New York, USA, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Neuroprosthetics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Neuroprosthetics Market Information by Type, Techniques, Application, End-User, And Region - Forecast till 2030", the market was valued USD 14.3 billion in 2021 and is expected to reach USD 21.5 billion by 2030 at 11.8% CAGR during the forecast period 2022-2030.
Market Synopsis
Neuroprosthetics are medical devices that are designed to send signals to the central nervous system while also receiving input from the outside world. These devices are employed in the treatment of neurological illnesses like epilepsy, Parkinson's disease, and visual prosthetics, among others. The increasing frequency of neurological diseases, overactive bladder syndrome, and chronic disorders such as epilepsy are driving this market's favorable expansion. They assist in repairing any harm done to the brain's functionality due to illness or trauma. This repair, meanwhile, is just part and not fully realized. In neuroprosthetics, prosthetics are combined with brain processing. As a result, they are significantly changing and making progress all the time, thanks to numerous scholars and organizations. These developments have made it so that they are extremely closely aligned with the human body for efficient operation. With these advancements, neuroprosthetics is now usable in neurological conditions, such as in people with paralysis. They allow paralyzed people to move. The high rate of chronic diseases and rising public awareness of healthcare issues have fueled the expansion of the neuroprosthetics market for devices and implants.
Technically sophisticated items, neuroprosthetics devices/implants require various technologies for their creation/operation, including local field potential, automated adjustable electrical probes, MRI, and image-guided surgical procedures. These technical advancements have flooded the field of neuroprosthetics with countless replacement techniques, rehabilitation methods, and neuromodulation therapies to raise the standard of living for those with neuromotor diseases. Various tools known as "neural prostheses" can replace a motor, sensory, or cognitive modality whose capabilities may have been impaired due to an illness or accident. One of the key reasons propelling the expansion of the neuroprosthetics market is the rise in the prevalence of diseases like neuromuscular junction/muscle disorders, Parkinson's, epilepsy, hearing, ophthalmology, and severe depression.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 21.5 Billion |
| CAGR | 11.8% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Techniques, Applications and End users |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The increasing frequency of neurological diseases, overactive bladder syndrome, and chronic disorders |
| The rising number of patients suffering from neurological disorders, nerve injury and increasing incidence of hearing loss. |
Market Competitive Landscape:
The critical contenders in the neuroprosthetics market are:
- Medtronic (US)
- Retina Implant (US)
- Sonova (UK)
- Neuropace (US)
- Abbott (US)
- Cochlear (Australia)
- Boston Scientific (US)
- Livanova (UK)
- Second Sight (US)
- Med-El (UK)
- Nevro (California)
Neuroprosthetics Market Dynamics:
Market Drivers:
One of the key factors propelling the growth of the neuroprosthetics market is the high prevalence of hearing loss among the world's population. One of the most important neuroprosthetics tools that have greatly benefited those who are profoundly deaf or hard of hearing is the cochlear implant. Patients with severe hearing loss due to illness or injury can also use this gadget to hear sounds around them. Thus, with the prevalence of hearing loss rising, researchers are spending more on cutting-edge neuroprosthetics, which will fuel the market throughout the projection period. The market for neuroprosthetics is anticipated to develop due to the region's aging population and the rising incidence of hearing loss.
As a result, the market is anticipated to expand throughout the forecast period due to the growing acceptance of neuroprosthetics technology. There are also more patients with disabilities as the senior population grows, and neuroprosthetics is utilized to address disabilities. Therefore, this also contributes to the market's expansion. In addition to these growth factors, this market also faces some limitations, such as a rise in mortality brought on by unfavorable side effects like stroke and seizures.
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Market Restraints:
The high cost of neuroprosthetics and the unfavorable reimbursement environment is anticipated to restrain the market's growth. The neuroprosthetics market is expected to face challenges from choosing other treatment options and a shortage of qualified personnel. In addition to these growth factors, this market also faces some limitations, such as a rise in mortality brought on by unfavorable side effects like stroke and seizures.
COVID 19 Analysis
The COVID-19 pandemic outbreak is anticipated to influence the neuroprosthetics business substantially. It was discovered that the COVID-19 epidemic affected cochlear implant patients' access to healthcare. However, in the developing neuroprosthetics industry, individuals are not well-informed about these treatments; thus, it will take extensive training to raise people's level of knowledge to capture a sizeable portion of the market. Although growing markets offer makers of neuroprosthetics substantial business potential, great attention must be paid to raising public awareness of these treatments. Patients in emerging economies benefit from these medications thanks to increased government initiatives to enhance healthcare conditions.
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Neuroprosthetics Market Segmentation
By application, the market includes motor neuron disorders.
The market includes hospitals, clinics, and diagnostic centers by end-user.
By type, the market includes cognitive prosthetics and cochlear implants.
By techniques, the market includes vagus nerve stimulation.
Neuroprosthetics Market Regional Insights
According to estimates, the North American region's neuroprosthetics market will account for the greatest share because of the rise in individuals experiencing neurological illnesses and nerve damage. Additionally, it is becoming more common for children to be born with hearing impairments. Additionally, it is projected that a key factor in developing the studied market would be the high concentration of international players and research activities, coupled with the rising trend of product approvals in the North American area. However, due to rising awareness in populous nations like China and India, Asia-Pacific is anticipated to develop at the greatest rate throughout the projection period.
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In the forecast period, the increasing focus on overall cost reduction in the manufacturing of implants, the surge in investment by industry players, and the growth in awareness amongst patients in the region will benefit the overall market. Europe is expected to have the second-largest market share during the forecast period due to the availability of affordable neuroprosthetics devices and a large number of the geriatric population more prone to neurological disorders. In Europe, the growth rate of this market will be steady.
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