Neuroprosthetics Market is Expected to Grow at a CAGR of 12.76% and is Anticipated to Reach USD 11.32 Billion by 2026, Estimates DelveInsight
The Neuroprosthetics market will grow owing to the increasing prevalence of neurological conditions, the rising patient awareness related to neurodegenerative disorders and technological advancements.
LAS VEGAS, Nov. 25, 2021 /PRNewswire/ -- DelveInsight's Neuroprosthetics Market Insights and Forecast report provides the current and forecast Neuroprosthetics Market, upcoming innovation in the devices, individual market shares, challenges, drivers and barriers, market trends, and key competitors in the Neuroprosthetics Market.
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Neuroprosthetics as the name suggests is a combination of neural processing with prosthetics. These are different from the traditional prosthetics as it's more closely aligned to how the human body functions and works via a brain-computer interface (BCI), or a brain-machine interface. Thus, Neuroprosthetics is devoted to studies of brain-machine interfaces and neuroprostheses and aims at bringing together the most outstanding work to develop and explore devices and strategies in humans and animals. These have been around for years in the form of cochlear implants and visual prosthetics but are gaining more attention as viable interventions in the field of brain injury. Neuroprosthetics involve a range of artificial devices or systems that can be used to boost the motor, sensory, cognitive, visual, auditory, and communicative deficits that arise from acquired brain injuries. These comprise assistive technology, functional electrical stimulation, myoelectric prostheses, robotics, virtual reality gaming, and brain stimulation.
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Geographically, the global Neuroprosthetics market is studied for North America, Europe, Asia-Pacific, and the Rest of the World. In terms of revenue share North America currently leads the global market and is expected to remain constant during the forecast period. This domination is observed majorly owing to the growing cases of neurologic disorders, rising healthcare expenditure due to a strong economy, and the presence of well-established healthcare infrastructure.
There are great opportunities for Neuroprosthetics market penetration for countries like Mexico, India, and China to the major companies already having a grip in developed regions in Neurostimulation Devices. According to DelveInsight estimates, spinal cord stimulators hold a significant Neuroprosthetics market during the forecasted period. This is owing to the growing patient population suffering from chronic pain, failed back syndrome, and complex regional pain syndrome (CRPS).
In January 2021, Boston Scientific Corporation received FDA approval for its fourth-generation Vercise Genus Deep Brain Stimulation (DBS) System used to treat symptoms in patients with advanced Parkinson's disease. Owing to the launch of novel devices, there will be a rapid growth observed in the Neuroprosthetics market during the forecast period.
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The rising prevalence of neurological disorders and nerve injuries, growing amputations cases owing to the rising number of accidents & injuries, increased initiative towards research and development, and technological advancement, are considered as some of the major factors driving the demand for Neuroprosthetics. There is an anticipation of high demand for cochlear implants due to the prevalence of hearing loss increase among those older than 60 years boosting the Neuroprosthetics market. Also, the current advances in neurotechnologies and neuroimaging are adding to the fast increase in the usage of Neuroprosthetics to treat an increasingly wide range of neurologic disorders. Therefore, expansion of device usage to other chronic indications and targeted applications is also anticipated to boost the global Neuroprosthetics market.
The demand for Neuroprosthetics is primarily affected by the outbreak of the COVID-19 pandemic because of the delay in elective surgeries needed for the Neuroprosthetics implantable devices. Undiagnosed and unreported neurological cases also act as setbacks for the Neuroprosthetics market.
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Scope of the Neuroprosthetics Market Report
Study Period: 2018-2026
Key Companies: Medtronic, Cochlear Ltd., Abbott, Boston Scientific Corporation, LivaNova, Second Sight Medical Products, Inc., MED-EL, Retina Implant AG, Sonova, NeuroPace, Inc.
Neuroprosthetics Market Segmentation
Delveinsight Analysis: The Neuroprosthetics market is expected to grow at a CAGR of 12.76% and will reach USD 11.32 billion by 2026.
Table of Contents
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