Neuroprosthetics Market Size Worth USD 27.65 Billion in 2032
Zion Market Research has published a new report titled “Neuroprosthetics Market by Type(Output Neural Prosthetics and Input Neural Prosthetics), by Technique (Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, and Transcranial Magnetic Stimulation), and by Application (Motor Neuron Disorders, Physiological Disorders, and Cognitive Disorders): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024 – 2032”.
According to the report, the global neuroprosthetics market size accrued earnings worth approximately USD 11.96 Billion in 2023 and is predicted to gain revenue of about USD 27.65 Billion by 2032, is set to record a CAGR of nearly 9.76% over the period from 2024 to 2032
Neuroprosthetics is rapidly progressing nowadays, courtesy to intense clinical and scientific research. The developments in this filed are seen since 1932, when the cardiac pacemaker was introduced. These developments include deep brain stimulation, techniques for bladder and bowel control, cochlear prostheses, mobility restoration, and respiratory solutions for paralyzed individuals. Neuroprosthetics support the output and input of the nervous system. These days, numerous different surgical brain implants are tested for their capabilities to repair and restore severe motor sensory functions disabilities.
Growing incidences of cerebral stroke and other severe disorders, such as epilepsy, Alzheimer's, and Parkinson’s, are projected to fuel the demand for neuroprosthetics devices, thereby, driving the neuroprosthetics market growth. Around 50 million Americans are suffering from the a forementioned disorders, according to the National Institute of Neurological Disorders and Stroke (NINDS). This is leading to high occurrences of diseases, economic burden related to therapeutic expenditure, and loss of productivity. Hence, the neuroprosthetics market is anticipated to witness substantial growth over the forecast time period.
Key aspects of the neuroprosthetics market include:
Types of Neuroprosthetic Devices:
Cochlear Implants: These devices restore hearing in individuals with severe to profound hearing loss by directly stimulating the auditory nerve.Retinal Implants: Retinal prostheses restore vision in individuals with retinal degenerative diseases such as retinitis pigmentosa by stimulating the remaining functional retinal cells.Motor Prosthetics: Motor neuroprosthetics, such as brain-computer interfaces (BCIs) and functional electrical stimulation (FES) devices, enable individuals with paralysis or limb loss to control prosthetic limbs or assistive devices using neural signals.Deep Brain Stimulation (DBS): DBS implants deliver electrical stimulation to specific brain regions to alleviate symptoms of movement disorders such as Parkinson's disease, essential tremor, and dystonia.Cognitive Prosthetics: These devices aim to enhance cognitive function in individuals with neurological conditions such as Alzheimer's disease, traumatic brain injury, or stroke by modulating neural activity or providing cognitive feedback.
Market Growth Drivers:
Aging Population: The growing elderly population worldwide is driving the prevalence of age-related neurological disorders, increasing the demand for neuroprosthetic solutions.Advancements in Technology: Technological innovations in areas such as miniaturization, materials science, signal processing, and machine learning are expanding the capabilities and applications of neuroprosthetic devices.Increasing Prevalence of Neurological Disorders: The rising incidence of neurological conditions such as stroke, spinal cord injury, epilepsy, and neurodegenerative diseases is fueling the demand for neuroprosthetic interventions.Regulatory Approvals and Reimbursement: Regulatory approvals and favorable reimbursement policies for neuroprosthetic devices are facilitating market growth and adoption by healthcare providers and patients.
Challenges and Opportunities:
Biocompatibility and Longevity: Ensuring the biocompatibility and long-term reliability of neuroprosthetic implants remains a challenge, requiring ongoing research and development efforts.Neural Interface Technology: Improving the performance and longevity of neural interfaces, including electrode arrays and neural recording/stimulation systems, presents opportunities for innovation and market expansion.Cost and Accessibility: Addressing the cost of neuroprosthetic devices and ensuring equitable access to these technologies for all patients are important considerations for market stakeholders.Ethical and Regulatory Considerations: Ethical concerns related to privacy, autonomy, and informed consent, as well as regulatory oversight of neuroprosthetic research and clinical applications, need to be carefully navigated.
Key Market Players:
The neuroprosthetics market is characterized by the presence of both established medical device companies and innovative startups focusing on neurotechnology and neuromodulation.Major players in the market include companies such as Medtronic plc, Cochlear Limited, Abbott Laboratories, Boston Scientific Corporation, Second Sight Medical Products, Inc., and NeuroPace, Inc., among others.
Research and Development Initiatives:
Ongoing research efforts in academia, government institutions, and the private sector are driving advancements in neuroprosthetic technology, including novel implant materials, wireless communication, closed-loop control systems, and brain-machine interfaces.
The global neuroprosthetics market is segmented based on type, technique, and application. By type, the market is segmented into output neural prosthetics and input neural prosthetics. The output neural prosthetics segment is further sub-segmented into motor prosthetics and cognitive prosthetics. The input neural prosthetics segment is further segmented into the cochlear implants and bionic eye/retinal implants. The output neural prosthetics segment accounted for the largest market share, owing to increasing adoption of motor prosthetics due to Parkinson’s and epilepsy. By technique, the market is segmented into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and transcranial magnetic stimulation. The spinal cord stimulation segment is likely to hold the maximum market share during the forecast time period. The deep brain stimulation application segment is anticipated to grow at the highest CAGR over the forecast time period. The application segment includes motor neuron disorders, cognitive disorders, and physiological disorders. The motor neuron disorder segment is further classified into Parkinson’s disease and epilepsy. Physiological disorders are sub-segmented into auditory processing disorders, ophthalmic disorders, cardiovascular disorders, and urology disorders. The cognitive disorders segment is further sub-segmented into Alzheimer’s and paralysis. Growing incidences of malicious disorders including Parkinson’s and Alzheimer’s simultaneously with other inherited neurological disorders has led in the increased need for new improvements in neuroscience industry, which will significantly boost the neuroprosthetics market during the forecast time period. The physiological disorder segment holds the largest market share due to the increasing prevalence of auditory processing disorders globally.
North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa are the key regional segments of the global neuroprosthetics market. Europe and the Asia Pacific are projected to remain the leading regions in the forecast time period. China and India are among the leading countries that are contributing a major share in the neuroprosthetics market in the Asia Pacific. Due to the increasing geriatric population and rising incidence of CNS disorders, the developing countries dominate the Asia Pacific region. Furthermore, the region is expected to grow at the highest CAGR during the forecast time period.
Some key players in the neuroprosthetics market are -
Medtronic
Abbott
Cochlear
Boston Scientific
Livanova
Second Sight
Med-El
Retina Implant
Sonova
Neuropace
NDI Medical
Nevro
among others.
This report segments the global neuroprosthetics market as follows:
Global Neuroprosthetics Market: Type Segment Analysis
Output Neural ProstheticsMotor ProstheticsCognitive Prosthetics
Input Neural ProstheticsCochlear ImplantsBionic Eye/Retinal Implants
Global Neuroprosthetics Market: Technique Segment Analysis
Spinal Cord Stimulation
Deep Brain Stimulation
Vagus Nerve Stimulation
Sacral Nerve Stimulation
Transcranial Magnetic Stimulation
Global Neuroprosthetics Market: Application Segment Analysis
Motor Neuron DisordersParkinson’s DiseaseEpilepsy
Physiological DisordersAuditory Processing DisordersOphthalmic DisordersCardiovascular DisordersUrology Disorders
Cognitive DisordersAlzheimer’s DiseaseParalysis
Global Neuroprosthetics Market: Regional Segment Analysis
North AmericaThe U.S.
EuropeUKFranceGermany
Asia PacificChinaJapanIndia
Latin AmericaBrazil
The Middle East and Africa
About Us:
Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.
Contact Us:
Zion Market Research 244 Fifth Avenue, Suite N202 New York, 10001, United States Tel: +49-322 210 92714 USA/Canada Toll-Free No.1-855-465-4651 Email: sales@zionmarketresearch.com Website: https://www.zionmarketresearch.com
Comments
Post a Comment