The neuroprosthetics market was estimated USD 5.28 billion in 2016 and expected to reach USD 10.48 billion by 2023 at a CAGR of 12.4% from 2018 to 2023.
The global neuroprosthetics market, as per the reports of Market Research Future (MRFR), is expected to grow by 12.4% during the forecast period (2018-2023). The period would also experience the neuroprosthetics market surpassing USD 10.48 billion valuation. Neuroprosthetics is a blend of neuroscience and biomedical engineering where a series of equipment is used that can be a substitute for a motor, sensory or cognitive modality. Primarily, this type of treatment takes place when injuries or diseases cause damage to any of the neurological system. By replacing damaged senses, these modifications aim at providing better life standard for people with disabilities.
These products are also used to understand animal behavior by monitoring emitted brain signals in laboratories and research centers. MRFR, in their recent report, included detailed segmental analysis for a better understanding of the market. The analysis is based on volume-wise and value-wise reading of the market. Simultaneously, emphases have been given to neuroprosthetics market factors and competitive landscape for a holistic 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 witnesses slight leashing owing to the high cost of the products.
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Competitive Analysis
The report on neuroprosthetics market by Market Research Future (MRFR) has included profiled information regarding various prominent players present in the global neuroprosthetics market. These noteworthy players include Cochlear (Australia), Abbott (US), Neuropace(US), Medtronic (US), Boston Scientific (US), Sonova(UK), Livanova(UK), Med-El (UK), Retina Implant (US), Nevro (California), and Second Sight (US).
Segmentation Analysis
The global neuroprosthetics market has been studied based on segmentation that includes technology, applications, type, and end users. The segments and data gathered from there are expected to boost market analysis and help in forming better strategies to increase profit margin.
By Type, the global report on the neuroprosthetics market has been segmented into output neural prosthetics and input neural prosthetics. The output neural prosthetics segment includes cognitive prosthetics and motor prosthetics. The input segment can be studied on the basis of cochlear implant and visual prosthetic.
By Techniques, the report on the neuroprosthetics market has been segmented into deep brain stimulation, sacral nerve stimulation, vagus nerve stimulation, and spinal cord stimulation.
By Application, the report on the neuroprosthetics market can be segmented into physiological disorders, motor neuron disorders, and cognitive disorders. Motor neuron disorders include Parkinson’s disease and Epilepsy disorder. Physiological disorders comprise ophthalmic disorders, cardiovascular disorders, auditory processing disorders, and urology disorders. Cognitive disorders comprise paralysis, Alzheimer’s disease, and severe depression.
By End-users, the report discussing changes in the neuroprosthetics market has been segmented into diagnostic centers, hospitals and clinics, research centers, and others.
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.
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Industry News
In June 2020, Picosun Group announced that results for their ALD-organic bilayer encapsulation of metal electrodes targeted for neuroprosthetics and bioelectronic medicine. The results are positive. It also discussed the superior hermetic barrier performance of its ALD nanolaminates that could prevent corrosive ion diffusion in aqueous media. This is good news as tools made out of this can work well against human bodily fluids.
The segment due to COVID-19 may witness some slump in activities. However, some reports are stating the neurological impact of COVID-19 on patients who have survived the threat. This can inspire growth for the market in the coming years.
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