor, sensory, and cognitive modality to enhance better functional experience. The global market is looking at a rise by 12.4% CAGR during the forecast period where the valuation would touch USD 10.48 billion. Market Research Future (MRFR) makes a statement by saying that the Neuroprosthetics Market would witness hike due to several better awareness regarding the market in the coming years.
Factors like better funding, heightened awareness of the process, high investment capacity from individuals, enhanced technological support, better infrastructural facility, and enriched post-treatment support can ensure strong growth for the global neuroprosthetics market. However, high treatment cost can be a deterring factor, which various countries are trying to avoid by launching better insurance policies and subsidies. However, there are chances that the market may find it difficult to grow in the coming years due to the high cost associated with the procedure and low awareness level among market players.
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Neuroprosthetics Market Segmentation
Global Neuroprosthetics Market has been segmented on the basis of type, technology, applications, end users, and region. On the basis of type, the global neuroprosthetics market is segmented into output neuroprosthetics and input neuroprosthetics. The output neuroprosthetics segment is for the sub- segmented into cognitive prosthetics and motor prosthetics. On the other hand, the input prosthetics segment is further sub-segmented into cochlear implant and visual prosthetics.
On the basis of techniques, the global neuroprosthetics market segment into deep brain stimulation, vagus nerve stimulation, spinal cord stimulation, and sacral nerve stimulation. Based on end users, the global neuroprosthetics market is segmented into diagnostic centers, hospitals and clinics, and research centers.
Based on application, the global neuroprosthetics market segment into physiological disorders, motor neuron disorders, and cognitive disorders. The motor neuron disorder segment is sub-segmented into parkinson’s disease and epilepsy disorder. The physiological disorders segmentation further includes sub-segments of ophthalmic disorders, auditory processing disorders, neurology disorders, and cardiovascular disorders. The cognitive disorders segment is further sub-segmented into alzheimer’s disease paralysis and severe depression.
Neuroprosthetics Market Regional Analysis
MRFR regionally segments the neuroprosthetics market into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America’s market dominance can be attributed to researches regarding the prevalence of neural diseases such as Epilepsy and Parkinson’s disease. Patient number, diagnosed with Parkinson’s disease, is quite high and is triggering the inflation of the neuroprosthetics market in the region.
Europe stands second in terms of the value of the market. The region, with a robust healthcare sector, gets fund in research and development regarding neuroprosthetics from both governments and private investors.
The APAC market is expecting high growth during the forecast period owing to the vast patient pool present in the region. Cognitive disorders and other neurological problems are present in a considerable number to boost the market. The regional market is gaining momentum from the revamped healthcare sector and the strategic decisions of various market players of investing in the region. The number of patients suffering from Alzheimer is also quite high which is providing traction to the market.
Neuroprosthetics Market Players
- 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)
- Others
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