The global 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.
Neuroprosthetics are medical devices that are developed in such a way that provide signal to the central nervous system and receive indications from the external environment. These devices are used in neural diseases such as Epilepsy, Parkinson’s disease, Visual Prosthetics and many more.
The factors responsible for the positive growth of this market are increasing prevalence of neural diseases, over active bladder syndrome, and chronic disorder which include epilepsy.
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However, factors such as, low acceptance of neuroprosthetics treatment devices due to its high cost, and low awareness about the devices may restrict the market growth during the forecast period.
Segmentation: MRFR segments the global neuroprosthetics market by type, technology, applications, and end-users to have an in-depth analysis. Based on the type, the neuroprosthetics market can be segmented into output neural prosthetics and input neural prosthetics. The output includes cognitive prosthetics and motor prosthetics. The input comprises a cochlear implant and visual prosthetic. Based on the techniques, the neuroprosthetics market can be segmented into vagus nerve stimulation, sacral nerve stimulation, deep brain stimulation, and spinal cord stimulation. Based on the application, the neuroprosthetics market can be segmented into physiological disorders, motor neuron disorders, and cognitive disorders. The motor neuron disorders segment includes Parkinson’s disease and Epilepsy disorder. The physiological disorders segment comprises ophthalmic disorders, auditory processing disorders, cardiovascular disorders, and urology disorders. The cognitive disorders segment is based on Alzheimer’s disease, paralysis, and severe depression. Based on the end-users, the neuroprosthetics market can be segmented into hospitals and clinics, diagnostic centers, 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 neuroprosthetics market share. 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. Competitive Landscape: MRFR published the report on neuroprosthesis market with focus on market players such as Cochlear (Australia), Abbott (US), Neuropace (US), Medtronic (US), Boston Scientific (US), Sonova (UK), Livanova (UK), Med-El (UK), Retina Implant (US), Nevro (California), Second Sight (US), and others. In 2018, researchers from the EPFL's School of Engineering had developed a nerve-on-a-chip platform with the ability to stimulate and record information from explanted nerve fibers. Its working is quite similar to that of implanted neuroprosthetic. The technology integrates microchannels embedded with electrodes. The explanted nerve fibers mimic the operational methods of in vivo tissue.
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