Dublin, May 10, 2021 (GLOBE NEWSWIRE) -- The "Neuroprosthetics Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.
Similar to the conventional prosthetics, neural prosthesis or neuroprosthesis are devices that restore or replace the function or a damaged part of the nervous system. Some of such neuroprostheses such as cochlear implant restore the sensory input with simulation to the nervous system. Retinal implant is another breakthrough sensory neuroprosthesis. Both these devices involve transduction of sensory information from the outer environment to the nervous system. Conversely, the nervous system can also be used as a means of signals for neural prosthesis. In paralysis treatment, information from brain motor areas are used for controlling external devices, thus restoring the movement of paralyzed limb. Another group of neuroprosthetics devices is used in neuromodulation. Deep brain stimulation improves or restores the movements in patients with Parkinson's disease and essential tremors and is also being used for treatment of obsessive compulsive disorders and depression.
The lifetime cost of neurological injuries is detrimental. Estimated cost of spinal cord injuries are mainly subject to the severity of injury, age and nature of the trauma, wherein the average first year treatment cost may cost up to US$ 1 Mn, which may further grow through the following years. Furthermore, the cost of living with such disability is also detrimental to the patient as well as the medical companies. Use of neuroprosthetics for improving the way of life of neurological injury patients, the cost of assisted living dramatically drops.
For instance, in cases of bladder and bowel incontinence patients, the cost of implementing neurostimulation devices balance with the savings on medications, medical procedures and supplies that is otherwise spent without the device. Neuroprosthesis not only improves the quality of life, but also restores lost independence. The market for neuroprosthetics is efficiently growing. Neuroprosthetics are at the forefront of medical technology and will have significant adoption in the years to come. Spinal cord stimulation is the most widely adopted modality for neuroprosthesis along with deep brain stimulation. Additionally new neuroprosthetics are being developed for restoration of senses. Its use in treating cognitive conditions such as depression is also proliferating.
Motor Prosthetics to Hold Dominant Position through the Forecast Period
At present, motor prosthetics have the largest revenue share in the global neuroprosthetics markets and shall retain its lead throughout the forecast period. Growing adoption of motor prosthetics in treatment of incontinence and other patients with neuromuscular diseases mainly contribute to the dominance of this segment. Moreover, increasing prevalence of paraplegia, movement disorders and Parkinson's disease is the key driver supporting the growth of this segment. Auditory and visual prosthetics segment will progress at a rapid growth rate during the forecast period. Growing demand for auditory neuroprosthetics due to high prevalence of hearing loss that cannot be treated with amplifiers is attributed to the demand for auditory prosthetics in the global market.
Patients with functional auditory nerve mainly benefit from auditory neuroprosthetics. The first product introduced in this segment was the cochlear implant, which substitutes the middle ear with sound transduction into electrical stimulation to the auditory nerve. Since residual hearing is lost with insertion of this device, cochlear implant is most useful in patients with profound deafness. The success of auditory neuroprosthetics is further strengthened with better treatment outcomes as many patients with cochlear implants develop ability to conveniently distinguish between music and speech. Technological evolution has led to introduction of new implants that are smaller and less damaging, suitable for patients with residual low-frequency hearing, but absolute deafness to middle- to high-frequency sounds.
Spinal Cord Stimulation Spearheads the Global Market
Spinal cord stimulation is the largest revenue generating modality in the global neuroprosthetics market. The World Health Organization estimated that each year around 500,000 individuals suffer from spinal cord injury. Spinal cord injuries lead to several detrimental effects in the physiological and motor functions. Diminishing the quality of life. In majority of the spinal cord injury cases, some nerve fibers remain in contact with the brainstem to the spinal cord, which allows application of spinal cord stimulation possible. Advanced in brain science, neurosurgery, robotics and neuroengineering have created avenues for therapeutic solutions. Over the past two decades, the field of spinal cord stimulation interventions exploiting the development of neuromodulation for spinal cord injuries have phenomenally evolved.
Proven Benefits and Efficacy of DBS in Parkinson's Disease to Remain the Mainstay for Market Growth
Based on the application areas, the global neuroprosthetics market is categorized into motor neuron disorders, physiological disorders, and cognitive disorders. Among these, motor neuron disorders occupy the largest revenue share in the base year 2020. Neuroprosthetics are gaining wide usage in treatment of Parkinson's disease, essential tremors, spinal cord injuries, following the success of deep brain and spinal cord stimulation. Motor neuron diseases have a dominant position in the overall neuroprosthetics market due to its proven efficacy in treatment of epilepsy, tremors and Parkinson's disease. Therefore, growing prevalence of these segments is a key driving factor to the growth of motor neuron disorders segment. Furthermore, cognitive disorders segment will undergo fastest market progress during the forecast period. Rising incidence of obsessive compulsive disorders, Alzheimer's disease and depression is the key driver for the rapid growth of this market. Convenient availability of advanced neurological implants further stabilizes the market growth.
Significantly Large Potential Patient Pool Supporting Swift Growth of Asia Pacific Market
North America is the current leader in the global neuroprosthetics market in terms of revenue generation. Dominance of the region is attributed to favorable government and reimbursement policies, large prevalence of neurological disorders and conditions, and presence of developed healthcare infrastructure. High government initiatives towards adoption of technologically advanced treatment solutions pertaining to motor diseases, and hearing loss also supports the growth of this market. Additionally, Asia Pacific is estimated to be the fastest progressing regional market for neuroprosthetics market. Factors such as potentially large patient pool, rapidly developing healthcare infrastructure along with increasing healthcare expenditure are attributed to the growth of Asia Pacific market. The healthcare system in this region is intensely focusing on reducing the cost of treatment and increasing awareness levels in patients. Growing investment by industry players through establishing new manufacturing units in the region and increasing proliferation of medical tourism are other prime factors facilitating the growth of this region.
Historical & Forecast Period
This research report presents the analysis of each considered segment for the period from 2019 to 2029, having 2020 as the base year for estimations. Compounded annual growth rates (CAGRs) for each segment are calculated for the forecast period from 2021 to 2029.
The profiles of such players are also studied in this report based on parameters namely, business overview, product portfolio, financial information, and key developments. The prime players operating in the global neuroprosthetics market are Abbott Laboratories, Boston Scientific Corporation, Cochlear Limited, LivaNova, PLC, MED-EL, NeuroPace, Inc., Medtronic Plc, NDI Medical LLC, Nervo Corp., Retina Implant AG, Second Sight Medical Products, Inc., Sonova Holding AG, Cyberonics, Inc., St. Jude Medical, Inc. and BrainGate Company.
Key questions answered in this report
- What is the current and forecast market size of the global neuroprosthetics market?
- At what CAGR will the global neuroprosthetics market progress through the forecast period 2021 to 2029?
- What is the market status of the motor prosthetics segment on the global front?
- Which are the particular factors that are determining the overall market trends?
- Will the dominance of spinal cord stimulation solutions be challenged by other modalities?
- How will sacral nerve stimulation segment fare during the forecast period?
- How the prevalence of degenerative disorders such as Parkinson's disease determining the progress of neuroprosthetics market for motor neuron diseases?
- What are the key strategies adopted by the market players and new market entrants?
- What is the roadmap followed in Asia Pacific market to achieve global dominance?
Key Topics Covered:
Chapter 1. Preface
1.1. Report Description
1.1.1. Study Purpose
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Market Segmentation
1.3. Research Scope
1.4. Research Methodology
1.4.1. Phase I - Secondary Research
1.4.2. Phase II - Primary Research
1.4.3. Phase III - Expert Panel Review
1.4.4. Assumptions
1.5. Market Segmentation
Chapter 2. Executive Summary
2.1. Global Neuroprosthetics Market Portraiture
2.2. Global Neuroprosthetics Market, by Type, 2020 (US$ Bn)
2.3. Global Neuroprosthetics Market, by Modality, 2020 (US$ Bn)
2.4. Global Neuroprosthetics Market, by Application, 2020 (US$ Bn)
2.5. Global Neuroprosthetics Market, by Geography, 2020 (US$ Bn)
Chapter 3. Global Neuroprosthetics Market: Dynamics and Future Outlook
3.1. Overview
3.2. Drivers
3.3. Challenges
3.4. Opportunities
3.5. Attractive Investment Proposition, by Geography, 2020
3.6. Competitive Analysis: Global Neuroprosthetics Market, by Key Players, 2020
Chapter 4. Global Neuroprosthetics Market, by Type, 2019 - 2029 (US$ Bn)
4.1. Overview
4.2. Motor Prosthetics
4.3. Auditory Prosthetics
4.4. Cognitive Prosthetics
4.5. Visual Prosthetics
Chapter 5. Global Neuroprosthetics Market, by Modality, 2019 - 2029 (US$ Bn)
5.1. Overview
5.2. Deep Brain Stimulation (DBS)
5.3. Vagus Nerve Stimulation (VNS)
5.4. Spinal Cord Stimulation (SCS)
5.5. Sacral Nerve Stimulation (SNS)
5.6. Others
Chapter 6. Global Neuroprosthetics Market, by Application, 2019 - 2029 (US$ Bn)
6.1. Overview
6.2. Motor Neuron Disorders
6.2.1. Parkinson's Disease
6.2.2. Epilepsy
6.3. Physiological Disorders
6.3.1. Auditory Disorders
6.3.2. Cardiac Disorders
6.3.3. Chronic Pain
6.3.4. Others (Ophthalmic and Kidney Disorders)
6.4. Cognitive Disorders
6.4.1. Alzheimer's Disease
6.4.2. Severe Depression
Chapter 7. Global Neuroprosthetics Market, by Geography, 2019 - 2029 (US$ Bn)
7.1. North America Neuroprosthetics Market, 2019 - 2029 (US$ Bn)
7.2. Europe Neuroprosthetics Market, 2019 - 2029 (US$ Bn)
7.3. Asia Pacific Neuroprosthetics Market, 2019 - 2029 (US$ Bn)
7.4. Latin America Neuroprosthetics Market, 2019 - 2029 (US$ Bn)
7.5. Middle East & Africa Neuroprosthetics Market, 2019 - 2029 (US$ Bn)
Chapter 8. Company Profiles
8.1. Abbott Laboratories
8.1.1. Business Description
8.1.2. Financial Information (Subject to Data Availability)
8.1.3. Product Portfolio
8.1.4. Key Developments
8.2. Boston Scientific Corporation
8.3. Cochlear Limited
8.4. LivaNova, PLC
8.5. MED-EL
8.6. Medtronic Plc
8.7. NDI Medical LLC
8.8. NeuroPace, Inc.
8.9. Nervo Corp.
8.10. Retina Implant AG
8.11. Second Sight Medical Products, Inc.
8.12. Sonova Holding AG
8.13. Cyberonics, Inc.
8.14. St. Jude Medical, Inc.
8.15. BrainGate Company
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