Westford, USA, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Neuroprosthetic is a rapidly growing field with immense potential. Neuroprosthetic devices are used to restore or improve function in individuals with neurodegenerative disorders, spinal cord injuries, and other conditions. This growth of the global neuroprosthetic market is driven by factors such as the increasing prevalence of neurological disorders, the development of technologically advanced the devices, and the rising number of clinical trials for neuroprosthetic devices.
One of the most common neurodegenerative diseases is Alzheimer's disease, which affects an estimated 5.7 million Americans over the age of 65. In fact, the disease in known to affect around 10% of the global population above 65 years. With no cure currently available, treatment focuses on symptom management. However, as the population ages, the number of people with Alzheimer's is expected to increase to 14 million by 2050 in the neuroprosthetic market. Other neurodegenerative diseases include Parkinson's disease, Huntington's disease, and amyotrophic lateral sclerosis (ALS). These diseases often lead to functional impairment and loss of motor control. Neuroprosthetic offer a way to restore some level of function and independence for people with these conditions.
As per SkyQuest study, there is a growing demand for neuroprosthetic devices that can provide functional improvements for patients with disabilities or degenerative diseases. However, before these devices can be used clinically, they must undergo extensive testing to ensure safety and efficacy. Additionally, reimbursement policies dictate whether or not patients have access to these life-changing therapies.
The global neuroprosthetic market is expected to continue growing at a rapid pace in the coming years as new technologies are developed and clinical trials yield positive results. This will provide patients with greater access to sophisticated treatments that can greatly improve their quality of life. Advanced products such as brain-computer interfaces (BCIs), retinal implants, deep brain stimulators (DBSs), and spinal cord stimulators (SCSs) are becoming increasingly available, which is driving the growth of the market.
The report provides an overview of the Neuroprosthetic market, including its history, current state and future prospects. It also examines key drivers of growth, including demographics, developments in science and technology, and government support. The report includes our perspectives on the challenges and opportunities businesses face as they seek to enter or expand their presence in this market.
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Cochlear Implants are Most Popular in Global Neuroprosthetic Market
Neuroprosthetic can be used for a variety of applications, including Parkinson's disease,ALS, cerebral palsy, and brain injuries. There are several types of neuroprosthetic available on the market, such as cochlear implants, deep brain stimulations (DBS), and functional electrical stimulators (FES). Our study suggests that cochlear implants are the most commonly used type of neuroprosthetic device. They are used to treat hearing loss by providing auditory signals directly to the brain. As of 2021, there were more than 450,000 people worldwide with cochlear implants.
Deep brain stimulation (DBS) is another type of neuroprosthetic device that is used to treat a variety of neurological disorders, including Parkinson's disease, essential tremor, dystonia, and obsessive-compulsive disorder (OCD).
The favorable reimbursement scenario in developed countries is another major driver for the growth of the neuroprosthetic market. In the United States, Medicare covers DBS procedures for treating essential tremor and Parkinson's disease patients who have not responded adequately to medication. In Europe, most countries have national health insurance, which often covers the expensive devices such as cochlear implants.
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What Makes SkyQuest Optimistic About Future Growth of Neuroprosthetic Market?
The report notes that the adoption of neuroprosthetic is being hindered by high costs, a lack of insurance coverage, and concerns about safety and efficacy. However, these barriers are expected to gradually disappear as the technology continues to improve. SkyQuest interviewed executives from leading neuroprosthetic companies and found that they are optimistic about the future of the industry. They believe that new applications for neuroprosthetic will emerge and that the devices will become smaller, more affordable, and more widely available.
The report predicts that future growth in the neuroprosthetic market will be driven by advances in technology, as well as an increasing number of people with disabilities who are seeking treatment options. Additionally, the aging population is expected to drive demand for neuroprosthetic devices that can help improve quality of life for seniors.
Our analysis of the neuroprosthetic market highlights key trends and opportunities for market participants. It shows that the industry is poised for strong growth in the coming years, driven by technological advancements and an increasing number of patients seeking treatment for neurological conditions.
The report includes a detailed market analysis and forecasts for the neuroprosthetic market out to 2028. The report covers segmentation of the market by product type (spinal cord stimulation devices, deep brain stimulation devices, cochlear implants, retinal implants), end-user (hospitals, clinics, rehabilitation centers), geography (North America, Europe, Asia Pacific, Latin America), and major players (Medtronic plc., Boston Scientific Corporation).
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Brainwave Implants are the Most Popular in Global Neuroprosthetic Market
There are a number of brainwaves implants available on the market today. These devices are designed to help people with various neurological conditions by stimulating the brain with electrical impulses. One of the most popular brainwave implants is the NeuroPace RNS System, which is FDA-approved for treating epilepsy. The device is implanted in the skull and sends electrical pulses to the brain in order to prevent seizures.
Apart from this, another popular brainwave implant in the global neuroprosthetic market is the Deep Brain Stimulation (DBS) System, which is used to treat patients with Parkinson’s disease. The DBS system consists of two electrodes that are implanted in the brain and deliver electrical impulses to specific areas of the brain. Brainwave implants are also being studied for their potential to treat other conditions such as Alzheimer’s disease, depression, and even obesity. While there are still some risks associated with these devices, they offer hope for many people who suffer from debilitating neurological conditions.
Vagus nerve stimulator (VNS) is one of the most popular brainwave implants in the global neuroprosthetic market which is FDA-approved to treat epilepsy and depression. VNS involves surgically placing a device under the skin on the chest that sends electrical impulses to the vagus nerve in the neck. The vagus nerve then sends signals to the brain that can help reduce seizure activity or lift mood in people with depression.
Major Vendors in Global Neuroprosthetic Market
- Boston Scientific Corporation
- Cochlear Ltd.
- NDI Medical LLC
- Retina Implant AG
- Nervo Corporation
- Medtronic Plc
- Biomet Inc.
- NeuroPace Inc.
- LivaNova Plc
- CorTec GmbH
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