Burlingame, March 11, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, Global Neuroprosthetics Market, By Type (Output Neural Prosthetics, Input Neural Prosthetics), By Technique (Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Others), By Application (Motor Neuron Disorders, Physiological Disorder, Cognitive Disorders, Others), By End User (Hospitals & Clinics, Neurological Centers, Ambulatory Surgery Centers, Others). According to the report, the global neuroprosthetics market was valued at US$ 12.66 Bn in 2023 and is expected to reach US$ 26.12 Bn by 2030, growing at a compound annual growth rate (CAGR) of 10.9% from 2023 to 2030.
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Market Dynamics
The Neuroprosthetics Market is driven by the increasing prevalence of neurological disorders such as Parkinson's disease, epilepsy, and spinal cord injuries, which has led to a growing demand for neuroprosthetic devices. Additionally, advancements in technology and research in the field of neuroprosthetics have led to the development of innovative and more effective products, further driving market growth.
Global Neuroprosthetics Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $12.66 billion |
| Estimated Value by 2030 | $26.12 billion |
| Growth Rate | Poised to grow at a CAGR of 10.9% |
| Historical Data | 2018–2021 |
| Forecast Period | 2023–2030 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Technique, By Application, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Restraints & Challenges | • Risks and complications associated with neuroprosthetic implantation |
| Growth Drivers | • Rising Prevalence of Neurological Disorders • Technological Advancements • Government and private funding for research |
Market Trends
One key trend in the Neuroprosthetics Market is the growing adoption of brain-computer interface (BCI) technology, which allows direct communication between the brain and external devices, enabling individuals with disabilities to control prosthetic limbs or other devices with their thoughts. Another trend is the increasing focus on developing minimally invasive neuroprosthetic devices, which offer greater comfort and functionality to patients while reducing the risk of complications during implantation.
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Market Opportunities:
The Neuroprosthetics market is witnessing significant growth in the segment of Motor Neuron Disorders. Motor Neuron Disorders such as amyotrophic lateral sclerosis (ALS) and spinal muscular atrophy (SMA) are debilitating conditions that affect the motor neurons in the brain and spinal cord, leading to muscle weakness and loss of motor function. With the advancements in technology and research in the field of Neuroprosthetics, there has been a surge in the development of innovative devices and therapies to help patients with Motor Neuron Disorders regain mobility and improve their quality of life. This market opportunity presents a promising outlook for growth and innovation in the Neuroprosthetics market.
Output Neural Prosthetics, which include devices that interface with the nervous system to restore lost motor or sensory functions, are witnessing a surge in demand. These devices, such as brain-computer interfaces and neurostimulators, hold great potential in helping patients with neurological conditions regain control over their movements and sensations. The demand for Output Neural Prosthetics is being driven by a growing prevalence of neurological disorders and an increasing focus on improving the quality of life for patients with such conditions. This market opportunity presents ample scope for growth and expansion in the Neuroprosthetics market.
Recent Developments:
In November 2022, Cochlear Limited, the global leader in implantable hearing solutions, received U.S. Food and Drug Administration (FDA) approval for the CochlearTM Nucleus 8 Sound Processor. The Nucleus 8 Sound Processor is the smallest and lightest behind-the-ear cochlear implant sound processor available in the industry.
In October 2022, Axoft, a neurotechnology company, announced the launch of its brain-machine interface (BMI) to better treat neurological disorders. It was launched through a U.S. Food and Drug Administration (FDA) breakthrough device designation. The company secured USD 8 million in capital to fund pre-clinical studies with the U.S. FDA and to scale up prototypes of its neural implants.
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Key Market Takeaways:
Neuroprosthetics Market is anticipated to witness a CAGR of 10.9% during the forecast period 2023-2030, owing to the growing prevalence of neurological disorders and advancements in technology driving the development of innovative Neuroprosthetics devices.
On the basis of Type, the Output Neural Prosthetics segment is expected to hold a dominant position, owing to the increasing demand for devices that restore lost motor or sensory functions.
By Technique, the Spinal Cord Stimulation segment is expected to dominate the market, driven by its effectiveness in treating chronic pain and neurological disorders.
In terms of Application, the Motor Neuron Disorders segment is expected to lead the market, as there is a rising prevalence of conditions such as ALS and SMA. Among End Users, Hospitals & Clinics are expected to be the dominant segment.
In terms of region, North America is expected to hold a dominant position over the forecast period, due to technological advancements and high healthcare expenditure in the region.
Key players operating in the Neuroprosthetics market include Second Sight, Med-El, Retina Implant, Sonova Holding AG, NeuroPace, Inc., Nevro, Medtronic plc, and Abbott. These key players are focusing on innovation and strategic collaborations to gain a competitive edge in the market.
In conclusion, the Neuroprosthetics market presents lucrative opportunities for growth and innovation, especially in the segments of Motor Neuron Disorders and Output Neural Prosthetics. With a favorable market outlook and advancements in technology driving the development of cutting-edge devices, the Neuroprosthetics market is poised for significant expansion in the coming years. Key players in the market are focusing on research and development to introduce novel solutions and gain a competitive advantage in this evolving market landscape.
Read complete market research report, "Global Neuroprosthetics Market, By Type, By Technique, By Application, By End User, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
By Type:
- Output Neural Prosthetics
- Input Neural Prosthetics
By Technique:
- Spinal Cord Stimulation
- Deep Brain Stimulation
- Vagus Nerve Stimulation
- Sacral Nerve Stimulation
- Others
By Application:
- Motor Neuron Disorders
- Physiological Disorder
- Cognitive Disorders
- Others
By End User:
- Hospitals & Clinics
- Neurological Centers
- Ambulatory Surgery Centers
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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